Prime Rebate Promo for SMEs to Get Term Loans – PSBank makes Philippine banking history with the launching of its Prime Rebate. After settling benchmarks for fast loan application decisions for its Home Loan and Auto Loans, PSBank now creates another milestone with Prime Rebate for advance or excess loan payments especially for SME term loans payments.
PSBank SME term loans is a credit facility with a maturity of 1 year up to 7 years (in exceptional cases, up to 10 years) repayment is via amortization of principal and interest during the life of the loan. Suitable for fixed asset acquisition, construction, or permanent working capital.
Prime Rebate allows advance or excess SME loan payments to earn rebates. This will effectively shorten the loan term, give clients a discount on your total loan amount, or even both.
* The rebate is automatically applied to all new and existing term loans. The client does not need to register or enroll to get the rebate.
Rebates earned from advance/excess payments are computed on a daily basis – including weekends and holidays, starting on the date the payment is posted, and credited every due date.
How does the PSBank Prime Rebate work?
Make an Advance Payment
For example, when you pay five (5) days before your loan’s monthly due date, you will actually earn a rebate on a daily basis from the day your payment was posted to the day before your loan’s due date.
Make an Excess Payment
If you pay in excess of the amount required on your due date, you will earn a rebate on a daily basis from the date of posting up to the day before the next due date.
Product Features
Minimum of PhP2.0 million if secured by real estate properties; PhP500,000 if against deposits.
Loan Term
Minimum of 1 year and maximum of 7 years (in exceptional cases, up to 10 years) from date of initial availment.
Availability
Lump sum release; or on staggered basis for construction loans. Based on progress completion, with the first release up to 60% of appraised value of land.
Interest Rate
Based on the prevailing lending rate of the Bank at the time of availment.
Interest Repricing
Monthly, quarterly, semi-annually up to annually
Repayment
Equal monthly amortizations (Principal and Interest) payment until account is fully paid. For construction loans, construction period must not exceed one year. Repayment shall commence 1 month after each drawdown or at most 1 year from first release, depending on approval.
Collateral
Any prime residential/commercial/industrial property with or without building improvements; Cash deposits.
Mode of Payment
Approval within 10 banking days or less from submission of complete documents
Qualifications
FOR SME LOANS WITH REAL ESTATE PROPERTY AS COLLATERAL
• If an individual, must be a Filipino, of legal age, not more than 65 years old upon loan maturity with existing profitable business operations for the last two years per ITR/Financial Statements showing income and positive retained earnings.
• With financing need of at least PhP 2 million if vs. real estate properties and PhP 500,000 if vs. TD
• With acceptable real estate property to offer as collateral
• If a corporation, must be 60% owned by Filipinos
Documentary Requirements:
• Completely filled out Business Loan Application Form and Statement of Assets & Liabilities
• Audited Financial Statements/Income Tax Return (BIR-stamped) for the last 2 years, Income Statement, and Balance Sheet
• Bank Statements for the past 6 months from loan application date
• Trade References – at least 3 major suppliers and 3 major customers/tenants with contact persons and directory-listed contact numbers, if applicable
• Business Registration Papers (Certificate of Business Registration with DTI/SEC, Articles of Incorporation and By-Laws)
• Title and Tax Declaration
FOR SME LOANS WITH TIME DEPOSIT COLLATERAL
• 90% loan value for Peso Time Deposit, 80% for Dollar Time Deposit, supported by a Time Deposit certificate
Documentary Requirements:
• Loan Application Form
• Time Deposit certificate
• 2 valid IDs
• DTI or SEC registration/by-laws and articles of incorporation if applicant is the company.
For more information, please contact:
SME Banking Group
(632) 885-8208 locals:
Tito M. Coronel – 8382
Roselle T. Munsayac – 8364
Eric V. Cariaga – 8360
Gerryl M. Alano – 8664
You may also email PSBank at: info@psbank.com.ph
Or visit any PSBank branch near you.
PSBank Prime Rebate is really enticing for SMEs to get term loans. Because only PSBank gives a rebate on SMEs loan payments when they pay more than the amount due, or when they pay earlier than their due date. This will effectively shorten their loan term, give them a discount on their total loan amount, or even both.