Need for heavy financial funds, for personal purposes, can be sudden and unpredictable. China Bank Savings personal loans is a multi-purpose loan facility offered to its customers. The loan amount can be used for various personal requirements like travel, bill payments, unanticipated medical expenses, marriage expenses or renovation of your house. Especially designed to offer maximum benefits to the borrowers (in need of instant cash), China Bank Savings personal loans are characterized by minimum documentation and quick disbursal.
You’re probably eligible for an China Bank Savings Personal Loan if you are
At least 21 years old
Less than 55 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your China Bank Savings Personal Loan amount eligibility is based on these factors
Minimum income required
P30000 per month
Maximum allowed personal loan is P1000000
EMIs of other loans lower
Increase your eligibility for Bank Personal Loan amount by these steps/h2>
Pay off your credit card bills
Choose longer tenure loan up to 4 years
Documentation needed to apply for China Bank Savings Personal Loan
- 1.PhotoCopy(Anyone with signature) of your Passport,Driver's License,Digitized TIN ID ,Voters ID,GSIS / SSS ID,PRC ID
- 2.Documentation for salaried applicants: (Anyone)
- Photocopy of latest 3 months payslip latest Income Tax Return(ITR) with 1 month payslip
- latest Income Tax Return(ITR) with 1 month payslip
- 3. Documentation for self Employed applicants:
- Photocopy of latest 2 years ITR with matched Audited Financial Statement(AFS)
- Photocopy of latest 3 months Bank Statements
- Photocopy of DTI registration or SEC
China Bank Savings Personal Loan DetailsUpdated on 16 Jan 2017
|Interest Rate||EIR - 32.73% to 37.24%(p.a)|
|Tenure||1 - 4 years|
|Guarantor Requirement||No guarantor Required|
About China Bank Savings
The acquisition of Manila Bank by China Banking Corporation, in 2007, led to the existence of China Bank Savings. Within a year of being founded, China Bank Savings boasted of six branches. The bank’s initial focus was on services like deposits, consumer loans and trust services. By 2009 three new services were introduced –
- Easi-Earn High Five - a five year time deposit which would earn interest ‘tax free’
- Easi-Save - targeted kids and young savers aged 12.
- Easi-Checking Diary – a checking account with a passbook. This would help the account holder for easy monitoring of their accounts.
In 2010, China Bank Savings opened not only 10 more branches, but also launched Easi-Drivin Auto Loan and Easi-Save Basic. The latter being a unique ATM service which allows users to get their ATM cards the moment they open an account with zero initial and maintaining balance. The Easy-Driven Auto Loan led to a 135% boost in auto loans bookings from the bank. Currently, in addition to the aforementioned services, China Bank Savings also offers Easi-Livin Home Loan, Easi-Funds Personal Loan, Easi-Padala (domestic money transfer service), to name a few. The bank now has a wide network of 73 branches and 74 ATMs, and works with a vision of “increasing prosperity of the Filipinos.”
Features of China Bank Savings Personal Loan
- Personal Loans are available for both salaried and self-employed individuals.
- The Loan can be availed through Manager’s Cheque deposited to bank account or credit to CBS account.
- Monthly add-on rate and fixed term repayment ranging from 12 to 48 months (in the sequence of 12, 18, 24, 36, 48 months).
- Repayment can be made by issuing post-dated cheques, by the borrower.
- Minimal amount of documentation required to avail the loan.
- No collateral
- Quick disbursal to gratify the customer’s ‘instant cash need’
- The maximum loan amount available to a borrower is PhP 1 million and minimum loan amount is PhP 20,000.
CBS Personal Loan Eligibility
To qualify for a Personal Loan from CBS, the following eligibility conditions have to be met. In addition to the clauses provided below, the applicant is also required to meet specific set of criteria as provided by the bank on the basis of income and other factors.
- The applicant should be a Filipino citizen.
- The age of the applicant should fall between 21 - 55 years at the time of application.
- Should be earning a stable and regular income either by means of being self employed or salary.
- The minimum eligible income should be P30,000 or P360,000 per annum.
- Should hold a deposit account with either Chinabank Corp. (CBC), China Bank Savings Inc. (CBS) or Planters Development Bank (PDB).
- Must have an active credit card (principal credit card holder).
- Must have a landline number at the place of occupation.
- The loan applicant should have a mobile or landline at the place of residence.
CBS Personal Loan Requirements
• Duly filled application form along with signature at required places on the form.
• Photocopy of one ID issued by government agencies for the salaried class/ 2 IDs if the applicant is self employed.
• Specimen signature proof (ID)
Income Documents (Salaried)
• Last 3 months payslip/1 month payslip with latest ITR (Income Tax Returns)
Income Documents (Self Employed)
• Latest ITR with AFS (Audited Financial Statement) and last 3 months bank statements.
• DTI Registration Certificate or SEC papers
• List of 3 references with contact details (Customer or Suppliers).
Interest Rates & Fees
The interest rates offered by China Bank are charged on a monthly add on basis. The table below provides details of interest rates for various tenor options, sourced from the official website of Chinabank. The rates are indicative and subject to change without prior notice. Please inquire for latest rates and fees by either calling the customer service or by visiting the nearest branch.
|Loan Tenor (Term)||Add On Rate Per Month||Effective Rate (Annual)|
|12 months||1.55 percent||32.73 percent|
|18 months||1.65 percent||34.72 percent|
|24 months||1.65 percent||34.33 percent|
|36 months||1.75 percent||35.07 percent|
|48 months||1.95 percent||37.24 percent|
Fees & Charges
|Processing Fee (To be deducted from loan proceeds)||P1,500|
|Late Payment Fee||8 percent of the past due amount or P500 whichever is higher.|
FAQ's about CBS Personal Loan
- Is the loan applicant required to provide a collateral to secure the loan amount? Does it add weightage to the loan application?
- I have applied for Easi-Funds Personal Loan from China Bank. How long does to take to process and disburse the loan?
- What are the payment channels available to repay the loan amount?
- How do I apply for a personal loan from CBS?
- What is the maximum amount one can borrow under the Easi-Funds Personal Loan from China Bank Savings?
This loan offered on an unsecured basis, which implies no requirement of collateral in any form. The eligibility is purely determined on the basis of your income and credit history.
The bank takes around 3 business days to process the loan and approve post which you will receive the loan amount either via manager’s check or be credited electronically to your China Bank savings account.
The loan amount plus applicable interest charges are payable on a monthly basis (amortization) by means of issuing post dated checks (PDCs), which the bank will present for a debit from your bank account.
You can either apply online, on the official website of the bank where your application is directly forwarded to the central loan processing center or walk into the nearest branch to submit your application to the representatives.
One can borrow up to P1,000,000 under this loan scheme. The minimum amount the borrower needs to take out is P20,000.
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