Salary Loan / Personal Loan

 

a.  Brief Description

 

These refer to unsecured or secured loans for employees or self employed individuals for a broad range of consumption purposes. Loan repayments is via issuance of post dates checks or salary deduction in case of accredited companies.

 

b.   Qualifications

For employed individuals:

 

• 23 to 59 years old. Applicants with age of 59 years old and above may also apply but on a case to case basis;

• Has been gainfully employed  for at least 3 consecutive years and with a permanent employment status;

• Has the financial capacity to pay the loan.

 

For self employed:

 

• The applicant’s business must be profitable for 3 consecutive years;

• Has the financial capacity to pay the loan.

 

c.    Collateral

 

This type of loan may be secured or unsecured, depending upon the amount of the loan. Acceptable collateral are condominium, bank deposits, or vehicle owned by the borrower.

 

d.   Loanable Amounts

 

Minimum: PHP50,000.00

Maximum: PHP1,000,000.00

 

e.  Loan Charges

 

Processing Fee: fixed at PHP1,500.00

Mortgage Redemption Insurance (MRI) : Based on actual amount charge by the insurer based on the

                                                                  loanable amount of the loan.

Documentary Stamp Tax (if applicable) : PHP1.50 on each PHP200.00 or fractional part thereof

                                                                (applicable to loans amounting to P250,000.00 and above)

Notarial Fee (if applicable) : fixed at PHP200.00(applicable to loans amounting to P200,00.00 and above)

 

  • Appraisal Fee of P1,500.00 (in case secured by condominium, and principal amount of loan is less than PHP5M)
  • Appraisal Fee of P1,500.00 (in case secured by second hand auto)
  • Appraisal Fee of P6,000.00 (in case secured by second hand condominium, and principal amount of loan is at least PHP5M)

 

f.  Loan Term

 

From 6 months to 36 months for unsecured loan and up to 60 months for secured loan.

 

g.   Co-maker Requirements

 

May or may not be subject to co-maker, depending upon the qualification of the applicant.

h.   Processing Time

 

Clean Loan:

 

3 to 5 banking days upon submission of complete requirements.

 

Secured Loan:

 

7 to 10 banking days upon submission of complete requirements.

 

i.   Requirements

 

For employed individuals:

 

1. Completely filled-up application form with 2X2 Photo

2. Certificate of Employment (COE)

3. BIR Form 2316

4. One month latest payslip

5. Copy of two (2) valid ID

6. Latest residential proof of billing

7. Post dated checks for the monthly amortization of the loan (applicable if the employer is not accredited company).

 

For self employed individuals with business:

 

1. Completely filled-up application form with 2X2 Photo

2. Business papers

3. Copy of two (2) valid ID

4. 6 months bank statement

5. Document showing active membership with the Philippine Dental Association or Philippine Medical Association, in case of dentist or doctors, respectively

6. Post dated checks for the monthly amortization of the loan

 

Requirement 2 must be updated every year.

 

Additional requirements in case the loan is secured by auto

 

1. Original official receipt and certificate of registration

2. Insurance of the collateral endorsed to the Bank

3. Clear stencils of the engine or chassis numbers of the vehicle

4. Car history in case of second hand vehicle

5. If applicant is married, spouse will also act as co-borrower

 

Requirement 2 must be updated every year.

 

Additional requirements in case the loan is secured by condominium

1. Condominium Certificate of Title (CCT), under the name of the borrower or co-borrower

2. Tax Declaration

3. Updated tax receipt and tax clearance

4. Insurance of the collateral endorsed to the Bank

5. If applicant is married, spouse will also act as co-borrower

 

Requirements 3 and 4 must be updated every year.

© 2017 Yuanta Savings Bank Philippines, Inc. All right reserved.

a proud member of

 

Yuanta Savings Bank Philippines, Inc. is a wholly owned subsidiary of Yuanta Commercial Bank in Taiwan, and is regulated by the Bangko Sentral ng Pilipinas.

For inquiries or complaints, you may call Yuanta Savings Bank Customer Service at (02) 845-3838 or send e-mail to ysb.customerservice@yuanta.com.ph.

Similarly, you may also contact the BSP Financial Consumer Protection Department at (02) 708-7087.