Frequently Asked Questions
PRODUCT FEATURES
How much can I loan for?
Loan from 15,000 to 2,000,000
What are the available loan terms?
You can choose form 12, 18, 24 or 36 months
How much is the rate?
Monthly addon-rate is 0.88% per month, regardless of loan term
Can I purchase a ROPA vehicle using my E-loan proceeds?
Yes
What happens when I resign? Will I be charged at a higher rate?
No. Rate of 0.88% stays even after resignation since facility is not a salary loan and thus no conversion will happen even after resignation.
APPLICATION REQUIREMENTS AND ELIGIBILITY
What documents do I need to submit to apply?
Just upload
- 1) a copy of the front and back of your company ID, and
- 2) a copy of a valid government ID
What are the qualifications for the loan?
Applicant should be a regular employee with good credit standing
Is loan facility an employee benefit?
No, loan facility is not an employee benefit. Thus in case of disapproval, SB Finance cannot and will not divulge reason for disapproval.
REPAYMENT OPTIONS
What is the mode of repayment?
Mode of payment is only through post-dated checks
What if I don’t have a checking account?
PL Dept can endorse approved clients for opening of no maintaining, no opening balance checking account starting April 2018. Checkbook fee of P250 shall still apply.
FEES AND CHARGES
What are the relevant fees and charges?
The following fees to be deducted from loan proceeds shall apply:
- A discounted processing fee of P1,000
- Documentary stamps of P1.50 for every P200 for loans exceeding P250,000
- Notarial Fee of P100 for loans of at least P100,000
In case of early pay-off, a pre-termination fee of PHP 2,500 shall be imposed
- A penalty fee equivalent to 3% of the past due amount or PHP 500, whichever is higher, per month on all past due amounts until fully paid shall be imposed.