Guide on SME Term Loan 2024 Application Process
PSBANK SME TERM LOAN 2024 – Here is a guide on how to apply for this business loan offer and the requirements you must submit.
Banks are among the entities in the Philippines that you can turn to. For business loans, one of those with an offer is the Philippine Savings Bank or more popularly called PSBank, a subsidiary of Metrobank.
The Philippine Savings Bank or PSBank actually has several loan offers including the SME Term Loan, the SME Business Credit Line, the SME Credit Line, the Standby Credit Line Certification, and the Domestic Bills Purchase Line.
In this article, let us talk about the SME Term Loan…
The SME Loan is ready to finance the long-term needs of your business. It is a collateral loan offer for small businesses featuring flexible repayment terms and the chance to lower the loan amount by earning rebates.
The borrowers can earn rebates through making advanced payments or the excess in the monthly due payments. The loanable amount under the PSBank Term Loan may vary but the bank generously posted an idea on the minimum borrowing limit.
The loan is payable for up to seven (7) years. With regards to the collateral, here are the collaterals accepted by the bank under the business loan offer:
- any prime residential / commercial / industrial property with or without building improvements
- cash deposits
There is an easy process in applying for the PSBank SME Term Loan offer. First, prepare the following requirements based on your loan type:
| Documentary Requirements | |
| For loan take out | Latest statement of Account from creditor and copy of Official Receipts of payments made over the past 3 months |
| For construction / renovation | Building plans, bills of materials and cost estimates / specifications |
| For acquisition | Contract to sell TCT of property being acquired |
| For sureties and co-borrowers | Completely filled-out Business Loan Application Form and Statement of Assets & Liabilities Two (2) valid IDs Income Tax Return (ITR) |
| For rentals as source of income | Lease Contract |
| If Business is construction | Notarized Service Agreements/Contracts List of Completed and On-going Projects |
| If engaged in manpower, labor or transport business | Service Contracts |
| If engaged in export business | Purchase Orders |
| If engaged in contact growing | Supply Contract |
| For businesses engaged in providing healthcare, overseas & local manpower and for rice or grain dealers | Licenses or accreditation from institutions or government agencies |
| For businesses in sales or exclusive distributorships | Contracts / Distribution Agreements |
You also have to prepare the requirements for the PSBank SME Term Loan application depending on the type of collateral under the loan offer. If you already have all the documents needed for submission, bring them to a branch of PSBank nearest to you and file your loan application.
With regards to the turnaround time for the loan application, it may take up to 20 banking days before the PSBank loan result is out. Please be aware that the bank implements a processing fee between Php 3,000 up to Php 15,000 depending on the loan amount.