Guide on PSBank SME Term Loan Amount Allowed for Borrowing
PSBANK TERM SME LOAN AMOUNT 2024 – Here is a guide on how much you may borrow under the business loan offer of the Philippine Savings Bank.
Are you looking for a bank where you may apply for a business loan? One of the banking entities that you may turn to in the country is the Philippine Savings Bank or more popularly called PSBank. It has several branches across the nation thus its offers are really accessible for a lot of people.
A subsidiary of Metrobank, PSBank offers several business loans including an SME Term Loan. The excellent features of its offer is that it allows the clients to earn rebates by making advanced or excess payments thus there is a way to reduce your total loan amount.
The SME Term Loan is a collateral loan offer. It accepts any of the following as the collateral in applying for the loan:
- any prime residential / commercial / industrial property with or without building improvements
- cash deposits
With regards to the PSBankSME Term Loan amount allowed for borrowing, it depends on the collateral used in applying for the bank loan. If the collateral is a real estate property, the minimum loanable amount is P2 million.
If the collateral is against deposits, the PSBank SME Term Loan amount allowed for borrowing is Php 500,000.00. The loan is payable from one (1) year up to seven (7) years from the date of the initial availment of the loan account.
With regards to the interest rate, it will be based on the prevailing lending rate of the bank at the time of the availment. The interest repricing may take place monthly, quarterly, semi-annually, annually or fixed for a term.
There are several modes of payment under the loan offer. Here are the options provided by the PSBank for the borrowers:
- over-the-counter cash or check payment
- Primarily Automatic Debit Arrangement from any CA/SA maintained with PSBank
- PSBank Online
- 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
In applying for the loan offer, there are documentary requirements for the PSBank SME Term Loan that must be submitted to the bank. The loan processing may take up to 20 days before the PSBank loan application result is out.