PSBank review

Company Information

PSBank was first established on September 26, 1960, as a neighborhood bank located at Plaza Miranda, Quiapo, Manila, then the heart of the country’s commercial and business district. Its first four branches were in Divisoria, Carriedo, Blumentritt, and C. M. Recto.

They were the first bank to offer Monday to Saturday banking with no noon break, extended banking hours, an online electronic data system, and banking-by-mail. In 1991, PSBank became the first publicly-listed savings bank in the country. 

According to The Asian Banker, in its AB500 Annual Ranking 2016-2017 edition, PSBank was listed as the second most substantial bank in the Philippines. 

Customers can reach their customer support line through the live chat on their website, sending an email to [email protected] or calling them directly through the customer support hotline at (632) 8845-8888. 

Types of Products and Services Offered

Auto Loan

Those looking to buy their dream car, upgrade their family car, or add more cars to a business fleet are in for a treat with PSBank’s auto loan product. Borrowers will take advantage of fast loan processing, flexible payment terms, and affordable interest rates. Not only that, borrowers will earn rebates or savings each time they make advance or excess payments on their monthly amortizations.

Loan Amount: Minimum of Php100,000

Interest Rate: Based on the prevailing interest rate at the time of booking.

Loan Terms: 12 months to 60 months amortization

Qualification Criteria

• Borrowers must be at least 21 years of age and not more than 65 years upon loan maturity.
• Filipinos, foreigners holding permanent resident / immigration visas (permanent residents) and certain non-immigrants and embassy officials (temporary residents), subject to specific limitations and conditions.
• If employed, must have a tenure of at least two years.
• If engaged in business, must be operating profitably for the last two years.
• Gross monthly family income of at least Php30,000.

Requirements

A filled out loan application form and the following additional documentation:

Employed Applicants

• Certificate of Employment
• Income Tax Return (ITR)
• Copy of Valid IDs (government-issued with photo and signature)

Self-Employed Applicants

• Business Registration
• Corporate Papers
• Financial Statements
• Income Tax Return (ITR)
• Copy of Valid IDs (government-issued with photo and signature)

Corporate Applicants

• Filled out PSBank Auto Loan Application Form
• Business Registration
• Corporate Papers
• Financial Statements
• Income Tax Return (ITR)
• Copy of Valid IDs of authorized signatories

Home Loans

With PSBank’s Home Loan, borrowers will be able to find a solution for any of their financing needs when it comes to:

• Buying or Building a Home
  • House and Lot
  • Condominium
  • Town Houses
  • Residential Lots
• Use Your Home as a Collateral for Renovation or Refinancing
• Home Construction

Loan Amount:

• Minimum of PhP500,000 but not to exceed PhP25,000,000
• Up to 80% of the property’s appraised value

Interest Rate: Prevailing Home Loan rate at the time of loan approval

Loan Term: 

• Up to a maximum of 10 years for residential lot purchase
• Up to 25 years for house and lot, townhouse, duplex, or condo, depending on the loan purpose

Requirements

• Completely filled-out PSBank Home Loan application form
• Cash or check payable to Philippine Savings Bank as non-refundable payment for appraisal fees
• Photocopy of Transfer/Condominium Certificate of Title (TCT/CCT)
• Contract to Sell/Reservation Agreement (if acquiring from an accredited developer)
• Valid photo-bearing IDs with signature
• Copy of Court Decision on Annulment and Certificate of Finality of Decision (if annulled)
• Copy of Court Decision on Legal Separation and Certificate of Finality of Decision (if legally separated)

For employed applicants:

• Latest Certificate of Employment
• Income Tax Return or BIR Form 2316 or 2306
• If the applicant is in business or professional practice:
  • Latest BIR Form 1701 with BIR stamp
  • Latest Audited Financial Statement with BIR stamp

For overseas Filipino applicants:

• Non-Immigrant (contractual worker), any of the following:
• Consularized Certificate of Employment
• Job contract
• Non-consularized Certificate of Employment AND payslip or proof of remittance for the past 3-6 months; and any of the following:
  • Proof of remittance for the past three to six months
  • Payslips for the past three months
  • Latest Income Tax Return
• Immigrant, Certificate of Employment, and any of the following:
  • Income Tax Return
  • Proof of Remittance or Payslip for the past 3-6 months

Additional requirements for refinancing:

• Proof of Payment of amortization for the last three (3) months
• Latest Statement of Account from Mortgage

Additional requirements for a construction loan:

• Floor and Building Plans
• Building Specifications
• Bill of Materials
• Estimates of Construction and Labor costs

Business Loans

PSBank has various loans and credit lines to address the financing needs of businesses. 

