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Sterling Bank of Asia Review

With Filipinos facing different challenges each day, it is comforting to know that there are banks out there that can help them meet their obligations, reach personal goals, or grow their businesses without worrying about their working capital.

Sterling Bank of Asia has been in the Philippine market for over 10 years and is committed to serving Filipinos’ financial needs.

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Written by: Big Piggyy

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4.2/5

Piggyy Rating

Sterling Bank of Asia
  • Personal Loan

    4.4/5

  • Home Loan

    3.9/5

  • Auto Loan

    4.8/5

  • Business Loans

    4.8/5

  • For Corporate / Partnership

    4.6/5

  • Salary Loan

    4.8/5

  • Seafarer’s Loan

    4/5

Sterling Bank of Asia offers different loan types for individuals and businesses. Check out their loan products now.

Company Information

 

Sterling Bank of Asia is an award-winning bank that started in March of 2007 as a Savings Bank established to provide accessible financial solutions and banking services to Filipinos in the commercial and retail market segments. They are guided by their three principles in banking – sincere, committed, and dependable. 

 

Over 47 branches nationwide located in critical areas and cities make it more accessible for Filipinos to experience outstanding banking experience. 

 

Their main office is located at Sterling Bank Corporate Center, 8004 Ortigas Avenue, Greenhills, 1500, San Juan City, Philippines, and their office hours are from Mondays to Fridays, 8:30 AM to 5:30 PM.

For customer service concerns, they can be reached,24/7 from Monday to Saturday, through:

Types of Loans Offered

 

Sterling Bank of Asia offers loan products to individuals and businesses looking at financing to reach their personal goals, meet due to payments before the salary dates, or focus on growing their business. 

 

Personal Loan

 

Every person will need something extra to cross out their goals and face financial roadblocks. So for each person that needs to reach their financial goals, take care of past and existing debts, or simply cross out something that they have long wanted to do, this is the loan for you. 

  • Loan Amount: Php50,000 to Php1,000,000
  • Loan Term: 12 mos. to 36 mos.
  • Payment Options: Post Dated Cheques (PDCs)

 

Eligibility

 

  • Filipino Citizen
  • 21 – 60 years old
  • Minimum gross salary of Php 30000 per month
  • With home and office landline
  • No adverse credit findings
  • At least 1-year residency, if renting

 

Requirements

 

EmployedSelf Employed
  • Employment tenure of at least 2 years with present employer
  • Companies which at least 3 years
  • Completely filled-out Application Form
  • Copy of 1 month latest payslip
  • Latest BIR Form 2316 with complete signature
  • Photocopy of Company ID
  • Photocopy of 1 Government ID
  • Latest 2 months credit card statements (if any)
  • Certificate of Employment (for selected companies)
  • Business in operation for at least 3 years & profitable for the past 2 years
  • Completely filled-out Application Form
  • Business Permit
  • DTI or SEC Registration w/ Gen. Information Sheet
  • Latest six (6) months Bank Statement
  • Latest two (2) years BIR ITR with Audited Financial Statement
  • Latest two (2) months credit card statements (if any)
  • Trade References (3 customers & 3 suppliers with contact details)

 

 

Home Loan

 

Owning your own home always feels great rather than renting because you have a place to call your own home – a place where you get to keep memories and watch your children grow. Although buying your own home can be expensive, Sterling Bank Asia makes it possible with flexible home loans that ordinary working-class Filipinos can afford. 

 

  • Loan Amount: Php500,000 to Php10,000,000 or 80% of the property’s appraised value
  • Loan Term: 1 year to 25 years (Age upon maturity not exceeding 65)
  • Payment Options: Post Dated Cheques (PDCs) / Auto Debit Arrangements

 

Eligibility

 

  • Filipino Citizen
  • 21 years old, but not more than 65 years old upon maturity of the loan
  • If the borrower is more than 60 years old,
  • require co-maker
  • At least 2 years with the present employer (if employed)
  • For Self-Employed:
    • Business should be at least 3 years in operation and profitable for the last 2 years and must be duly registered with the Securities and Exchange Commission (SEC) or Department of Trade and Industry (DTI)
    • Combined monthly gross family income of at least P40,000.00
    • For married borrower/s, the spouse will act as co-maker

 

