List of Fees for Personal Loan Offered by Philippine Banks
FEES FOR PERSONAL LOAN – Here is a list of the payments that the banks in the Philippines usually charge on personal loans.
Most banks in the Philippines offer different types of loans to the public. The list usually includes the personal loan, the salary loan, the housing loan, and the car loan.
Among the many types of loans that the different private and government banks offer, one which usually attracts more applicants than the others because of its flexibility is the personal loan.
Under the personal loan, the applicant can use the amount in whatever purpose he or she wants to use it for.
Meanwhile, before applying for the said type of loan, there are fees for personal loan that borrowers should know.
Based on an article on Moneymax, here is a list of fees for personal loan offered by banks in the Philippines:
This payment is charged for covering the processing expenses of the loan application of the borrower. It may include the credit investigations and the administrative expenses. Based on the article, it would usually range between Php 1,300.00 – Php 2,500.00.
This is also called installment acceleration or early payment charges. It is charged if the borrower decides to pay for the total loan before it reaches its full term. It is usually equivalent to 5%-8% of the remaining balance.
Late Payment Penalty
Most banks implement penalties for late payments. It can be between 3% to 8% of the unpaid balance monthly.
Documentary Stamp Fee
Based on the article, the Bureau of Internal Revenue (BIR) requires tax of Php 1 for every Php 200.00 for loans higher than Php 250,000.00. For business loans, the same charge applies.
Returned Check Fee
The banks impose penalties on returned checks as well. The penalties may range from Php 200.00 up to Php 2,000.00.
So these are the fees for personal loans offered by banks in the Philippines. The list may not be applicable to all loan offers but these are the common payments implemented.
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