How to Apply for a PSBank OFW Loan

OFWs work hard to earn their much-needed savings because not all of them become millionaires overnight. But what if an emergency, calamity, or accident strikes? You need to have access to resources, such as the PSBank OFW loan, which can come in the form of quick cash, payment coverage for other expenses, such as your child’s education, hospitalization bills, or even payment for other investments.

So, it’s important to look around for loan programs and compare what each bank has. This way, you can get the most from each bank. Also, you’ll find something that fits your goals and needs. This is very important because if you don’t understand the terms and features of a loan program, it could hurt your credit score, which could make it more difficult to get money from the same or even other banks in the future.

How to Apply for a PSBank OFW Loan

Applying for a PSBank OFW Loan

A PSBank OFW loan can be used to pay for a wide range of things, including credit card payments and medical costs, according to the terms of the loan.

Since it first opened its doors in 1960, PSBank has gone from being a small bank to being a full-service financial company. It had its main office in Manila, which was then the center of the city. It opened its first four branches in places like Carriedo, Divisoria, Blumentritt, and C. M. Recto. This is how getting a PSBank OFW loan works:

Here’s Why You Should Get a PSBank Bank OFW Loan

Here are some of the reasons to get a personal loan from PSBank Bank:

  • PSBank is one of the most trustworthy banks in the Philippines and is good for people who want to use it. If you want to borrow money, this is a good credit line.
  • However, not all Filipinos meet the strict rules of this bank.
  • Transacting a PSBank OFW loan is all online now. if you meet the requirements, you should be able to get a loan in no time.

PSBank OFW Loan – Personal Loans

Although it doesn’t have the biggest presence in the Philippines, PSBank is a reputable bank that can provide various financial services. In this guide, we will walk you through the various PSBank OFW loan products you can avail of even while abroad.

If you need a loan for various purposes, the PSBank OFW loan is a smart choice. An online application for an PSBank Personal Loan is available, and it is a quick and convenient way to receive cash. The PSBank Personal Loan can be used in a variety of different situations.

PSBank Flexi Loan

Another beneficial PSBank OFW loan product under the personal loan category is the PSBank Flexi Personal Loan with Prime Rebate. You don’t have to put up any kind of collateral to get this type of personal loan. It has both an open credit line and an agreed-upon length of time for repayment. When you get money, you don’t pay it back at the same time every month. This is called “revolving credit.” The amount you can borrow changes or stays the same depending on how much you have paid back.

PSBank Flexi Loan Product Features

  • Credit Facility – Revolving Credit Line and Fixed Term Loan. The borrower may choose any loan option on a per transaction basis.
  • Loan Amount – Minimum of PhP20,000

Maximum of PhP250,000

  • Loan Payment Options:

For revolving credit line transactions, the borrower may choose to pay:

  • Total amount due for the loan
  • Minimum amount due
  • Any amount higher than the minimum amount due

For fixed-term loan transactions, the borrower pays a fixed amount over a certain period

  • Payment Tenors (applicable for Fixed Term Loan): 24 or 36 months
  • Minimum Monthly Repayment (Minimum Amount Due):

The minimum amount must be paid on or before the payment due date to avoid any penalty. To arrive at your minimum amount due, please add the following:

  • 5% of the total amount due of revolving loan availments or interest due or PhP500.00, whichever is higher
  • Monthly amortization of installment loan availments
  • Penalty and late charge for the period

Finance, late charges, other fees and total installment amortizations will only be deducted from the available credit line on the payment due date.

  • Interest Rate
    • 5% monthly interest rate for the Revolving Loan
    • 75% monthly add-on-rate for Term Loan

Term Loan:

Effective Interest Rate P.A. of 42.88% for 24 months

Effective Interest Rate P.A. of 41.29% for 36 months

Revolving Loan:

