PSBank Personal Loan; What You Need to Know
PSBank offers a personal loan to eligible applicants who need financial assistance for various purposes such as home renovation, travel, education, or emergency expenses. Here are some details about the PSBank Personal Loan:
Loan amount: PSBank offers loan amounts ranging from PHP 20,000 to PHP 250,000, subject to approval and based on the applicant’s capacity to pay.
Loan term: The loan term can range from 12 to 36 months, depending on the loan amount and the applicant’s preferred payment terms.
Interest rate: PSBank’s interest rate is competitive and varies depending on the loan amount and loan term. The interest rate ranges from 10.50% to 29.99% per annum.
Processing fee: The loan processing fee is 2% of the approved loan amount.
Requirements: To apply for a PSBank Personal Loan, the applicant must be a Filipino citizen and must be at least 22 years old but not more than 54 years old upon loan maturity. The applicant must have a stable source of income and must submit valid government-issued IDs, proof of income, and other supporting documents.
Repayment: The loan is repaid through fixed monthly installments, and prepayment is allowed without any penalty.
It’s important to note that the PSBank Personal Loan is subject to the bank’s terms and conditions and the applicant’s eligibility. Prospective borrowers are encouraged to visit the bank’s website or a PSBank branch to learn more about the loan and its requirements.
Who is PSBank?
Philippine Savings Bank (PSBank) is a Philippine-based savings bank that was founded in 1960. It was originally known as Philippine Savings and Loan Association (PSLA) and was established as a non-stock savings and loan association. PSLA was later granted a savings bank license by the Central Bank of the Philippines in 1980 and changed its name to PSBank.
In the early years of its operation, PSBank focused on providing savings and loan services to small savers and low-income earners. The bank initially had only one branch located in Quiapo, Manila. However, with the increasing demand for its services, the bank expanded its network of branches across the Philippines.
In 1990, PSBank became a subsidiary of Metrobank Group, one of the largest banking and financial services conglomerates in the Philippines. This partnership provided PSBank with access to a wider range of financial products and services, allowing it to offer more competitive rates and packages to its clients.
Over the years, PSBank has continued to innovate and expand its services, offering a wide range of financial products to its clients, including savings accounts, loans, insurance, and investment products. Today, PSBank has over 250 branches and more than 600 ATMs located across the Philippines, making it one of the country’s leading savings banks.
PSBank Personal Loan Requirements
To apply for a PSBank Personal Loan, applicants must meet the following requirements:
- Must be a Filipino citizen
- Must be at least 22 years old but not more than 54 years old upon loan maturity
- Must have a stable source of income
- Must have a valid government-issued ID with a photo and signature (e.g., driver’s license, passport, PRC ID, etc.)
- Must submit proof of income, which could include the latest income tax return, payslip for the last three months, or certificate of employment indicating salary and employment status.
- Must provide other supporting documents as required by the bank.
It’s essential to note that the requirements for a PS Bank Loan may vary depending on the applicant’s employment status, income level, and creditworthiness. Applicants are encouraged to visit the bank’s website or a PSBank branch to learn more about the loan, along with other loans like PSbank flexi loan and its requirements. It’s also recommended to have all the necessary documents ready before applying for a loan to expedite the processing of the application.
How to Avail PSBank Personal Loan?
Availing a PSBank Loan is a straightforward process. Here are the steps to follow:
- Determine eligibility: Check the bank’s eligibility criteria to ensure that you qualify for a personal loan. This includes being a Filipino citizen, at least 22 years old but not more than 54 years old upon loan maturity, and having a stable source of income.
- Gather required documents: Prepare all the necessary documents, such as a valid government-issued ID with a photo and signature, proof of income, and other supporting documents as required by the bank.
- Submit the application: Visit a PSBank branch or apply online through the bank’s website. Fill out the application form, attach the required documents, and submit the application.
- Wait for approval: The bank will review the application and assess the applicant’s creditworthiness. Once approved, the bank will notify the applicant of the loan amount, interest rate, and loan term.
- Receive the funds: After the loan has been approved, the bank will release the funds to the applicant’s account or issue a check. The loan amount will depend on the approved loan application, subject to the bank’s terms and conditions.
- Repay the loan: Repay the loan through fixed monthly installments, which can be done through various payment channels offered by the bank. Prepayment of the loan is allowed without any penalty.
Overall, availing a PSBank Personal Loan is a simple and convenient process, and interested applicants are encouraged to inquire and apply directly with the bank.