Tonik Big Loan

Tonik Big Loan Review

Did you know that you need to own a fully paid condo unit to apply for a Tonik Big Loan? Got one? Good on you, luv! Now, enjoy this review!

Make your condo unit work for your dreams with Tonik Big Loan, a multipurpose loan that lets you leverage your fully paid condo unit to borrow ₱250,000 to ₱5 million in the most convenient way—through the Tonik app! Once approved, you’ll only have to visit the Tonik Hub once and receive the loan proceeds on the same day!

Where Can I Use a Tonik Big Loan?

You’ve got big dreams, now you need a ticket to get there. That’s where Tonik comes in, luv! Tonik Big Loan is your ticket to your next life destination with its max BIG loan amount of ₱5 million payable up to 5 years. With the help of your fully paid condo, you can now imagine your future self accomplishing one, or even two, of the goals below:

• Home makeover - Wish you had a magic wand that will turn your house into your dream home? Forget the wand, here’s (up to) ₱5 million instead. No need for magic, apply for a Tonik Big Loan instead.
• Business expansion - Yay, you’ve got a steady number of customers and they’re increasing by the day. It’s a sign to expand your business. If only your wallet could do the same. Apply for a Tonik Big Loan to fill the gap.
• Dream vacation - Your parents aren’t getting any younger and you can’t stand knowing they still have several bucket goals they’ll never experience. Cross one off their list and give them the vacation they deserve with a Tonik Big Loan.
• School expenses - You survived last year’s school expenses. It’s a different story this year since all of your five kids will enroll at the same time. Tonik Big Loan is here to the rescue! Get your cashout in as fast as 7 days.

Who Can Get a Tonik Big Loan?

Hey, big dreamer! This loan is for you if you fit Tonik Big Loan’s eligibility criteria:

• Must be an owner of a condominium unit with a clean title located in Metro Manila
• At least 23 to 55 years old
• Filipino citizens living in the Philippines
• Individuals who are currently employed, licensed professionals with a PRC ID, and business owners
• Must have a tax identification number (TIN)

Tonik Big Loan Requirements

General:

• Two valid government-issued IDs with photo and signature (one to leave with the guard when you submit your requirements at the Tonik Hub)
• Original copy of Condominium Certificate of Title
• Real Estate Tax Clearance
• Latest original copies of the Tax Declaration and full year Tax Clearance
• Fully paid Condominium Association Dues Certificate
• Photos of your condominium unit
• If married: 1 valid ID of your spouse and marriage certificate
• If annulled: Final Court Order on Legal Declaration of Nullity of Marriage
• If widowed: death certificate of spouse and marriage certificate

For employees, a screenshot or photo of any of the following proof of income documents:

• 3 months bank statement
• 3 months latest payslips
• Certificate of Employment (COE)
• Income Tax Return (for loan amounts worth ₱3 million and up)

For self-employed licensed professionals:

• PRC ID
• ITR
• 3 months bank statement

For self-employed business owners:

• ITR
• SEC or DTI registration
• If the business is a partnership: Articles of Partnership
• If the business is a corporation: Articles of Incorporation/GIS

Tonik Big Loan Calculator

Tonik 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 be reflected in the loan disclosure statement.

Tonik Big Loan Sample Computation

Tonik Big Loan Rates

Loan terms: 12, 24, 36, 48, and 60 months

Loan amount: ₱250,000 to ₱5 million

Monthly contractual rate: 0.5825%

Annual percentage rate (APR): 6.99%

Processing Fee: ₱5,000

Appraisal Fee: free!

Loan Admin Fee: 0.295% of the borrowed amount

Late Payment Fee: ₱2,500

Document Stamp: ₱1.50 for every ₱200 of the borrowed amount

Mortgage Redemption Insurance Premium: ₱4 for every ₱1,000 of the borrowed amount billed upon release and annually

Property Insurance Premium: 0.095% of the loan amount plus applicable taxes, billed upon release and annually

Registration fee: 1.5% of the borrowed amount

Pre-Termination Fee: 5% of the outstanding loan amount