Financial stability has always been a matter of concern for many Filipinos, which is why making ends meet is no wonder a challenge to them. And, while a lack of funds is often romanticized in the country, the difficulty that it entails is no laughing matter. Imagine someone wanting to buy something but is unable to do so since the money they have is only enough to cover their day-to-day needs. As such, no extra money is set aside for savings which means that there are no funds to fall back on when confronted with emergencies or immediate situations.
But with the support of Welcome Bank, Inc., a Filipino’s desire to achieve his or her financial goals can become a reality. With the financial help the bank provides, it is no longer a problem for individuals to get funds for personal use or for any purpose they have in mind.
Bank services
Welcome Bank is one of the subsidiaries of Welcome Finance Group Korea, which is known as Korea’s fourth-largest savings bank by assets with over $3.6 billion, as well as 12 additional subsidiaries in other financial industries. The goal of Welcome Financial Group is to be the No. 1 Consumer Financial Group with global competency, based on customer trust throughout Korea, and a mission to contribute to society by creating the best value based on people and knowledge.
In 2014, it established its first overseas subsidiary in the Philippines – Welcome Finance, Inc. And on October 01, 2020, the Welcome Group of Companies in Seoul, Korea, has inaugurated the first subsidiary of their trusted bank, the Welcome Bank (Rural Bank), Inc at I-Square Building, 15 Meralco Avenue, Pasig City. To date, Welcome Bank, Inc. offers a wide range of consumer loan products: personal, salary, business, auto, and condo loans, all of which cater to the financial needs of every Filipino.
Welcome Bank (Rural Bank), Inc. is currently available in the following locations and is open from 9:00 am to 4:00 pm:
Address: GF I-Square Building, No. 5 Meralco Ave, Ortigas Center, 1605 Pasig City
Telephone/Phone: (02) 8282 8585 / 0917-701-9601
Email: [email protected]
Address: G/F Westgate Tower, 1708 Investment Drive, Madrigal Business Park, Muntinlupa City
Telephone/Phone: (02) 8282 8585 / 0917-701-9260
Fax: 842 4074
Email: [email protected]
Welcome Bank offers individual and business loans to Filipinos for each of their specific needs.
This type of loan is being offered without any collateral, at a higher loan amount and lower interest rate.
Loan Amount: Php20,000 to Php500,000
Annual Effective Interest Rate: 37.68%
Loan Term: 12 months to 36 months
This type of loan is also an unsecured type of loan with approval based on the borrower’s salary.
Loan Amount: Php20,000 to Php200,000
Loan Term: 12 months to 36 months
Loan Payment: Post Dated Check (PDC)
A business may need financing for different reasons – for working capital requirements, purchase of additional machiners, or for growth expansion. Whatever the need may be, Welcome Bank offers Business loans to entrepreneurs in the country.
Loan Amount: Php50,000 to Php2,000,000
Loan Term: 12 months to 36 months months
Payment Option: Post Dated Check (PDC)
Riding your vehicle can give you the comfort and safety that you need in addition to the convenience of having to drive your car. This goal is turned into a reality through Welcome Bank’s Auto Loan.
Loan Amount: Php100,000 to Php1,000,000
Loan Term: 12 months to 60 months
Payment Option: Post Dated Checks (PDCs)
Nowadays, more and more Filipinos prefer to live in condominiums because it tends to be more convenient when traveling to and from work, it has 24/7 security, and most condominiums provide excellent amenities. For this reason, Welcome Bank has made it easier for many Filipinos to acquire their condominium units through their affordable financing option.
Loan Amount: Php1,000,000 to Php20,000,000
Interest Rate: 1.25% Contractual Interest Rate per month
Loan Term:
Filipino citizens, between 21 to 65 years of age
Condominium Documentary Requirements
The best thing about Welcome Bank is that it offers Filipinos a wide range of banking services and financial solutions. Aside from deposits and savings/checking accounts, it provides a variety of consumer loan options – both secured and unsecured – which interested Filipinos can choose the one that best meets their needs.
The bank also cares for businessmen and entrepreneurs and understands their need for covering their business’ expansion and development expenses, thus providing them with a business loan. And lastly, Welcome Bank acknowledges that Filipinos also have desires, and it is not always the needs that require financial aid. So, those who desire a new car or a simpler life in a condo but do not have funds to do so may take advantage of Welcome Bank’s Auto Loan and/or Condo Loan.
With Welcome Bank following the ‘New Normal’ brought about by the global COVID-19 pandemic, applications became easier and simpler. Prospective customers no longer have to visit the nearest Welcome Bank branches to them; the application only requires a working mobile phone or laptop and a stable internet connection.
To apply, they only need to go to the bank’s website, choose their desired services and products, provide the needed information, upload the required documents, and seal the application by accepting the Declaration and Private Policy of the bank and by clicking the submit button. The whole process takes no more than an hour – it indeed is as simple and as fast as that.
In terms of loan status, the borrower will be contacted by phone by one of the bank’s sales staff to arrange the loan disbursement.
Aside from the speedy approval and high loanable amount that Filipinos may expect from the bank, Welcome Bank can also guarantee that their customers will be offered financial solutions with affordable interest rates. This type of offer is important as it allows borrowers to avoid unnecessary payments on the loan.
It is always an excellent idea to be aware of any additional costs such as those linked with penalties and other fees – which are typically associated with borrowing money. These extra fees are where lenders seek assurance and security in exchange for the risk they take for lending their money to their consumers.
As for Welcome Bank, interested borrowers have nothing to worry about any extra fees. The bank may be charged them with processing and the notarial fee which will be deducted directly from the loan payment, but by and large, Welcome Bank provides loan applications for free. What’s more, is customers will be confident that the bank will always be transparent about their terms and will not charge them unexpected extra costs that may confuse them.
Here are the steps for the loan application process:
Borrowers can visit Welcome Bank’s website and then click “Loans”.
Choose the loan product you wish to apply for and click” Apply Now”.
Provide all the details required completely to avoid any issues during the verification process.
Once you complete entering all the information needed, Tick the box where it says ”I have read and agree the Declaration and Private Policy” then click “Next”.
Provide your complete address as well as your employment details.
Click on Submit and prepare all the requirements in advance. Welcome Bank’s representative will call to inform the borrower of their application. Once submitted, the loan applicant should wait for the approval of the loan, and when approved, agree to the terms and conditions of the loan contract and get the loan proceeds from the nearest Welcome Bank branch.
The financial help Welcome Bank, Inc. offers to every Filipino has played a vital role, particularly today when the global health crisis is still a major concern and its economic consequences are considerably more visible. The drop of income is severe, both for businesses and for people that rely on informal or irregular financial flows.
Fortunately, both have Welcome Bank, Inc. to rely on. With just a few clicks, they can borrow a specific amount of money to meet their financial needs or goals. Simply put, whatever Filipinos have in mind, Welcome Bank, Inc. can provide the financial help they need.
״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
Table of Contents
Share this article:
״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
Table of Contents
Share this article:
״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
