Dubbing itself as “The Friendly Bank,” PSBank has definitely proven that it’s one of the most reliable retail financial institutions in the country. It has cemented its reputation as a bank that offers products with quick turnaround times, such as the PSBank Auto Loan and the PSBank Home Loan.
Nevertheless, PSBank is also strong in the personal loan department, especially with the PSBank Flexi Loan. You can use it to fund your dream business or deal with certain emergencies.
In this article, you’ll find out why this loan product is unique and why it will make a good solution to your financial hitches. We’ve also put together a simple guide that will walk you through the application process.
Table of Contents
- What is PSBank Flexi Personal Loan?
- What are the Benefits of the PSBank Flexi Personal Loan?
- How Much Can I Borrow with the PSBank Flexi Personal Loan?
- What is the Payment Tenor of the PSBank Flexi Personal Loan?
- What are the Interest Rates of the PSBank Flexi Personal Loan?
- How to Apply for the PSBank Flexi Personal Loan?
- PSBank Personal Flexi Loan FAQs
- Final Thoughts
What is PSBank Flexi Personal Loan?
While most loan products just provide you with the cash that you need, PSBank does more than that. The PSBank Flexi Personal Loan now includes “With Prime Rebate” in its name. The bank calls it the first and only collateral-free personal loan product with two borrowing options: a revolving credit line and a fixed-term loan.
With its revolving credit feature, you get to borrow the money again once you’ve paid your balance. And with the fixed-term loan feature, you’ll be required to make payments towards the amount you borrowed over a certain period of time.
What are the Benefits of the PSBank Flexi Personal Loan?
As the name suggests, flexibility is the strongest suit of the PSBank Flexi Loan. The following will detail the versatility of this loan.
1. Functions Like a Credit Card
Because of its revolving credit feature, the PSBank Flexi Personal Loan acts like a credit card. But its edge over credit cards is that it has a much lower interest rate. PSBank will only apply the interest to the amount that you used and not to the entire credit line.
2. No Need for Reapplication
If you go for the revolving credit feature, the payments that you made can be used again in the future or whenever the need arises. As such, you won’t have to file another PSBank Flexi Loan application.
3. Allows You to Withdraw Cash
The loan account comes with an ATM card, which means that you can withdraw cash anytime and anywhere. Just take note, though, that a cash advance will charge you a 5% fee on top of the revolving rate.
4. Earns You Rebates
The PSBank Flexi Personal Loan also comes with rebates. This means that you can get a partial refund whenever you make an excess payment or pay ahead of your due date.
5. Doesn’t Require Any Collateral
You don’t have to worry about surrendering your car’s OR/CR or your land title just to get a high-value loan. The PSBank Flexi Personal Loan doesn’t require any collateral to process your application.
How Much Can I Borrow with the PSBank Flexi Personal Loan?
The minimum loan amount is PHP 20,000, but you can borrow up to PHP 250,000. Remember that the loan amount may be subjected to the validation and approval of the bank.
What is the Payment Tenor of the PSBank Flexi Personal Loan?
The payment terms start from 24 months up to 36 months. However, this will only be applicable to fixed-term loans.
What are the Interest Rates of the PSBank Flexi Personal Loan?
This will depend on the type of loan you will get. Here are the rates:
- Revolving Loan: 2.5% monthly interest
- Fixed-Term Loan: 1.75% monthly interest
How to Apply for the PSBank Flexi Personal Loan?
The PSBank loan application requires you to meet the following criteria, provide the documentary requirements, and comply with the filing procedure.
- Filipino residing in the Philippines
- Must be between 22 years old and 54 years old upon application
- Must have at least two (2) years of permanent work status with a one-year tenure with current employer
- If engaged in business, the business must have profitable operations for the last three (3) years.
- For employed borrowers, you must have a gross monthly income of at least PHP 15,000. If self-employed, you must be earning a gross monthly income of PHP 30,000.
