7 Reasons a Security Bank Personal Loan Makes a Practical Choice
Published: March 18, 2019 | Updated: April 22, 2020 | Posted by: Venus Zoleta | Personal Loan
Time and again, many Filipinos would prefer to borrow from informal moneylenders for their urgent financial needs. Some even turn to loan sharks like 5-6 lenders when they’re desperate for cash, not minding the risk of drowning themselves further in debt with the excessively high interest rates.
Borrowing from banks and other formal lenders is the safer route. Because they’re regulated by the government, these lenders observe fair and ethical practices, not to mention that they offer lower interest rates.
But then Pinoys get easily discouraged from getting personal loans from banks because of the usual strict requirements, plus the perception that it’s hard to qualify for a bank loan.
There are a few exceptions, though. Security Bank, for example, has been providing a different, better experience for people seeking personal loans in the Philippines.
Here are six reasons a Security Bank loan offers is worth considering:
1. Easy to Qualify for Personal Loan with Simple Security Bank Loan Requirements
Photo by Nick Youngson via Alpha Stock Images
Unlike other lenders with an overly long list of requirements, Security Bank makes it easier for Filipinos to qualify for a personal loan by keeping its requirements simple and minimal. No need to stress yourself because the required documents are easy to complete.
Eligibility Requirements
You may apply for a Security Bank personal loan if you meet these basic requirements:
- Citizenship: Filipino
- Age: Minimum of 21 (but not older than 65 upon loan maturity)
- Means of contact: Office or residence landline number
- Minimum gross monthly income:
– Employed: PHP 15,000 (Metro Manila) / PHP 12,000 (outside Metro Manila)
– Self-employed with two continuous years of profitable operations: PHP 30,000 (Metro Manila) / PHP 25,000 (outside Metro Manila)
Document Requirements
For Employed Applicants:
- Valid government-issued photo ID
- Any of these income documents:
– Certificate of Employment and Compensation (issued within the past six months)
– Latest income tax return (ITR)
– Latest one-month payslip
For Self-Employed Applicants:
- Valid government-issued photo ID
- Audited Financial Statement for the previous year
- DTI Certificate / SEC Registration
- Business Permit/Mayor’s Permit
- Bank statements for the last three months
- For corporations: Latest General Information Sheet (GIS)
2. Save Time with Hassle-Free Online Personal Loan Application
It’s ironic that while almost everything has gone fully digital these days, like ordering fast food deliveries and booking a ride, many banking transactions hasn’t. Personal loan applications, for instance, are typically done in-branch in this digital age.
Security Bank is ahead of the pack with its online loan application facility, letting clients apply for a loan wherever they are as long as they have internet access. Within minutes, you can complete your Security Bank loan application online without leaving your home or office.
How to Apply for a Loan in Security Bank Online
- Visit Security Bank’s Online Personal Loan Application Facility.
- Fill out all the required fields. Make sure to provide complete and correct information.
- Scan or take photos of the document requirements and attach them on the online facility.
- Agree to the Terms and Conditions and click Next.
- Wait for a text message that confirms receipt of your personal loan application with Security Bank.
3. Quick Approval So You Can Get Your Money Immediately
Security Bank takes only three to five working days to approve a personal loan application with complete documents. This is a quick lead time considering that the standard among banks in the Philippines for loan approvals is seven business days.
Fast approval is a huge advantage for borrowers, especially those who need money for emergencies. No need to wait for several days to get the money you need to pay for hospital bills, tuition, or any immediate financial need.
Loan applicants will know if they get approved through a notification from the bank’s representative. To follow up on your Security Bank personal loan status, simply call the customer service hotline at (02) 887-9188 or send an email at customerservice@sbcards.com.ph.
4. Save Money with Low Interest Rates
Security Bank has one of the personal loans with lowest interest rates in the Philippines. Its monthly add-on starts at 1.39% for a 12-month loan term, and its annual percentage rate (APR) starts at 29.48%.
Paying off a low interest personal loan is easy on the budget, as it keeps the cost of borrowing low. Getting this kind of loan ensures that loan repayments won’t wipe out your finances. Being able to pay your monthly loan installments means you avoid accumulating unpaid balances that lead to debt.
5. Loan up to PHP 2 Million
The Security Bank personal loan is flexible in the sense that you can borrow anywhere from PHP 30,000 to PHP 2 million. A large maximum loan amount allows you to fund important expenses such as home improvement, business start-up, college tuition, car purchase, and travel.
Read more:
- Home Improvement Loans: Finding the Best Fit for You
- First-Timer’s Guide to Getting a Car Loan in the Philippines
- Should You Get a Personal Loan to Travel?
6. Affordable and Flexible Repayment Terms
When you apply for a Security Bank loan, you have four payment terms to choose from: 12, 18, 24, and 36 months. Choosing the longest loan term lowers your monthly installments, while the shortest term saves you from paying higher interest.
To know how much you can afford to loan and the best payment term based on your capacity to pay, you may use the Security Bank loan calculator.
7. You’re Borrowing from a Trustworthy Lender
Photo from Security Bank Facebook page
Becoming a client of Security Bank means partnering with a company that’s one of the most financially stable in the banking industry. It’s currently the sixth largest bank in the Philippines, based on the latest Bangko Sentral ng Pilipinas data.
Security Bank is also a four-time Bank of the Year awardee for its solid financial performance and adoption of technological innovations.
Banks with good financial health are those you can rely on not just for borrowing money but also for availing different financial services.
Final Thoughts
Security Bank is a game-changer when it comes to making loans more accessible to the common Pinoy. With its ease of application, quick approval, and other benefits, getting a Security Bank loan is definitely worth a shot.
Have you tried applying for a Security Bank personal loan? Or considering to get one? Let us know your experience or thoughts by leaving a comment below.
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Venus Zoleta is a personal finance writer who started investing and bought a home in her early 20s. This crazy cat mom works hard to feed her furbabies. She eats ramen like there’s no tomorrow. You can reach her on LinkedIn (bit.ly/2yFSlhE).
