RCBC – Rizal Commercial Banking Corporation Review

Company Information

The Rizal Commercial Banking Corporation (RCBC) was established in 1960 and is one of the biggest private banks in the Philippines with over 418 branches nationwide and 1,375 ATMs. It provides a wide array of financial services.

RCBC is majorly owned by the Yuchengco Group of Companies (YGC) and with its affiliates – SunLife GREPA Financials and Malayan Insurance Company, Inc., they have also started offering investment-linked life insurance products, auto, fire, personal and other non-life insurance products. 

RCBC’s head office is located at Yuchengco Tower, RCBC Plaza 6819 Ayala Avenue, Makati City. Customer service can be contacted at:

• Domestic Toll-Free #: 1-800-10000-7222
• International Toll Free #: Int’l Access Code + 800-8888-7222
• Talk To Us Portal: www.rcbc.com/talktous

Type of Products Offered

Home Loans

Home Loans with RCBC are designed for those who wish to fulfill their dream of having their own place and do not have the funds yet to own one. The good thing about RCBC is that even with just a minimal home loan value that starts at Php300,000 applicants can move in sooner than they think. 

The home loan is not just for a house and lot acquisition, it could also be to refinance your home, multipurpose, acquire a vacant lot, or building or renovating your home. 

• Minimum Credit Score: Not Mentioned
• Est. APR (Annual Percentage Rate): 6.38% to 10.5%
• Loan amount: starts at Php 1,000,000
• Down Payment: 20% to 80%
• Fixing Option: 1 – 20 years
• Loan Period: 1 – 20 years

Eligibility

Employed

• Filipino Citizen or Dual Citizen
• If a foreigner must be married to a Filipino citizen
• At least 21 years old upon loan application
• At most 65 years old upon loan maturity
• Must have a mobile number and a residence or office landline
• With a minimum employment tenure of 1 year and minimum gross monthly income of Php40,000
• If OFW must have worked abroad for at least 2 consecutive years

Self-Employed

• Filipino Citizen or Dual Citizen
• If a foreigner must be married to a Filipino citizen 
• At least 21 years old upon loan application
• At most 70 years old upon loan maturity
• Must have a mobile number and a residence or office landline
• Business must be in profitable operations for the past 2 years

Requirements

• Accomplished RCBC Home Loan Application Form
• Copy of TCT and Tax Declaration (Land & Improvement)
• Bill of Materials (Construction)
• For Employed applicants: Certificate of Employment  (COE) or latest ITR, 2 valid government-issued IDs, TIN, Utility bill
• For Self-employed applicants: Business Registration with DTI, Audited Financial Statements, ITR or bank statements

Auto Loans

RCBC’s auto loans are applicable for both brand new or pre-owned cars and motorcycles that offer low down payments, affordable monthly installments, and flexible payment terms. 

• Minimum Credit Score: Not Mentioned
• Est. APR (Annual Percentage Rate): 5.54% to 30.25%
• Loan amount: starts at Php 300,000 
• Down Payment: 20% – 80%
• Payment Terms: 12 – 60 months

Eligibility

• Filipino Citizen or Dual Citizen
• If a foreigner must be married to a Filipino citizen
• At least 21 years old upon loan application
• At most 65 years old upon loan maturity (employed), at most 70 years old upon loan maturity (self-employed)
• Must have a mobile number and a residence or office landline
• With a minimum employment tenure of 1 year and minimum gross monthly income of Php40,000 (employed)
• Business must be in profitable operations for the past 2 years (self-employed)

Requirements

Employed:

• Accomplished RCBC Auto Loan Application Form
• Certificate of Employment (COE) or latest ITR
• 2 valid government-issued IDs
• TIN
• Utility Bill

Self-Employed:

• Accomplished RCBC Auto Loan Application Form
• Business registration with DTI
• Audited financial statements
• ITR or bank statements

Personal Loans

Personal loans are designed for people to achieve their goals by addressing any financial hurdles that may come their way be it for education, travel, or other expenses. 

• Minimum Credit Score: Not Mentioned
• Est. APR (Annual Percentage Rate): 1.3%
• Loan amount: Php 50,000 to Php 1,000,000
• Payment Terms: 6 – 36 months

Eligibility

• Filipino Citizen or Dual Citizen
• At least 21 years old upon loan application
• At most 65 years old upon loan maturity
• Must have a mobile number, residence landline, or office landline
• Must be locally employed at a company registered with the Securities and Exchange Commission (SEC)
• With a minimum employment tenure of 2 years and minimum gross monthly income of Php30,000
• With business operating in the Philippines for at least 3 years and profitable for the past 2 years, and minimum gross monthly income of Php100,000 (for self-employed)

Requirements

• Accomplished RCBC Personal Loan Application Form
• For Employed applicants: Certificate of Employment  (COE) or latest ITR, 2 valid government-issued IDs, TIN, Utility Bill
• For Self-Employed applicants: Business Papers (DTI or SEC, Mayor’s Permit), Latest ITR or Audited Financial Statements or latest 3-month bank statement

Credit Cards

Credit Cards with RCBC offer its cardholders enhanced security features, plenty of rewards in Airmiles, and rebates. Not only that, cardholders can get cash advances on their credit cards. 