- Must have a residential landline, mobile number, business landline, and email address
- Preferably an active credit cardholder
- Completely filled-out PSBank Flexi Loan application form
- Photocopy of any of the following IDs:
- SSS ID
- GSIS ID
- PRC ID
- Driver’s License
- TIN ID
- NBI Clearance
- Firearms License
- Integrated Bar of the Philippines ID
- Photocopy of BIR Form 2316. For employed applicants, Form 2306 will be required
- Photocopy of BIR Form 1701 for self-employed applicants
- Auditor’s Report and Financial Statement with BIR stamp from self-employed applicants
- For credit cardholders, an original copy of the latest credit card billing statement. Keep in mind that you must be the principal cardholder.
PSBank Flexi Loan Application Steps
The PSBank Flexi Loan application steps are straightforward. After filling out the application form and collating all the PSBank Flexi Personal Loan requirements, just head to the nearest PSBank branch to file your application.
Alternatively, you can apply via the PSBank website. Just remember, though, that the online application facility only accepts applications from Philippine residents.
PSBank Personal Flexi Loan FAQs
If you still have a PSBank Flexi Loan inquiry, here are some answers that you might be looking for.
1. What’s my PSBank Flexi Loan application’s turnaround time?
You may get a decision within three days. For more details on your PSBank Flexi Loan application status, we highly encourage you to contact the PSBank Business Center at (+632) 7944-1590.
2. How does the Prime Rebate work?
With the PSBank Flexi Personal Loan with Prime Rebate, the rebate will be automatically applied to all new and existing term loans. You can only receive rebates when you do the following:
- Advance payment: For example, settling your dues five days ahead of the due date will earn you rebate on a daily basis from the day the payment was posted to the day before the loan’s due date.
- Excess payment: If there’s an excess in your payment, you’ll earn a rebate on a daily basis from the day the payment was posted to the day before the next due date.
3. Does the PSBank Flexi Loan have additional charges?
Other than the monthly interest, you’ll need to cover the following:
- Handling fee: PHP 1,500 or 1% of the approved credit line, whichever is higher
- ATM service fee: This will depend on the bank. But for PSBank, balance inquiry is free while withdrawal costs PHP 20.
- Credit line renewal fee: A fixed amount of PHP 1,500 will be charged every year or upon PSBank Flexi Loan renewal.
- Penalty fee: For insufficient and late payments or non-payment of minimum amount due, you’ll be charged 5% per month.
Remember that PSBank also imposes fees for the following: checkbooks, returned checks, card replacement, among others.
4. How can I pay my monthly dues?
For your convenience, PSBank allows you to settle your dues via the following channels:
- Any PSBank branch nationwide
- PSBank Mobile or PSBank online for enrolled accounts
- Deduction from PSBank deposit account initiated by the borrower
- BancNet ATMS or BancNet Online for borrowers who have deposit accounts in these banks
- Any 7-Eleven store nationwide
5. How to apply for a Metrobank personal loan?
As of this writing, Metrobank personal loan application is not yet available. Right now, you can apply only for a Metrobank car loan or home loan.
While a Metrobank personal loan isn’t an option right now, you may opt to get a personal loan through PSBank instead since it’s a Metrobank subsidiary.
How to Apply for a Metrobank Personal Loan
Just call PSBank at (02) 8845-8888 or email directly at firstname.lastname@example.org to get your personal loan application started.
You may also call the 24/7 Metrobank customer service hotline at (02) 88700-700 or the domestic toll free number at 1800-1888-5775 for any concern or inquiries regarding Metrobank personal loan.
Exploring other loan options? Here are other personal loans in the Philippines you might want to consider:
PSBank truly lives up to its reputation as “The Friendly Bank” by offering a loan product with outstanding flexibility. On top of that, the application procedure is very simple and straightforward, thus allowing you to save time and effort.
If you want to explore other loan options, you can do so through Moneymax. Our comparison tool lets you check different personal loan products from banks and other loan providers, thus allowing you to come up with a wise decision regarding your personal loan application.
Below is a list of other best personal loan companies. Compare your options and apply through Moneymax!