Requirements

  • Accomplished loan application form
  • Photocopy of TCTs/CCTs offered as collateral
  • Vicinity map, lot plan, tax declaration
  • Tax clearance and RETRs
  • Bill of materials / cost estimates and floor plans (for house construction/renovation/expansion)
  • Copy of two (2) valid IDs
  • Marriage contract (if married)
  • Cash or check payment for appraisal fee payable to Sterling Bank of Asia
  • Credit card/utility billing statements for the past three (3) months
  • Statement of account (for loan take-out) and proof of payment of last three (3) amortizations
  • Authority to appraise

 

Additional Requirements

 

Employed LocallySelf EmployedEmployed Overseas
  • Income tax return (ITR) for the past two (2) years
  • ITR of co-maker (if applicable) or W-2/BIR Form 2316
  • Original certificate of employment (COE) with compensation data and length of stay in the company
  • Two (2) months payslip
  • Business papers / permits / certificates (SEC, DTI, etc.)
  • Three (3) years audited or BIR filed and in-house financial statements
  • Accomplished basic business information
  • Bank statements for the last three (3) months
  • Recent and active certificate of employment (COE) with salary and/or compensation data
  • ITR, if any
  • Proof of remittances or allotment papers with beneficiary data
  • Copy of job contract with duties and responsibilities
  • Special power of attorney (SPA)
  • Proof of income (if any

 

Requirements Post Approval

 

  • Insurance coverage on Housing unit
  • Mortgage Redemption Insurance (MRI) on the borrower
  • Post-dated checks
  • Submission of affidavit for the mortgage of the family home

 

Auto Loan

 

Having your own vehicle provides comfort that public transport may not be able to provide and it also allows you to go to places without having to depend on public transportation to get you there. Nowadays, having your own ride has become more of a necessity, especially when you have a growing family. 

 

Applying for an auto loan is fast and simple and you might be able to get your new vehicle faster than you think. 

 

  • Loan Amount: Php100,000 and up
  • Loan Term: 12 mos to 60 mos (Brand New) / 12 mos to 48 mos (Second Hand)
  • Payment Options: Post Dated Cheques (PDCs) / Auto Debit Arrangements

 

Eligibility

 

  • Not less than 18 and not more than 65 years old.
  • The monthly amortization of the vehicle to be financed should not exceed 30% of the borrower’s gross monthly income.
  • For Employed
    • At least 2 years of continuous employment with the current employer.
    • The employer must be at least operating for 3 yrs.
  • For Self Employed
    • Engaged in the business or profession for at least 3 yrs.
    • Business or profession must be profitable at least in the immediately preceding year
  • For Corporate – At least operating profitably for at least 2 yrs.

 

Requirements

 

For Individuals

 

Employed LocallyIf Self Employed / Sole ProprietorEmployed OverseasSelf Employed / Sole Proprietor
  • Completely filled out Auto Loan Application Form
  • At least 2 government-issued IDs (applicant & spouse)
  • Original Contract of Employment (COE) with salary, position, and length of service
  • 1-month payslip
  • Income Tax Return
  • Completely filled out Auto Loan Application Form
  • At least 2 government-issued IDs (applicant & spouse)
  • Bank Statements (last 3 months)
  • Trade References (3 suppliers & 3 customers)
  • Certificate of Registration of Business Name (for proprietor)
  • Completely filled out Auto Loan Application Form
  • At least 2 government-issued IDs (applicant & spouse)
  • Latest COE from the manning agency with salary & position
  • Proof of Remittance, Allotment Papers with Beneficiary Data, or any qualified equivalent (if applicable): Remittance Receipt or Slip, Bank Passbook, Bank Statement
  • Bank Statements (last 3 months)
  • Trade References (3 suppliers & 3 customers)
  • Certificate of Registration of Business Name (for proprietor)

Additional Requirements for a Second-Hand Vehicle

 

  • Original OR/CR (under the borrower’s/applicant’s name)
  • Other Requirements For Brand New & 2nd Hand Vehicles (if applicable)
  • Notarized Deed of Sale
  • PNP Clearance with Macro Etching
  • 3 Sets of LTO Stencils

 

 

For Corporate / Partnership

 

  • Completely filled out Auto Loan Application Form
  • At least 2 government-issued IDs (applicant & spouse)
  • Income Tax Return and Audited Financial Statements for the last 3 years
  • Bank Statements for the last 3 years
  • Secretary’s Certificate
  • SEC Certificate of Registration
  • Articles of Incorporation or Partnership
  • By-Laws (for a corporation)
  • Notarized Board Resolution / Partnership Resolution
  • General Information Sheet
  • List of Partners (for partnership)

 

Additional Requirements for Second Hand Vehicle

 

  • Original OR/CR (under the borrower’s/ applicant’s name)
  • Notarized Deed of Sale
  • PNP Clearance with Macro Etching
  • 3 Sets of LTO Stencils

 

Salary Loan

 

Some needs are so urgent that they could not wait for the next time you receive your salary. A Salary Loan can help you meet those obligations head-on. 