PSBank SME Term Loan with Prime Rebate

This term loan offers businesses a specific amount of funds that is perfect for fixed asset acquisition, construction, or to boost the permanent working capital of the business. It is also an ideal option for companies to cover their organization’s long-term financing needs while preserving their own funds.

Loan Amount: 

• Minimum of PhP2 million if the collateral is real estate property
• PhP500,000 if against deposits

Interest: Based on the prevailing lending rate of the bank at the time of loan availment

PSBank SME Business Credit Line

SME Business Credit Line gives small and medium businesses the boost they need for their working capital requirements. This credit line can be used should SMEs wish to increase their working capital, stock their inventory, or expand their business square footage. 

Line Amount: 

• Minimum of PhP2 million if collateral is real estate property
• PhP500,000 if against deposits

Interest Rate: At competitive SME Business Credit Line rates

Modes of Availment:

• Issuance
• Encashment
• Negotiation of PSBank SME Business Credit Line Checks

PSBank SME Credit Line

The SME Credit Line is an excellent opportunity for Small and Medium Businesses to  increase their working capital, bridge the gaps in their capital requirements, and take the opportunity to grow their business.

Line Amount:

• Minimum of PhP2 million if collateral is real estate property
• PhP500,000 if against deposits

Interest Rate: Based on the prevailing lending rate at the time of loan availment.

PSBank Standby Credit Line Certification

This product helps small and medium enterprises (SMEs) facilitate trade with their major clients by issuing a standby letter of credit. This document would confirm that the business has an available credit line drawn from by the beneficiary when the trade or service is completed. This assures that the firm has the means to conduct and complete a transaction.

Line Amount:

• Minimum of PhP2 million, if the collateral is real estate property
• PhP500,000 if against deposits

Fee: PhP2,000 or 1/8 or 1% per month (multiply by the number of months certification will be valid) whichever is higher, collect upfront upon issuance of certification

Availability: 

• Issuance of a Bank Certification
• Issuance of Bank Guarantee to a designated third-party/beneficiary

Line Expiry: One year from date of implementation, renewable annually

PSBank Domestic Bills Purchase Line

PSBank Domestic Bills Purchase (DBP) Line is the right answer to every businesses’ expenses. It lets businesses maximize the use of their funds and replenish their day-to-day working capital requirements without waiting for standard check-clearing procedures. Instead, PSBank will purchase the dated checks or sales bills of businesses and advance the money to them pending payment from their clients and bank clearances. 

Line Amount: Based on 50% of the Average Daily Balance for the past 6 months

Line Expiry: One year from date of approval; subject to renewal

Availability:

• Up to 100% of the DBP check via local, regional checks only of client’s third-party/customer payable to the borrower only
• Out-of-town, second-endorsed, and client’s checks are not eligible to purchase

Interest Rate: Usual DBP charges. If the check is dishonored, prevailing lending rate + 36% of p.a. penalty to be collected from the date of clearing until fully paid.

Collateral:

• Any prime residential/commercial/industrial properties with or without building improvements
• Cash deposits
• No collateral, OR clean, but given to valued clients with substantial ADB for the past 6 months (subject to approval)

To avail of any of the loans for businesses, including SMEs, the requirements to be submitted are the following:

For SME Loans with Real Estate Property Collateral:

• Completely filled out and signed Business Loan Application Form and Statement of Assets & Liabilities
• Two (2) valid IDs
• Business registration papers:
  • DTI Certificate of Registration
  • SEC Articles of Incorporation and By-Laws, General Information Sheet
• Company profile and ownership structure
• Income Tax Returns with Audited Financial Statements for the last 2 to 3 years duly stamped “received” by the BIR
• Waiver of Confidentiality of Client’s Information and/or Authority of the Bank to Conduct Random Verification with the BIR (as indicated in the application form)
• Interim Financial Statements, if available
• Photocopy of bank statements or passbook within the past 6 full months
• Photocopy of TCT, tax declaration and vicinity map of the offered collateral
• Trade References / List of at least five major suppliers and clients with contact names and contact details