Effective Interest Rate P.A. of 34.49% for 12 months

  • How to pay for your monthly due
    • Over-the-counter at any PSBank branch nationwide
    • BancNet ATMs nationwide and BancNet Online for clients who have deposit accounts in these banks
    • Via PSBank Mobile / PSBank Online for enrolled and activated PSBank accounts
    • Client-initiated deduction/debit from PSBank deposit account only
    • Via InstaPay by paying/transferring funds from your accounts in other banks to your 15-digit PSBank loan account number.
    • At any 7-Eleven store nationwide.
    • GCash
  • How to avail funds from your PSBank Flexi Personal Loan
    • Revolving Credit facility
      • Cash withdrawal from any PSBank, Metrobank, MegaLink, ExpressNet, Bancnet ATM networks nationwide and Maestro-Cirrus ATMs worldwide.
      • Swipe it when you shop in over 20,000 Bancnet, MegaLink, and ExpressNet-affiliated stores
      • Issuance of PSBank Flexi Personal Loan Checks
    • Term Loan facility: Cash withdrawal from any PSBank ATMs
  • Release of PSBank Flexi ATM card: Delivered via courier to your place of work
  • Loan Application Turnaround Time: Five to nine working days
    • Application encoding to credit decision: one to three working days
    • Booking of approved loan application: one working day upon submission of complete documentary requirements
    • Delivery of PSBank Flexi ATM card and temporary PIN:
      • Metro Manila: five to seven working days from the booking date
      • Provincial: seven to nine working days from the booking date
    • Statement of Account:

You are advised of your account details via:

  • PSBank Online where SOA in PDF and Loan Account Summary can be viewed
  • Email
  • PSBank Flexi Personal Loan ATM card activation:
    • You may call the PSBank Customer Experience at (632) 8845-8888 anytime, any day

PSBank Flexi Loan Benefits

  • In this way, it works like a credit card, but with a lower rate of interest than the rate that comes with a credit card when you use it.
  • Cash can be taken out at any time and anywhere. Credit cards also charge a 5% fee on top of the revolving rate for cash advances.
  • Payments made could be used again in the future, if needed. If you already have it, there’s no need to apply again!
  • Interest is only charged on the amount you use, not on the whole amount of your credit line.

PSBank Prime Rebate

Customers can get rebates or savings if they make extra or early payments on their PSBank Flexi Personal Loan.

The rebate is automatically added to all term loans that are new or already in place. Getting the rebate doesn’t make the customer sign up or sign up for anything at all.

Rebates earned from making early or extra payments are calculated every day, even on weekends and holidays. They are credited to your account on each due date.

Rebate is only for extra or early payments on the total term loan amortization.

Prime Rebate is not valid for loans under a zero-interest rate promotion or program.

How does the PSBank Prime Rebate work?

Make an Advance Payment: In this example, if you pay five (5) days before your loan’s due date, you will actually get a rebate on a daily basis.

Make an Excess Payment: As long as you pay more than the amount you need on your due date, you will get a rebate every day until your next due date.

PSBank OFW Loan – Personal Loan Features

Personal loans from PSBank have a lot of advantages that make them good options to think about. List some of the things you can use.

Here are the most important things you need to know about PSBank OFW Loan – Personal Loans:

Minimum loan amount: Php 20,000

Maximum loan amount: Php 250,000

Payment Tenor: start from 24 months up to 36 months

Interest Rates:

  • Revolving Loan: 2.5% monthly interest
  • Fixed-Term Loan: 1.75% monthly interest

PSBank Personal Flexi Loans FAQs

1. What’s my PSBank Flexi Loan application’s turnaround time?

A decision could be made in three days, but it could take longer. Call the PSBank Business Center at (+632) 7944-1590 for more information about your Flexi Loan application.

2. Does the PSBank Flexi Loan have additional charges?

You’ll also have to pay for the following things:

Handling fee: PHP 1,500 or 1% of the approved credit line, whichever is higher

ATM service fee: This will depend on which bank you use. But for PSBank, you can check your balance for free, but you have to pay 20 pesos to get money out of your account.

Credit line renewal fee: Every year, or when you renew your PSBank Flexi Loan, you will be charged a fixed amount of PHP 1,500.

Penalty fee: You’ll be charged 5% a month if you don’t pay enough or are late, or if you don’t pay the minimum amount due.

Remember that PSBank also charges for things like chequebooks, returned checks, and replacing cards, among other things.

3. How can I pay my monthly dues?

For your convenience, PSBank lets you pay your bills through the following:

  • Any PSBank branch nationwide
  • PSBank Mobile or PSBank online for enrolled accounts
  • Deduction from PSBank deposit account initiated by the borrower
  • BancNet ATMs or BancNet Online for borrowers who have deposit accounts in these banks
  • InstaPay
  • Any 7-Eleven store nationwide
  • GCash

Other Products PSBank Offers

Personal loans aren’t the only thing PSBank has to offer. They also have a wide range of banking products and services, like:

Deposits. PSBank has a wide range of savings, checking, and time deposit accounts to meet a wide range of needs. These include savings in the peso, the dollar, and the euro.

