Equicom Savings Bank Inc. or EqB, is a thrift bank founded in 2008 by the Equicom Group and Antonio Go, the former Chairman of Equitable PCI Bank. EqB currently has its main branch in Makati, Philippines, with 16 other branches all over the country. Besides credit cards and deposit accounts, they also offer consumer products like the Equicom personal loan. Know more about this personal loan, including use, eligibility and requirements.
A collateral-free loan is nothing new in the Philippines with almost all banks offering it. But what sets Equicom apart is its award-winning customer service proven by their “Pagtugon Award,” given by the Bangko Sentral ng Pilipinas in recognition of its efforts to be responsive in addressing customer needs. The Equicom loan products like the SME business loan, salary loan, consumer housing loan, and personal loan are proof of that.
The bank's loan can help attain short-term goals like maybe for travel, for buying appliance and gadgets, or for education and special events. You might want to read the fundamental steps to retire rich, instead, to help you use the Equicom personal loan wisely.
The loan may be released via manager's check, sent to an existing card, or funded to a prepaid cash card. It is paid via post-dated checks.
Although not stated, it is helpful for aspiring borrowers to be an EqB depositor for years prior to filing for a personal loan.
To be eligible for an Equicom Savings Bank personal loan, you need to be at least 21 years old but should not be more than 65 years old when the loan matures. An office or residence landline number is also necessary. The residence or office address has to be within the bank's processing service area.
Employed customers should be regular and permanent employees, who have at least 6 months of tenure and at least one year of total years of employment. Meanwhile, self-employed clients should have at least two years of continuously profitable business. To be eligible for an Equicom personal loan, you must have a basic salary of ₱20,000 is required for those in Metro Manila and ₱15,000 for those living in Visayas and Mindanao.
The requirements for Equicom Bank personal loan are basically proof that you are eligible. Top on the list is a completely filled out form. Also needed are a signed promissory note and disclosure statement, photocopy of company ID with picture and signature, photocopy of one valid government-issued ID with three specimen signature, latest credit card statement of account, and proof of residence.
For proof of residence, it can be one month proof of billing under the applicant’s name or one government ID with residence address like a driver’s licence, postal ID, and NBI/police clearance.
For proof of income, employed applicants need to submit the latest original one-month payslip with the latest BIR Form 2316 to apply for an Equicom loan. Self-employed applicants need the latest ITR with BIR stamp and tax receipt, two years audited financial statements, SEC/DTI certificate of registration, six months bank statements or the passbook, and authorization to verify bank accounts.
The amount you can borrow depends on your capability to pay. It can be as low as ₱15,000 to as much as ₱1 million. The Equicom personal loan is payable for 12, 18, 24, or 36 months. The longer the loan term, however, the higher the interest rate. A 12-month loan term charges 1.39% per month while a 36-month loan is 1.69%.
On top of that, a one-time processing fee of ₱1,500 for the employed and ₱2,000 for the self-employed will be deducted from the loan proceeds. Loans ₱250,000 and above need to pay ₱1 for every ₱200 for the documentary tax.
As mentioned, the Equicom loan is paid via post-dated check. Late payment is penalized with ₱500 or 3% per month, whichever is higher. Returned check fee is ₱500 and extension fee is also ₱500.
There are too many options for loans, and more often, there is too little information about the loan that banks offer. You can now compare details of an Equicom personal loan with loans from other banks like BDO, BPI, Security Bank, Maybank and more. See a side-by-side comparison of fees, interest rates, and requirements if you compare with GoBear. The website is free and easy to use, created to help Filipinos make smarter financial decisions. Learn more about GoBear through the FAQ page.
Planning to borrow fast cash using an Equicom personal loan? Compare personal loans to know more about fees and rates.
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