A personal loan is the most accessible debt instrument which comes handy when you need that financial stimulus to fulfill a causal or emergency need. In situations where you do not have good amount of savings to meet a critical requirement, a personal loan provides relief. This debt product is an easy to understand credit instrument with minimal frills and works just like any other loan available in the market today.
Unlike other loan products that work on similar convention, a personal loan is not linked to a tangible asset like car or a home. The most captivating part is the amount disbursed can be utilised for any purpose as the name suggests. This loan helps in meeting short notice requirements such as holiday expenses, hospitalization, home renovation, consolidation of debt etc. Equicom Savings Bank offers personal loan to fulfill exclusive financial needs at attractive terms and rates.
You’re probably eligible for an Equicom Savings Bank Personal Loan if you are
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Equicom Savings Bank Personal Loan amount eligibility is based on these factors
Minimum income required
P20000 per month
Maximum allowed personal loan is P1000000
EMIs of other loans lower
Increase your eligible Equicom Savings Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 3 years
Documentation needed to apply for Equicom Savings Bank Personal Loan
- 1.Duly filled-out and original signed application form
- 2.Latest one (1) gov’t ID with residence address (i.e. driver’s license,postal ID, NBI, police clearance, etc.)
- 3.Documentation for salaried applicants:
- Latest original one (1) month payslip
- Latest BIR Form 2316
- 4. Documentation for self Employed applicants:
- Latest ITR with BIR stamp and tax receipt
- Two (2) years Audited Financial Statements
Equicom Savings Bank Personal Loan DetailsUpdated on 25 Oct 2016
|Interest Rate||EIR - 2.46% to 2.97%(p.m)|
|Tenure||1 to 3 years|
|Early Settlement Charges||5.0% (remaining principal balance) or P500, whichever is higher|
Equicom Savings Bank Personal Loan
As a part of it unsecured loan portfolio, the bank offers multipurpose loan starting from PhP15,000. This loan is extended for fulfillment of various personal and household needs where the loan amount can go upto PhP1,000,000. With a payment tenor of up to 36 months, easily payback the loan amount in equated monthly installments (EMI’s) as per your budgeting convenience.
In a similar kind of loan offering that can be utilized for personal financial obligations, EqB provides unsecured loans at fixed interest rates to employees of selected companies. Payment options are available in 6, 12, 18, 24 and 36 month installment periods. Do inquire with the bank to ascertain your qualification under this scheme.
Features of Equicom Personal Loan
Impressive range of loan amount: The loan amount ranges from PhP15,000 to PhP1,000,000 which gives you a free hand in choosing a loan amount of your choice as per the requirement.
Extensive loan repayment tenor: Payback the loan in Equated Monthly Installments(EMI’s) for up to 36 months. The bank offers terms of 12,18, 24 or 36 months on the standard personal loan repayment scheme. With such conducive options, you are at the helm in choosing a term that best suits your monthly budget.
Effortless loan management: With a slew of options such as online and net banking, manage your loan in a hassle free manner. Retrieve statements, check outstanding balance, receive e mail and text alerts and do much more on the technology based platform.
Existing banking customers of EqB can be eligible for attractive rates and terms on personal loan products.
Equicom Savings Bank Personal Loan Eligibility
- The applicant should be at least 21 years old with an upper cap of 65 years upon loan maturity.
- The residence or office address should fall in the processing service area of the bank. You can contact the bank for further details regarding this.
- Should possess a residence or office landline with an active number.
- Salaried applicants should be on regular/permanent rolls of the company with at least 6 months in the current company and a total employment of at least 1 year.
- The monthly salary of salaried applicants should be at least P20,000 for Metro Manila and P15,000 for people residing in other areas.
- Self employed aspirants should have a minimum of two years of operations in the same line of business, making profits.
Equicom Savings Bank Personal Loan Requirements
• Duly filled & signed application form
• Disclosure Statement & Promissory Note with signature
• Photocopy of ID issued by government agencies with three specimen signatures
• Company ID containing photo and signature of the applicant (photocopy)
• Latest credit card statement
• Proof of residence such as utility bills or government issued ID containing the residence address
• Latest Payslip (one month)
• Latest BIR form 2316
Self Employed Applicants
• Latest Income Tax Return (ITR) with BIR stamp along with tax receipt.
• Certificate of Registration - SEC/DTI
• Audited financial statements of last two years
• Bank statements of last 6 months
• Authorization letter to verify bank account details
Interest Rates & Fees
The rates and fees provided below has been sourced from the official website of Equicom Savings Bank and are subject to change without prior notice. Make sure to inquire with the bank for latest rates and fees before making an application.
|Loan Tenor (Term)||Monthly EIR (Effective Interest Rate)|
|12 months||2.71 percent|
|18 months||2.81 percent|
|24 months||2.90 percent|
|36 months||2.93 percent|
Fees & Charges
|Processing Fee (deducted from the loan proceeds)||P1,500 for salaried applicants and P2,000 for self employed.|
|Documentary Stamps Tax||Applicable for loan amounts exceeding P250,000. Charged at P1 for every P200 of the loan amount|
|Late Payment Fee||P500 or 3% of the overdue amount, whichever is higher.|
|Early Settlement Fee (Pre closure)||P500 or 5 % of the outstanding loan balance, whichever is higher.|
|Returned Cheque Fee||P500 per returned cheque|
FAQ's about Equicom Savings Bank Personal Loan
- Is there a restriction on the purpose of availing a Personal Loan from EqB?
- Where do I find the application form to apply for an Equicom Savings Bank Personal Loan?
- How do I find out my personal loan application status?
- Is there a security required to avail a personal loan from Equicom Savings Bank?
- Is there an exclusive offer for employees working in reputed companies that provides better rates and terms?
There are no restrictions as such on how you would like to utilize the loan amount as long as it's acceptable and legal. You will be required to provide the purpose of the loan in the application form as a part of the procedure.
The application form will be provided to you by the representatives at the time of application. You can also download the same from equicomsavings.com under the products and services section.
You can call the centralized customer service on (02) 828-EQUI (3784) or email them at firstname.lastname@example.org for an update on loan status. Details can also be obtained at the nearest branch or by contacting the representative handling your application.
Since this is an unsecured loan, there is no collateral required in any form to secure the loan amount. The eligibility is purely ascertained on the basis of income and credit history.
Employees working with accredited companies can avail a salary loan that works in a similar fashion. More details can be obtained from the bank authorities at the nearest branch.
Other Products from Equicom Savings Bank