Cards. Even though PSBank only has one credit, debit, and prepaid option, you will benefit from the extra flexibility and perks if you are a regular user who doesn’t expect a lot of reward money from your credit card.

Home loans. You can borrow from PHP500,000 to a maximum of PHP25,000,000, up to 80% of the value of your home. The loan can be used for a wide range of housing needs, such as buying a home, building a home, adding equity, or refinancing.

Investments. Products and services from PSBank can help you manage your money or diversify your portfolio.

Other products. At PSBank, you can get corporate banking accounts, escrow contracts, remittance services, and more.

Types of PSBank OFW Loan

The other PSBank OFW loan options offered include home loans and car loans. Home loans make up more than half of all loans that are given out. The first is for paying off debt, and the second is for buying a new car (as opposed to a used one).

Each PSBank OFW loan category’s characteristics, requirements, application process, and rewards are discussed in detail in the sections that follow.

PSBank Home Loan

There are many different types of homes that PSBank can help you find. You can choose a home that is a house, a lot, a townhouse, or a condominium. They can also help you come up with a plan that fits your needs.

PSBank Home Loan with Prime Rebate

The PSBank Home Loan with Prime Rebate makes owning a home a good thing to do. We can get you approved for a loan faster, make it easier to get a home loan and give you great rewards.

If you want to buy a house and lot, a townhouse, a condominium unit, or a residential lot, or build your own house, we can help you make that dream come true.

To free yourself from high interest rates from your bank or your developer, you can move your home loan to us.

It doesn’t matter what kind of home loan you need. PSBank Home Loan with Prime Rebate can help you more than any other bank can help you.

Requirements for PSBank Home Loan with Prime Rebate:

In order to apply for a home loan from PSBank Bank, the following requirements need to be provided for each category:

  • Completely filled-out PSBank Home Loan application form
  • Cash or Check payable to Philippine Savings Bank as non-refundable payment for appraisal fees
  • Photocopy of Transfer/Condominium Certificate of Title (TCT/CCT)
  • Contract to Sell/Reservation Agreement (if acquiring from an accredited developer)
  • Valid photo-bearing IDs with signature
  • Copy of Court Decision on Annulment and Certificate of Finality of Decision (if annulled)
  • Copy of Court Decision on Legal Separation and Certificate of Finality of Decision (if legally separated)

For employed applicants:

  • Latest Certificate of Employment
  • Income Tax Return or BIR Form 2316 or 2306

If the applicant is in business or in professional practice:

  • Latest BIR Form 1701 with BIR stamp
  • Latest Audited Financial Statement with BIR stamp

For overseas Filipino applicants:

  • Non-Immigrant (contractual worker), any of the following:
  • Consularized Certificate of Employment
  • Job contract
  • Non-consularized Certificate of Employment AND payslip or proof of remittance for the past 3-6 months

and any of the following:

  • Proof of remittance for the past three to six months
  • Pay slips for the past three months
  • Latest Income Tax Return

Immigrant, Certificate of Employment and any of the following:

  • Income Tax Return
  • Proof of Remittance or Pay slip for the past 3-6 months

Additional requirements for refinancing:

  • Proof of Payment of amortization for the last three (3) months
  • Latest Statement of Account from Mortgage

Additional requirements for construction loan:

  • Floor and Building Plans
  • Building Specifications
  • Bill of Materials
  • Estimates of Construction and Labor costs

PSBank Home Credit Line

It’s now possible to use your home as collateral for loans or to make it more beautiful. This kind of money can be used to pay for a home improvement or to pay off a debt.

PSBank’s Home Credit Line is a great way to get a loan that can be changed and is cheap. It has low interest rates and a lot of ways to pay.

