Everything You Need to Know About Security Bank Personal Loan

Overview of Security Bank Personal Loan

Security Bank offers a personal loan designed to provide financial assistance for various needs, including emergencies, education, travel, home improvements, and debt consolidation. With flexible terms and a straightforward application process, these loans cater to a wide range of borrowers.

Key Features

Loan Amounts and Terms:

• Minimum Loan Amount: PHP 30,000
• Maximum Loan Amount: PHP 2,000,000
• Payment Terms: Options include 12, 18, 24, or 36 months.
• Monthly Add-On Rate: Approximately 2% for terms of 12 to 36 months.
• Estimated Annual Percentage Rate (APR): Around 39.43% for a 36-month term.

Application Process:

• Applications can be submitted online through the SB Finance mobile app or at any Security Bank branch.
• The approval process typically takes up to five banking days.

No Collateral Required:

• The loan is unsecured, meaning no collateral or guarantor is needed, making it accessible for many borrowers.

Eligibility Criteria

To qualify for a personal loan from Security Bank, applicants must meet the following requirements:

• Age: Must be at least 21 years old and not older than 65 years at loan maturity.
• Citizenship: Must be a Filipino citizen.
• Income Requirements:
  • For Metro Manila residents: Minimum gross monthly income of PHP 15,000.
  • For residents outside Metro Manila: Minimum gross monthly income of PHP 12,000.

Documentation Needed:
Applicants must prepare various documents to support their application:

1. A valid government-issued photo ID.
2. Latest one-month payslip or Certificate of Employment and Compensation (issued within the last six months).
3. Latest Income Tax Return (ITR) or active credit card with specified limits.
4. For self-employed individuals:
   • Latest one-year Audited Financial Statement (AFS) with comparative financials.
   • SEC/DTI Certificate of Registration and business permits.
   • Three months’ bank statements and trade references.

Fees and Charges

Understanding the associated fees is crucial for potential borrowers:

• Processing Fee: PHP 2,000 (deducted from the loan amount).
• Notarial Fee: PHP 100 for loans of PHP 100,000 and above.
• Documentary Stamps: Calculated based on the approved loan amount.

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Repayment Options

Security Bank provides multiple channels for loan repayment:

• Over-the-counter payments at Security Bank branches.
• Automatic debit arrangements from a Security Bank account.
• Online payments via Security Bank’s website or mobile app.
• Payment through partner outlets like GCash and convenience stores.

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Many clients have shared positive experiences regarding their personal loans:

“Used a Security Bank Personal Loan to fund my Eurotrip and I never looked back! Thank you Security Bank for making my dreams come true.” – Sarah Artem, Pasig

“Applied for a Personal Loan at Security Bank to finish my Masters degree. It was super easy. Now I’m one step closer to my Doctorate Degree.” – Erwin C., Bocaue.

Security bank personal loan how many days approval

The approval time for a personal loan from Security Bank typically ranges from five to seven working days. This timeframe applies when all required documents are submitted and completed. While this processing time is relatively quick compared to many other banks in the Philippines, it may not be ideal for urgent financial needs, as applicants may have to wait several days before receiving their loan proceeds.

How to check personal loan status in security bank

To check the status of your personal loan application with Security Bank, you have several options:

1. Notification from the Bank: Once your application is processed, a representative from Security Bank will notify you regarding the approval status.
2. Customer Service Hotline: You can call their customer service at (02) 8887-9188 to inquire about your loan status directly.
3. Email Inquiry: Alternatively, you can send an email to plonlineapp@securitybank.com.ph with your loan details to receive updates on your application.
4. Mobile App: If you applied through the Security Bank mobile app, you may also check for updates within the app itself, where notifications about your loan status may be available.

Using these methods, you can easily stay informed about your personal loan application with Security Bank.

Conclusion

The Security Bank personal loan is an attractive option for those seeking financial support without the burden of collateral. With competitive rates, flexible terms, and a user-friendly application process, it serves as a valuable resource for individuals looking to achieve their financial goals. Whether it’s funding education or managing unexpected expenses, this personal loan can provide the necessary support to help you move forward confidently.