RCBC Cash Loan; Thing You Need to Know
RCBC or Rizal Commercial Banking Corporation offers personal loans to its customers, including a cash loan product called “RCBC MyCash.” The RCBC MyCash loan allows customers to borrow money for their immediate needs, such as emergency expenses, medical bills, or home repairs.
To apply for an RCBC MyCash loan, you can visit any RCBC branch or apply online through their website. The loan amount ranges from Php 50,000 up to Php 1,000,000, and the repayment terms are flexible, ranging from 12 to 60 months.
To qualify for an RCBC MyCash loan, you must be a Filipino citizen or a foreigner residing in the Philippines for the last two years. You must also be between 21 to 65 years old, have a stable source of income, and a good credit score.
Keep in mind that taking out a loan is a serious financial commitment, and it is essential to evaluate your financial situation and make sure you can pay the loan back before applying for one. It is also crucial to compare loan products and their terms from different banks to find the best loan option that fits your needs and budget.
Who is RCBC?
RCBC stands for Rizal Commercial Banking Corporation. It is one of the largest universal banks in the Philippines, offering a wide range of financial products and services to individual and corporate clients. RCBC was founded in 1960 and is headquartered in Makati City, Philippines.
The bank provides various services, including deposits, loans, trust and investment management, credit cards, remittance, foreign exchange, and other banking services. It also has a subsidiary, RCBC Savings Bank, which caters to small and medium-sized enterprises (SMEs), microfinance, and retail banking.
RCBC has been involved in several controversies in the past, including the infamous Bangladesh Bank heist in 2016, where hackers stole $81 million from Bangladesh’s central bank account at the Federal Reserve Bank of New York, which was wired to four RCBC accounts in the Philippines. RCBC was fined $21 million by the Philippine central bank for its failure to prevent the laundering of stolen money.
RCBC Cash Loan Requirements
To apply for Cash Loan RCBC, you will need to prepare the following requirements:
- A completed loan application form
- At least two valid government-issued IDs
- Proof of income, such as payslips or income tax returns (ITR) for employed individuals, or business permits and financial statements for self-employed individuals
- Proof of billing address, such as utility bills or credit card bills
- Any additional documents required by RCBC, such as credit card statements or bank statements
Keep in mind that the specific requirements may vary depending on your employment status and the loan amount you are applying for. It is best to inquire with RCBC directly or visit their website for the complete and updated list of requirements.
Also, make sure that you have a good credit score and a stable source of income to increase your chances of loan approval. Having a co-borrower or guarantor with good credit standing can also help improve your loan application.
How to Avail RCBC Cash Loan
You can avail of an RCBC cash loan by following these steps:
- Check your eligibility – Before applying for an RCBC cash loan, make sure that you meet the eligibility criteria. You must be a Filipino citizen or a foreigner residing in the Philippines for the last two years, between 21 to 65 years old, have a stable source of income, and a good credit score.
- Prepare the requirements – As mentioned earlier, prepare all the requirements needed for the loan application, such as the completed application form, valid IDs, proof of income, and billing address.
- Choose your loan amount and repayment terms – Decide how much money you need to borrow and how long you want to repay the loan. RCBC offers loan amounts ranging from Php 50,000 up to Php 1,000,000, with repayment terms from 12 to 60 months.
- Apply for the loan – You can apply for an RCBC cash loan by visiting any RCBC branch or through their website. Fill out the loan application form and submit it along with the required documents.
- Wait for loan approval – Once you submit your loan application, RCBC will review your application and assess your eligibility. If your loan application is approved, you will receive the loan proceeds directly to your bank account.
- Repay the loan – Make sure to pay your monthly loan amortizations on time to avoid late payment fees and penalties. You can pay your loan through various channels, such as RCBC online banking, over-the-counter payments, or auto-debit arrangements.
Remember that taking out a loan is a serious financial decision, and it’s important to borrow only what you need and can afford to repay. Always compare loan products and their terms from different banks before making a final decision. You can check your sample computation through their website.
RCBC Credit Card Cash Loan
RCBC offers a credit card cash loan to its credit cardholders. This allows you to borrow money against your available credit limit on your RCBC credit card. The credit card cash loan can be used for various purposes, such as paying for emergency expenses, medical bills, or home repairs.
To avail of the RCBC credit card cash loan, you need to log in to your RCBC online banking account or call RCBC customer service to apply. You can borrow up to 100% of your available credit limit, subject to RCBC’s approval.
The repayment terms for the credit card cash loan are flexible, ranging from 3 to 36 months. The interest rate and other fees will depend on the amount you borrow and the repayment term you choose. Make sure to pay your monthly loan amortizations on time to avoid late payment fees and penalties.
Before availing of the RCBC credit card cash loan, make sure to evaluate your financial situation and consider if you can afford to repay the loan. The credit card cash loan has a higher interest rate compared to other loan products, so it’s important to borrow only what you need and repay it on time.