CTBC Personal Loan: Guide to Application and Approval

by Moneymax, on category "Loans"

May 7, 2019


CBTC Personal Loan Application | Moneymax

The CTBC personal loan is one of the most sought-after personal loans today because of its fast processing (within 24 hours) and loan release within 72 hours upon approval.

Also called the Salary Stretch Loan, CTBC Bank (also known as Chinatrust Bank) offers this multi-purpose short-term or mid-term unsecured (meaning there’s no collateral required) personal loan to salaried and self-employed individuals in the Philippines.

CTBC Personal Loan Features

Before you file your application for this personal loan with CTBC Bank, get to know what you can get out of it, so you’re sure it’s the right loan for you.

CTBC Loan Amount and Terms

CTBC Bank allows you to borrow from PHP 20,000 to PHP 1 million, which is payable for 12, 18, 24, or 36 months.

Interest Rates

The Chinatrust personal loan has among the lowest personal loan interest rates in the Philippines. Its effective interest rates start at 28.58%, depending on the chosen loan term. Monthly add-on rates range from 1.39% to 1.79% across all loan terms.

Read more: How to Get a Personal Loan with Low Interest Rate in the Philippines

Loan Disbursement Channels

Unlike other commercial banks that disburse funds only through checks or funds transfer to a bank account, CTBC Bank releases the loan amount through a variety of channels, including a cash card, manager’s check, and funds transfer to the borrower’s CTBC Bank account or account with another bank.

CTBC Salary Stretch Loan Repayment Channels

Paying your monthly Chinatrust loan amortizations is made convenient with a variety of payment channels nationwide to choose from:

  • CTBC Bank Business Centers
  • Bayad Center outlets
  • ECPay outlets (7-Eleven branches, Gaisano Grand Malls, Ever Supermarket, etc.)
  • UnionBank branches
  • BancNet ATMs and online banking

4 Tips for Your Chinatrust Loan Application

Here are some important tips that can help you succeed in your Chinatrust personal loan application.

1. Verify If You’re Qualified for a CTBC Personal Loan

CTBC Personal Loan Application

The Chinatrust personal loan application is open to Filipino citizens only. As far as eligibility criteria go, there are certain differences between requirements for different professions. Qualifications are more rigid for self-employed applicants.

Eligibility Criteria for Salaried Individuals

  • 23 to 65 years old upon loan maturity
  • Minimum gross monthly salary of PHP 15,000 (within Metro Manila) or PHP 10,000 (provincial areas)
  • Employed with current employer for at least one year on a permanent/regular basis or have a total of three years of work experience
  • Working within CTBC Bank’s serviceable area
  • Have an office landline

Eligibility Criteria for Self-Employed Individuals

  • 25 to 65 years old upon loan maturity
  • Have a registered business that has been operating for at least three years (for trading and services industry) or five years (for all other industries)
  • Minimum gross monthly income of PHP 15,000 (within Metro Manila) or PHP 10,000 (provincial areas)
  • Working within CTBC Bank’s serviceable area
  • Office landline and home landline and/or mobile number
  • With an existing credit card

Eligibility Criteria for Employed Doctors

  • 25 to 65 years old upon loan maturity
  • Minimum gross monthly income of PHP 25,000
  • Working within CTBC Bank’s serviceable area
  • Employed with the current employer for at least two years on a regular or permanent status
  • Have a hospital landline and home landline or mobile number

Eligibility Criteria for Self-Employed Doctors/Dentists or Consultants

  • 25 to 65 years old upon loan maturity
  • Minimum gross monthly income of PHP 25,000
  • Working within CTBC Bank’s serviceable area
  • Registered doctor or dentist for at least three years
  • For clinic-based doctors: Have clinic and residence landlines or mobile number
  • For consultants: Have a residence landline and a mobile number

Borrowers between 60 and 65 years old who are working in a company with a verified retirement age of 60 must submit a copy of Credit Life Insurance.

2. Prepare All the Required Documents for the CTBC Salary Stretch Loan

The CTBC personal loan application form is available for download via CTBC Banks’ website. Aside from a filled out form, you also need to submit the photocopy of all the requirements, depending on whether you’re an employee or a self-employed person.

CTBC Personal Loan Requirements for Salaried Applicants

  • Latest ITR or BIR Form 2316
  • Company ID (with photo and signature)
  • Latest one-month payslip

CTBC Personal Loan Requirements for Self-Employed Applicants

  • Latest BIR Form 1701 / 1702
  • Valid Certificate of Registration from the Department of Trade and Industry (DTI)
  • Latest credit card statements for the past two months
  • Latest bank statements of account/s for the past six months
  • Front of the applicant’s credit card
  • Two valid government-issued IDs with photo

Get your other financial or income documents ready, as the CTBC Bank personnel may ask you to submit additional supporting documents.

Also, you’ll be asked to present the original copies of your requirements to the bank before the release of your approved loan.

3. Avail of a CTBC Salary Stretch Loan Promo

CTBC Personal Loan Promo

CTBC Bank occasionally runs a promo for its personal loan applicants. You may enjoy certain perks if you apply for a CTBC Bank personal loan within the promo period and qualify for the promo.

For example, CTBC Bank has an ongoing Cash + Cash Load personal loan promo that entitles qualified borrowers cash load worth PHP 2,000 to PHP 10,000, depending on their approved and availed loan amount.

To qualify for this promo, your loan amount should be at least PHP 250,000 payable in either 24 or 36 months. The amount must be withdrawn or availed within three days from loan approval date. The CTBC personal loan must be applied on or before May 31, 2019 and approved on or before July 30, 2019.

4. Contact CTBC Bank for Questions Regarding Your Personal Loan Application

If you need to inquire about your CTBC personal loan application, you may reach the bank’s 24/7 customer care hotline at (02) 840-1234 (Metro Manila) or 1-800-10-840-1234 (toll-free provincial hotline).

Final Thoughts

If you want to get a personal loan in the shortest amount of time to help with any pressing needs or to maybe make something important happen, then the CTBC Salary Stretch personal loan may be the right choice for you.