Personal loan
Salary Loan
For planned expenses, tuition, a medical bill or a home repair, repaid in fixed monthly instalments.
The terms
- Loan amount
- ₱10,000 to ₱150,000
- Term
- 6 to 24 months
- Payments
- Monthly
- Interest rate
- 2.5% a month
- How interest is computed
- Add-on: interest is the monthly rate on the original amount for every month of the term, spread over equal instalments
- Late payment penalty
- 3% a month on the amount overdue, after 3 days of grace
- Co-maker
- Required from ₱30,000
Fees
- Processing Fee3% of the loan amount, deducted at release
- Notarial Fee₱400.00, deducted at release
- Documentary Stamp TaxDocumentary stamp tax at the rate the law sets on the loan amount, deducted at release
Fees are deducted from the loan at release, so the cash you receive is less than the loan amount. The worked example shows each one in pesos.
A worked example: ₱50,000 over 12 months
Paid every month. Computed by our lending system, the same way your disclosure statement will be.
| Loan amount (principal) | ₱50,000.00 |
|---|---|
| Less: Processing Fee | (₱1,500.00) |
| Less: Notarial Fee | (₱400.00) |
| Net proceeds, the cash you receive | ₱48,100.00 |
| Instalment, monthly (12 payments) | ₱5,416.67 |
| Total interest | ₱15,000.00 |
| Total of payments | ₱65,000.00 |
| Nominal interest rate | 2.5% a month |
| Effective interest rate | 4.97% a month, 59.6% a year |
Payment schedule
| No. | Due, days after release | Principal | Interest | Instalment |
|---|---|---|---|---|
| 1 | 31 | ₱3,108.98 | ₱2,307.69 | ₱5,416.67 |
| 2 | 61 | ₱3,301.29 | ₱2,115.38 | ₱5,416.67 |
| 3 | 92 | ₱3,493.59 | ₱1,923.08 | ₱5,416.67 |
| 4 | 123 | ₱3,685.90 | ₱1,730.77 | ₱5,416.67 |
| 5 | 151 | ₱3,878.21 | ₱1,538.46 | ₱5,416.67 |
| 6 | 182 | ₱4,070.52 | ₱1,346.15 | ₱5,416.67 |
| 7 | 212 | ₱4,262.82 | ₱1,153.85 | ₱5,416.67 |
| 8 | 243 | ₱4,455.13 | ₱961.54 | ₱5,416.67 |
| 9 | 273 | ₱4,647.44 | ₱769.23 | ₱5,416.67 |
| 10 | 304 | ₱4,839.75 | ₱576.92 | ₱5,416.67 |
| 11 | 335 | ₱5,032.05 | ₱384.62 | ₱5,416.67 |
| 12 | 365 | ₱5,224.32 | ₱192.31 | ₱5,416.63 |
Due dates are counted from the release date, which is set when your loan is released.
This is the same computation your disclosure statement will use.
Illustrative figures for the amount and term you chose. The final terms are subject to assessment and are set out in your disclosure statement before you sign.
Who it is for
- Regular employees with a payslip and a certificate of employment
- Repayment by post-dated checks, one per instalment
- A co-maker for larger amounts
What to prepare
- Two valid government IDs
- Latest three payslips
- Certificate of employment
- Post-dated checks, one per instalment
- One co-maker for ₱30,000 and above
Other loans
Apply for a Salary Loan
A loan officer reviews every application and calls you. Approval is not guaranteed.