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Security Bank Personal Loan
After World War II, Security Bank became the first Filipino-owned private bank and has continually grown to become a competitive player in the Philippines. They now have multiple services covering the needs of a universal bank and has branched out all over the Philippines. Learn more about getting a Security Bank personal loan below:
Where can I use the Security Bank loan?
Now that you know how much you may loan and the requirements to follow, you must also know what you can use the loan for. A Security Bank personal loan can cover anything under health and wellness, education, balance transfer, and a family vacation. Home Improvements,
Once everything has been compiled and submitted, your application will be evaluated. You’ll then be able to know whether the loan request has been accepted or not in approximately 5 to 7 banking days.
Am I eligible to get a Security Bank personal loan?
You must be at least 21 years old once you make a Security Bank personal loan application and you must not be older than 65 years old once your loan reaches maturity. Along with the age requirement, only Filipino citizens are accepted to apply for a loan. Also, you must either have an office or a home landline.
If you are an employee, you are required to have stayed with your current employer for at least 1 year as a regular employee. Although if you are self-employed, a minimum of 2 continuous years of profitable work must have been made under the same business.
A minimum of ₱12,000 monthly income is required for customers living outside Metro Manila, while a bigger ₱15,000 monthly salary is needed for residents of Metro Manila to be eligible to apply for aSecurity Bank personal loan. For the self-employed customers, a higher income of ₱25,000 is asked for residents outside Metro Manila and ₱30,000 for residents of Metro Manila.
What are the requirements to get a Security Bank loan?
For employed customers, you’ll only need to provide a photocopy of your company ID with a recognizable photo and signature, photocopy of a valid government photo ID with 3 signatures signed on the paper. The personal loan lender also requires your latest 1-month paycheck and either a BIR Form 2316, your latest certificate of employment or the latest 3-month paycheck.
For self-employed customers to apply for a Security Bank personal loan, the list starts with 2 valid government IDs, latest ITR with a BIR stamp, latest 2 years of audited financial statements, latest 6 months of bank statements, a list of 3 suppliers and 3 customers along with their contact details, and the latest GIS if it’s a corporation. Along with those, your SEC registration or DTI certificate is needed and either your business permit or the Mayor’s permit.
What else do I need to know about applying?
Security bank has made some limits for the typical customer applying for a personal loan. These limitations are made to lessen the risks for the bank and to ensure that the customer has the ability to pay the loan, plus the interest gained.
The minimum amount you may loan is ₱30,000 with the ceiling at ₱1,000,000. The loaned amount along with the additional interest made must be paid at a minimum option of 12 months which could stretch to 36 months. The interest rate starts at 1.39% for a 12-month loan and up to 1.69% for a 36-month loan.
A Security Bank loan calculator is available for use on their website. You just need to place the amount you want to loan, how many months you’ll be paying for, and how much is your monthly income. It will then calculate everything to give you your monthly installment.
Are you getting a Security Bank personal loan for a vacation? Compare personal loans to get the latest rates and fees.