PSBank Personal Loan Review
Personal loans can be intimidating to some people because of its stringent requirements and payment systems. Expect the opposite with the PSBank Flexi Personal Loan. Find out more in this short review.
Where Can I Use a PSBank Personal Loan?
Whether it’s manifesting your goals today or facing your money problems tomorrow, your PSBank Personal Loan will help you fulfill your needs. With loan amounts ranging from ₱20,000 to ₱250,000, you can use the money for grand plans like traveling the world, simple ones like buying high-ticket appliances for your home makeover, or emergencies like hospital bills and debt payments.
Another great thing about the PSBank Flexi Personal Loan is its revolving credit option and loan rebate program. Aside from the fixed-term loan, revolving credit is another type of credit that doesn’t have a fixed number of payments. Simply put, you have the power to pay whenever you want within the loan period, unlike the fixed term loan that requires you to make fixed monthly payments.
The loan rebate program rewards you for being an outstanding loanee as reflected in your payments. For every advance payment or payment made in excess of the required amount on the due date, you’ll receive rebates or savings every day from the day the payment was posted up to a day before the next due date.
Below are other common reasons for getting a PSBank Flexi Personal Loan:
- Business starter - End your daydreams and start living them when you get a PSBank Personal Loan to fund your business. Kickstart your entrepreneurial journey with the additional cash to pay for business expenses like permits, staff salaries, and tools or equipment needed, to name a few.
- Emergency purposes - Most of us are helpless in the face of emergencies, leading to panic and anxiety. If money is involved, regain some control and get the needed cash through PSBank Personal Loan.
- House repairs - Our homes are our refuge until you are riddled with damages that pile up and make parts of the house hard to live in. Get the cash you need with a PSBank Flexi Personal Loan and make your house livable again.
- Debt payment - Another source of anxiety is debt. It may start with a small amount but if it continues, it’ll be harder to pay off. Get rid of your debts today with a little help from your PSBank Flexi Personal Loan.
- Travel expenses - You want to give in to your wanderlust spirit and travel but funds are low and you’re not getting any younger. Wander to places you’ve never been before you retire by filling up your travel fund with a PSBank Personal Loan.
Who Can Get a PSBank Personal Loan?
Before applying for a loan, you need to meet the following PSBank Flexi Personal Loan eligibility criteria:
- 22 to 54 years old
- Filipino citizen
- Preferably with an active credit card
- Must have a mobile number or residential landline, office landline, and email address
- For employed:
- At least 1 year tenure in current employer and 2 years permanent work status
- Gross monthly income of ₱15,000
- For self-employed:
- Must have a profitably operating business for at least 3 years
- Minimum gross monthly income of ₱30,000
PSBank Personal Loan Requirements for Filipinos
- Valid government-issued ID with your photo and signature
- Filled-out and signed application form
- Employed/Professionals: latest ITR BIR Form 2316
- Audited financial statements with a BIR stamp in the last 2 years
- Your latest ITR BIR Form 1701
- Principal credit cardholders: original copy of credit card billing statement
PSBank Personal Loan Calculator
PSBank has an online personal loan calculator that you can use to check which repayment term for your target loan amount will work best for your budget.
Note: The resulting figures of your calculation are just estimates. They’re subject to change. Remember that your actual amortizations will reflect in the loan disclosure statement.
Here are some sample computations for the most common loan amounts for a fixed-term loan:
PSBank Personal Loan Sample Computation
PSBank Personal Loan Rates
Loan amount: ₱20,000 to ₱250,000
Loan terms: 24 or 36 months
Monthly interest rate: 1.75% for term loan; 2.5% for revolving loan
Annual contractual rate/effective interest rate: for term loan - 42.88% for 24 months, 41.29% for 36 months; for revolving loan - 34.49% for 12 months
Late payment penalty fee: 5% of the amount due every month
Processing fee: ₱1,500
Minimal requirements: No collateral fee and no pre-termination fee