For SME Loans with time deposit collateral:

• Completely filled-out and signed Business Loan Application Form and Statement of Assets & Liabilities
• Time Deposit Certificate with signed endorsement at the back portion
• Two (2) valid IDs
• DTI or SEC registration/By-Laws and Articles of Incorporation if applicant is the company

Additional Documents (depending on loan purpose):

• For loan take out: Latest statement of Account from creditor and copy of Official Receipts of payments for the past 3 months
• For construction / renovation: Building plans, bills of materials, and cost estimates / specifications
• For acquisition:
• Contract to sell
• TCT of the property being acquired
• For sureties and co-borrowers:
  • Completely filled-out Business Loan Application Form and Statement of Assets & Liabilities
  • Two (2) valid IDs
  • Income Tax Return (ITR)

• Based on nature of business:
  • Lease contracts: if the source of income is from rentals
  • Notarized Service Agreements/Contracts, List of Completed and On-going Projects: If the business is construction
  • Franchise Agreements: For franchisee or franchisor
  • Service Contracts: For human resources, labor, or transport business
  • Purchase Orders: For exporters
  • Supply Contract: For contract growers
  • Licenses or accreditation from institutions or government agencies: For businesses such as healthcare providers, overseas and local workforce providers, and rice or grain dealers
  • Contracts / Distribution Agreements: For businesses in sales or exclusive distributorships

Personal Loan

The PSBank Flexi Personal Loan is the first and only collateral-free personal loan product with a revolving credit line and a fixed-term loan. Through this loan, the borrower is provided a debit card which will allow them to access banking ATMs anytime. 

Loan Amount: Minimum of Php20,000 and maximum of Php250,000

Interest: 

• 2.5% monthly interest rate for the Revolving Loan
• 1.75% monthly add-on-rate for Term Loan

Loan Payment Options:

• For revolving credit line transactions, the borrower may choose to pay:
  • Total amount due of the loan
  • Minimum amount due
  • Any amount higher than the minimum amount due 
• For fixed-term loan transactions, the borrower pays a fixed amount over a certain period

Loan Term: 24 months or 36 months

Qualification Criteria of Borrower

• Filipino individuals residing in the Philippines
• The age of the borrower should range from 22 years old to 54 years old upon application
• If employed, at least two years permanent work status with one year tenure in current employer
• If engaged in business, must be operating profitably for the last three years
• Gross monthly income of at least PhP15,000 for employed and PhP30,000 for self-employed
• With residential landline or mobile number, business landline, and email address
• Preferably an active credit cardholder

Requirements

• Completely filled-out PSBank Flexi Personal Loan Application Form
• Photocopy of any of the following identification cards: Company ID, SSS, GSIS, PRC, Driver’s License, Passport or TIN (plastic card type), Firearms License, NBI Clearance, Integrated Bar of the Philippines
• Photocopy of BIR form 2316, or 2306 for employed applicants
• Photocopy of BIR form 1701 for self-employed applicants and Auditor’s Report and Financial Statement with BIR Stamp
• For credit card holders, an original copy of the latest credit card billing statement (with the client as the principal cardholder)

Why Choose PSBank

Accessible and Convenient

PSBank is present all over the Philippines, with over 250 branches nationwide and over 500 in-branch and offsite ATMs. They also make available to their customers PSBank Online which is accessible 24/7. 

Provides Multiple Loan Options for Businesses

Businesses, especially SMEs, comprise most enterprises in the Philippines, which accounts for significant job opportunities for the people. Therefore, when banks empower SMEs, more jobs are open for Filipinos. And with PSBank, their multiple loans and credit line options for businesses ensure that they will have access to finance their business goals. 

Dedicated Customer Support 

PSBank has multiple ways for customers to contact them for whatever support they need. 

Flexible Payment Terms

PSBank offers payment terms designed to make it easy for borrowers to pay them back. In addition, their credit lines are also designed so that businesses will have ample time to pay them back as well. 

How to Sign Up

Customers can visit the branch or apply online for auto and home loans to apply for a loan. Customers can visit the website, go to the loans section, and click apply now. The page will be redirected to the online application form. 

Conclusion

PSBank is truly a bank for Filipinos. With their wide reach of Filipinos nationwide, many people are able to access quality banking and become financially included. They have also proved since the time that they were established that they are committed to providing Filipinos an innovative banking service that can match those internationally.