Benefits of the PSBank Home Credit Line

  • Opportunity to provide a better life for the family
  • Financial flexibility
  • Convenience of availment
  • Lower interest rate than most personal loans
  • Fast credit decision – five banking days or less

Requirements for PSBank Home Credit Line

  • Completely filled-out PSBank Home Loan application form
  • Cash or Check payable to Philippine Savings Bank as non-refundable payment for appraisal fees
  • Photocopy of Transfer/Condominium Certificate of Title (TCT/CCT)
  • Valid photo-bearing IDs with signature
  • Copy of Marriage Contract (if married)
  • Copy of Court Decision on Annulment and Certificate of Finality of Decision (if annulled)
  • Copy of Court Decision on Legal Separation and Certificate of Finality of Decision (if legally separated)

If the applicant is employed:

  • Latest Certificate of Employment
  • Income Tax Return or BIR Form 2316 or 2306

If the applicant is in business or in professional practice:

  • Latest BIR Form 1701
  • Latest audited Financial Statement with BIR stamp

PSBank Home Construction Loan

We can’t think of anything better than being able to live in a home that’s been built just for us! A PSBank Home Construction Loan makes it as easy as possible to build and improve the home of your dreams.

When a person takes out the PSBank Home Construction loan, he or she can defer making the principal payment for a year and pay less interest. It also comes with a lot of different ways to pay, like over the counter and automatic debit.

Benefits of the PSBank Home Construction Loan

  • Convenient availment options through check issuance or withdrawal from any BancNet ATM
  • Savings on Interest
  • Flexible payment terms: OPTION – Postpone principal payment for the first year

Requirements for the PSBank Home Construction Loan

  • Completely filled-out PSBank Home Loan application form
  • Cash or Check payable to Philippine Savings Bank as non-refundable payment for appraisal fees
  • Photocopy of Transfer Certificate of Title (TCT)
  • Contract to Sell/Reservation Agreement (if acquiring a lot from an accredited developer)
  • Floor and Building Plan and Building Specification
  • Bill of Materials and Estimate of Construction and Labor Costs
  • Valid photo-bearing IDs with signature
  • Copy of Marriage Contract (if married)
  • Copy of Court Decision on Annulment and Certificate of Finality of Decision (if annulled)
  • Copy of Court Decision on Legal Separation and Certificate of Finality of Decision (if legally separated)

If the applicant is employed:

  • Latest Certificate of Employment
  • Income Tax Return or BIR Form 2316 or 2306

If the applicant is in business or in professional practice:

  • Latest BIR Form 1701
  • Latest audited Financial Statement with BIR stamp

Additional requirements for refinancing:

  • Proof of Payment of amortization for the last three (3) months
  • Latest Statement of Account from Mortgage

How to Apply for a PSBank Home Loan

Interested clients may apply for a PSBank OFW Loan – Home Loan at a PSBank branch location and perform the following:

  1. Choose the interest rate, period, and payment method that are most convenient for you.
  2. Fill out the application form online and submit it.
  3. Submit the application form, as well as any other documents that may be necessary.

PSBank Auto Loan

After buying a home, buying a car is one of the most practical and important things that a person can do in his or her life. Many extra benefits will come your way because of the deal. This will make your trip easier and more fun, but it will also save you money.

With a car, you can leave and arrive on time, but you can also protect yourself and your family from possible danger and accidents. To avoid getting into an accident or something else that wasn’t planned, make sure to have a safety feature in your car.

If you want to buy a car, even though it can be a lot of money, there are many ways to do so without breaking the bank – one of which is getting a PSBank Auto loan.

Why Take Out a PSBank Auto Loan

PSBank has an online application that makes it easy for you to get a loan. You can also go to any PSBank branch to accomplish the process if you want.

The PSBank OFW loan – Auto Loan is a fast and simple way to get a car loan. With its wide range of payment options and low interest rates, it’s the best choice for people who want to improve their credit score. One of the best parts of the loan is its Prime Rebate program, which lets you get a discount on your loan when you pay extra or make an early payment.

If you get the Prime Rebate, you can use PSBank’s auto loan to pay for your new or used car. It’s a great way to improve your credit score and buy a car without hurting your own money.

Loan Terms and Conditions:

Loan Amount: Minimum of PhP100,000

Loan Terms: Flexible between 12 to 60 monthly amortizations

Interest Rate: Based on the prevailing interest rate at the time of loan booking.