 

  • Loan Amount: Php10,000 to Php500,000
  • Loan Term: 6 mos to 36 months
  • Payment Options: Salary Deduction

 

Eligibility 

 

Company Accreditation

 

  • The company must be in the business for more than 3 years
  • Positive Income for the last 3 years
  • With at least 20 regular employees
  • Within a serviceable area of Sterling Bank of Asia

 

Individual Accreditation

 

  • The company should be accredited with Sterling Bank of Asia
  • Filipino Citizen
  • 21 to 60 years old
  • Regularly employed for at least 1 year
  • No adverse credit findings

 

Requirements

 

  • Company 
    • SEC Registration
    • Articles of Incorporation and By-Laws
    • Company Profile
    • 3 years Audited Financial Statements
    • General Information Sheet
    • Company Accreditation Application
  • Individual
    • Completely filled out an application form
    • Promissory Note/Disclosure Statement
    • Copy of 1-month payslip
    • BIR Form 2316
    • Photocopy of Company ID
    • Photocopy of 1 Government ID

 

Complete requirements should be submitted to your company’s HR Department or authorized contact person.

 

Seafarer’s Loan

 

This type of loan is specially designed for seafarers who are away at sea for long periods. When they are away, this loan makes sure that the needs of their families are met. 

 

  • Loan Amount: Php20,000 to Php500,000 (depending on capacity to pay)
  • Loan Term: 3 months to 11 months
  • Payment Options: Allotment Deduction

 

Eligibility

 

Company Accreditation

 

  • Company / Agency must be in the business for more than 3 years
  • Positive Income for the last 3 years
  • With at least 20 regular employees
  • Within a serviceable area of Sterling Bank of Asia

 

Individual Accreditation

 

  • The company should be accredited with Sterling Bank of Asia
  • Filipino Citizen
  • 23 to 60 years old
  • With 1 time completed contract on-board
  • No adverse credit findings

 

Requirements

 

  • Company 
    • Company Accreditation Form
    • SEC Registration
    • Articles of Incorporation and By-Laws
    • Last 3 years Audited Financial Statements with ITR
    • Latest General Information Sheet
    • Company Profile
  • Individual
    • Completely Filled out and signed Application Form
    • Promissory Note/Disclosure Statement
    • Photocopy Overseas Employment Certificate (OEC)
    • Photocopy of Contract duly signed by POEA
    • Photocopy of Passport including filled out pages
    • Photocopy of Seaman’s Book including filled out pages
    • Signed Katibayan

 

Complete requirements should be submitted to your company’s Crewing Manager or contact person

 

Business Loans

 

Sterling Bank of Asia provides a variety of loans that are designed to meet the varying needs of businesses, whether it is simply to address day to day liquidity or to expand their businesses. Whatever the need is, they have what businesses need to meet their goals. 

 

Loan TypeDescription
Short-Term LoansA loan to finance the company’s working capital requirement and has a term of less than a year. 
Trade Check DiscountingA loan against the PDCs issued to the company by its customers.
Developmental LoanGranted to real estate developers used for the development of real estate property, including excavation work, infrastructure, and construction for improvements. 
Import Letter of Credit (LC) & Trust ReceiptLC is a contingent loan that assures the seller that he will receive the payment for the goods he will ship. Once the LC is negotiated, it becomes a TR and when the borrower receives the delivery, the ownership of the goods is retained with the bank (on paper). 
Standby LC or Bank GuaranteeAlso, a contingent loan is used to guarantee the borrower’s performance to a third-party beneficiary. 
Term LoanA loan that is typically between 5 to 7 years, and used to finance the company’s capital expenditure requirements. 
Domestic LC / TRSimilar to import LC except that the supplier is in the Philippines. 
Domestic Bills PurchasePurchase of dated checks without waiting for clearing time to take care of day-to-day liquidity of the company. 