There are 4 credit cards available for customers to choose from: Premium, Gold & Classic, Co-branded Cards, and Secured Cards. Each card is designed according to the purpose for which the cardholder may use it. Accordingly, there are designated fees according to which card they are applying for:

Here are other pertinent fees applicable to credit cardholders:

• Monthly Interest Rate: 2%
• First-Year Membership Fee: Waived
• Card Replacement Fee: Php500 / $10
• Cash Advance Fee: Php200 / $4
• Late Payment Fee: $850 / $17 or the minimum amount due, whichever is lower

Minimum Amount Due: 

Computed as (Total Statement Balance – Transactions Posted on the Current Statement – Amount Past Due – Current Late Charge) * 3% + (Amount Past Due + Current Late Charge + Current Over Limit Amount) OR Php500/US$15 whichever is higher. 

Insurance

RCBC has partnered with two of the leading insurance providers in the Philippines: Sun Life and Malayan Insurance. Each of these insurance providers can cater to a variety of insurance products according to the needs of RCBC’s customers. 

Sun Life Grepa

With this insurance product, there are insurance products in every stage of your life or your loved ones:

Getting Started: Ideal for individuals who are just starting in their professional career and finding their way towards independence and adulting, learning what it means to budget, start building their emergency fund, ensuring their future income, and investing for life’s milestones. 

Moving Up: Those who wish to enter married life and start a family look into insurance products that can better help them support their growing family. Just like preparing for life when getting started, safeguarding your income and building an education fund for your children also becomes a priority. 

Preparing Ahead: For people who are at the point of their lives where they are looking at living a comfortable retirement, pursuing their life’s passions, venturing into a new business, or looking after their health, they also start building their retirement fund. There are plenty of insurance products under this life stage. 

Leaving a Legacy: This is ideal for those who are already enjoying the fruits of their hard work, fully retired from their jobs, and enjoying more time with their loved ones. At this stage, people are already looking at preparing their estate and inheritance matters. 

There are a lot of insurance products under Sun Life Grepa, and it is going to be a matter of choosing what is best for you according to your budget.

Malayan Insurance

Malayan Insurance’s products mainly cater to non-life insurance products designed for individual clients, families, and businesses. Their insurance products are grouped according to General, Packed and Special. 

General: Insurance products for Aviation, Engineering, Marine, Miscellaneous Casualty, Personal Accident, Surety, Fire and Motorcar

Packed: Moto Max, Family Relief, Travelite, Travel Master, AutoMaster, Total One Protection, Home Protect Plus, Business Protect, I4U, Golfers, and OFW Bantay Pamilya 

Special: Fine Arts Insurance, Annual Travel Insurance

Corporate Loans

The products of RCBC for businesses intent on maximizing their business potentials. There are currently 2 corporate loan products available to companies: Corporate Loans and Corporate Salary Loans. 

Products under corporate loans assist businesses with their financial obligations and are generally for short-term revolving facilities and long-term non-revolving facilities. 

Under Non-Trade facilities, businesses can apply for a Credit Line, Accounts Receivable Line, Bills Purchased Line, Second Endorsed Check Purchase Line and Floor Stock Financing.

Import / Domestic Trade Facilities include

• Letter of Credit Line
• Trust Receipt Line
• Shipping Guarantee

Under Export Financing, there are two products:

• Export Advance Loan 
• Line and Export Bills Purchased Line

Other products include:

• Standby Letter of Credit Facility
• Bank Guarantee. 

Corporate Salary Loans

This product for businesses allows them to provide additional benefits for their employees that help employers increase employee retention and engagement and allow their employees to have access to cash at an affordable rate of interest and flexible payment terms. 

Corporate Salary Loans are salaried deductible, non-collateral and multi-purpose credit lines afforded to employees that work for RCBC accredited companies. 

Eligibility of Companies

• Private, SEC-registered, and in operation for at least 5 years
• Profitable in the last 3 years
• With at least 50 regular employees

Eligibility of Employees

• Regular employees with  at least 2 years of tenure
• Filipino or permanent resident alien, 21 to 65 years old upon loan maturity
• With a minimum gross monthly income of P10,000
• Amortization  should not be more than 30% of Gross Monthly Income

Requirements for Companies

• Company Accreditation
• Application Form
• SEC Certificate of Registration
• Articles of Incorporation and By-Laws
• Latest General Information Sheet
• Latest 3 years audited financial statements
• Latest 3 years Income
• Tax Returns
• Company Profile

Requirements for Employees

• Filled out and signed Salary Loan application form
• Signed 3 copies of Promissory Note and Disclosure Statement
• Photocopy of company ID and valid photo-bearing government-issued ID with birthdate and signature
• Photocopy of latest one-month payslip

Why Choose RCBC

RCBC is one of the pillars of Philippine banking, having been around the country for decades in its commitment to serve Filipinos nationwide. For those who have not yet decided to choose RCBC, here are the reasons why you should make the switch now:

One of the Leading Banks in the Country

It is one of the largest private domestic banks in the country that caters to every Filipinos needs in their goal to achieve financial stability. 

Offers a Wide Array of Products and Services

RCBC offers financial services through its retail and investment bank, microfinance unit, foreign exchange and brokerage house, leasing company, and overseas remittance tie-ups. 

Convenient Access to Branches and ATMs

With its over 418 branches and 1,375 ATMs nationwide, every Filipino can have access to the products and services that RCBC offers. 

How to Sign Up

Online Home Loan Application

Conclusion

RCBC offers a one-stop-shop for Filipinos who are looking for a provider for the financial services they need and one that they can trust. With its decades of experience in providing excellent service to Filipinos, having to choose which bank to go for is an easy decision.