Modes of Payment:       

  • Online payment using your enrolled deposit account thru PSBank Online and PSBank Mobile
  • Automatic Debit Arrangement from a PSBank deposit account
  • Post-dated checks
  • Cash or check payments via PSBank, Metrobank, BancNet ATMs nationwide
  • Over-the-counter cash or check payment at any PSBank branch nationwide
  • Via InstaPay by paying/transferring funds from your accounts in other banks to your 15-digit PSBank loan account number.
  • At any 7-Eleven store nationwide.
  • GCash

Benefits of the PSBank Auto Loan with Prime Rebate

  • Fast approval
  • Low interest rates
  • Flexible payment terms
  • Convenient modes of payment

What is the PSBank Auto Loan with Prime Rebate?

It lets PSBank Auto Loan customers get rebates or savings if they make extra or early payments on their loan payments.

The rebate is automatically added to all term loans that are new or already in place. Getting the rebate doesn’t make the customer sign up or sign up for anything at all.

Rebates earned from making early or extra payments are calculated on a daily basis, even on weekends and holidays. They are credited to your account on each due date.

Prime Rebate doesn’t apply to loans that have no interest rate.

How does the PSBank Auto Loan with Prime Rebate work?

Make an advance payment: This is an example of how it works: If you pay your loan five days before the due date, you will actually get a rebate on a daily basis.

Make an excess payment: If you pay more than you need to on your due date, you will get a rebate every day from the date the payment was made.

Requirements for a PSBank Auto Loan

Before you can begin working with PSBank OFW Loan – Auto Loan, you must first submit the necessary papers. The sooner you submit your application, the better, as it will allow them to complete your application more swiftly.

  • Completely filled-out PSBank Auto Loan Application Form

For employed applicants:

  • Certificate of Employment
  • Income Tax Return (ITR)
  • Copy of valid IDs (government-issued with photo and signature)

For self-employed applicants:

  • Business Registration
  • Corporate Papers
  • Financial Statements
  • Income Tax Return (ITR)
  • Copy of valid IDs (government-issued with photo and signature)

For corporate applicants:

  • Completely filled-out PSBank Auto Loan Application Form
  • Business Registration
  • Corporate Papers
  • Financial Statements
  • Income Tax Return (ITR)
  • Copy of valid IDs of authorized signatories

How to Apply for a PSBank Auto Loan

  1. Choose a car to purchase.
  2. Fill out the application form and submit it.
  3. Keep an eye out for the confirmation message, and they’ll take care of the rest for you.

PSBank OFW Loan FAQs:

1. How do I contact PSBank?

The number for 24/7 customer service is (632) 8845-8888.

2. Can I transfer money from GCash to PSBank?

GCash users can transfer money to and from PSBank and vice versa for free by giving their name and bank account number.

3. Why do I not Fit the PSBank Personal Loan?

Not all people who apply for a loan will get it. If you’re having doubts about getting a PSBank OFW loan in the Philippines, here are some of the most common reasons why you might not qualify for one.

  1. You need a small amount of credit. The minimum amount that you need to borrow to get a loan from a bank is 20,000 pesos. If you want to borrow less, you can always look for other loan facilities such as online loan companies and pawn shops.
  2. You do not want to wait a few days for the loan decision. Getting a loan can take a few days. After you submit your application, the bank’s head office will conduct an investigation. If the investigation shows that you passed, your loan will be placed on the queue.
  3. You do not want to pay a commission for processing the application. A lot of banks will give you a commission when you make a loan. This is similar to an interest that they charge you for their efforts in processing your loan. If you are availing of a term loan, this commission might be charged on top of the interest rate.
  4. You’re over 54 years old. Some personal loan reviews indicate that the bank will not approve a person if they are 54 years old. This is because they want to make sure that they can still work and pay their loans.

Summary

PSBank has made applying for a PSBank OFW loan product simple and straightforward, which means that you can save both time and money.

Choosing and qualifying for the best loan can take a long time and be very complicated. Many people don’t know where to start. However, it is important that you get the right loan for your needs and circumstances. Good thing there’s the PSBank OFW Loan that you can look into, as well.

There are a lot of things you can do with personal loans from this bank. They can be used to help you get by.

If you want to buy a home and buy a car at some point, both of these can be paid for by borrowing money from PSBank. As long as you meet all of the requirements and can pay your debts on time, applying for these types of loans is a simple process.

Banks and other financial institutions offer a lot of different types of loans. You might want to learn more about them after you finish reading this guide; you can find out more about these loans by clicking here.

 

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