 

Eligibility

 

  • Major principal owner/s must be a residing Filipino Citizen
  • Major principal owner/s must be at least 21 years of age at the time of application and not more than 65 years of age upon maturity of the loan
  • Must be duly registered to operate as a business in the Philippines for at least 3 years;
  • Must have profitable operations in the past 3 years
  • Must have no adverse credit findings on the company and its principals

 

Requirements

 

  • Duly accomplished Application Form
  • Company Profile
  • Latest 3-year Audited Financial Statements and Income Tax Return
  • Latest DTI Certificate of Registration (for Single Proprietorships)
  • Latest Business/Mayor’s Permit with Official Receipt
  • 2 Valid, Government-issued ID of primary applicant/proprietor (for Single Proprietorships)
  • 2 Valid, Government-issued ID of principal owners (principals with 20% ownership or more)
  • Trade References (at least 5 customers and 5 suppliers with contact details and credit terms)

 

Why Choose Sterling Bank of Asia

 

It is already a given that Sterling Bank of Asia aims to uplift the lives of Filipinos by helping them reach their goals. Here are the other reasons why people should choose Sterling Bank Asia. 

 

Their Customers Matter

 

One of the greatest qualities of Sterling Bank Asia is that more than their business, they care that their customers have goals and help to execute these goals. It is more than just taking business and not caring what happens to their customers after that. Their core principles are guided by a sincere intent to help Filipinos. They are committed to providing outstanding financial products and services, and they are a bank that Filipinos can depend on. 

 

Offer Loan Solutions to Individuals and Businesses

 

With a commitment to provide financial solutions that will uplift Filipino lives – they do not just have individuals in mind, they are also committed to uplifting businesses and helping them grow and expand. 

 

They Have Branches Nationwide

 

With over 47 branches nationwide located in key areas, it makes it accessible for their customers to bank with them and take advantage of their products. When bank branches are accessible, people know that they are dependable and will always be there for their needs. 

 

How To Sign Up

 

Signing up for a loan with Sterling Bank Asia is very simple and easy. Borrowers can visit them in any of their 47 branches nationwide, or they can start their loan application online through these simple steps:

1
sterling bank of asia 1

The loan applications will need the basic personal information of the borrower.

2
sterling bank of asia 2

The employment details will also be required with HR details for verification.

3
sterling bank of asia 3

Dependent and personal references will also be required to be provided in the application form along with the loan purpose and if the borrower has fixed assets.

4
sterling bank of asia 4

The last section to be filled is the upload of the required documents for the loan type chosen and the borrower just has to click on submit to complete the process.

5

Once the loan application and the documents are received by Sterling Bank Asia, they will be conducting the needed verification to confirm the information provided in the loan application form. The loan processing usually takes about 5 to 7 banking days for the decision to be made on the loan.

Frequently asked questions

How much is the interest on the loan products?

The interest rate on the loan will depend upon the loan type and tenure of the loan. Typically, for a personal loan, the interest rate starts at 1.40%. For more details on the interest, customers can check out the loan calculator to see how much they will be paying for the loan amount that they are interested in. 

How does the loan calculator work?

The loan calculator helps borrowers have an idea of how much they have to pay in amortizations for the loan amount that they wish to apply for. It is a helpful tool to help them foresee and make adjustments in their budgets before actually starting the application to determine if they can afford the monthly payments. 

Do I need to have an account with Sterling Bank Asia to avail of a loan?

Yes. Borrowers who wish to avail of the loan products with Sterling Bank Asia will need to open up an account with them. Loan approvals and eventually, the disbursement of the loan amount will be transferred there. 

Can I take a salary loan if my company is not accredited?

The employee/borrower must be working for an accredited company to avail of the salary loan. For the company to be accredited, they can contact the bank for the accreditation requirements. 

Conclusion

 

It is not always that customers will be able to come by with banks that put the interest of their customers at the top priority – more than the business that they will make. With the experience that they have and the outstanding customer service that they are providing their customers, they truly are a bank that cares for every Filipino in need. 

Big Piggyy

"Show me the MONEY!!!" – Jerry Maguire

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Big Piggyy

"Show me the MONEY!!!" – Jerry Maguire

content table close

Big Piggyy

"Show me the MONEY!!!" – Jerry Maguire