Steps for the PSBank Cash Loan 2024 Application Process
PSBANK CASH LOAN 2024 – Here is a guide on how to apply for the Personal Loan offer of the Philippine Savings Bank.
Are you looking for a bank where you may apply for a multi-purpose cash loan offer? One of the entities that provide the said type of loan is the Philippine Savings Bank or PSBank. Its Personal Loan offer is ready to assist multiple short-term needs.
Actually, what sets the PSBank cash loan offer apart is that there are two (2) offers under it — the Revolving Credit Line and the Fixed Term Loan. The former works like a credit card while the latter is like a usual cash loan with fixed terms. The minimum loanable amount under the offer is Php 20,000 and you can borrow up to Php 250,000.
With regards to the interest rate, it is also dependent whether you availed a revolving loan or a fixed term loan. In the case of the revolving credit line, it only applies on the used amount. Here’s a guide on the interest rate:
- Revolving Loan — 2.5% monthly interest rate
- Fixed Term Loan — 1.75% monthly add-on-rate
Here are the steps on how to apply for the PSBank cash loan offer:
Step 1 — Check the qualifications set by PSBank.
The Philippine Savings Bank has set a list of eligibility requirements in applying for the Cash Loan offer. To qualify, here are the qualifications that the loan applicant must meet:
- Filipino residing in the Philippines
- aged between 22 to 54 upon the loan application
- with a stable source of income
- If employed:
- the loan applicant must be on a permanent work status with one (1) year tenure in the current employer
- earning a gross monthly income of at least PHP 15,000
- If self-employed:
- the loan applicant must be engaged in a business that is operating profitably for the last three years
- earning a gross monthly income of at least PHP 30,000
- If employed:
- preferably an active credit cardholder
Step 2 — Prepare the requirements.
There are documents that the PSBank requires in applying for the loan offer. Make sure to have the comnplete list of the documentary requirements for the PSBank cash loan application ready for submission to the bank.
Step 3 — File your loan application.
Visit a branch of the PSBank nearest to your area and submit your documents to file your loan application. The processing may take around five (5) to nine (9) working days. Wait for an update from the bank.