A common problem among entrepreneurs regarding client payments is the time it takes for the money to be credited to their account. That is why we are offering you the PSBank Domestic Bills Purchase (DBP) Line.
The PSBank Domestic Bills Purchase Line is the right answer to both your expected and unexpected business expenses. It lets you maximize the use of your funds and replenish the day-to-day working capital requirements of your business without having to wait for normal check-clearing procedures. We purchase your dated checks or sales bills, and advance the money to you pending payment from your clients and bank clearances. This way, funds from receivables will immediately be made available to you. The sooner you receive the proceeds from your sales, the faster you can seize opportunities and take your business to the next level.
Based on 50% of Average Daily Balance for the past 6 months
One (1) year from date of approval ; subject to renewal
|Term of Availment||
Maturity of DBP availment shall be the maturity of the last maturing check, provided it does not exceed line expiry
Usual DBP charges. If check is dishonored, prevailing lending rate + 36% of p.a. penalty to be collected from the date of clearing until fully paid
Principal payable upon clearing of the check
|Mode of Repayment||
Approval within 20 banking days or less from submission of complete documents
BOOKING FEES AND CHARGES
|Application / Processing Fee||
PhP500 per document
SERVICE CHARGE FOR DBP AVAILEMENT
|Local Clearing Checks||Computation|
|First PhP100,000||Minimum of PhP300.00|
|In excess of PhP100,000||Excess x 0.0015|
|Regional Clearing Checks||Computation|
|For the first PhP100,000||Minimum of PhP600|
|In excess of PhP100,000||Excess x 0.0030|
OTHER FEES AND CHARGES (If applicable)
|Late payment penalty fee||
3% per month or a fraction thereof shall be added on each unpaid installment from its due date until fully paid.
|Attorney’s fees and Liquidated Damages||
In case of litigation, borrower shall pay an additional sum equal to 25% of all amount outstanding (but not less than PhP5,000)as attorney’s fees and the further sum of 10% (but not less than PhP1,000) as liquidated damages, in addition to cost and other expenses of litigation.
Note: All aforesaid fees and charges will take effect immediately and may be cancelled or modified anytime at the Bank’s sole discretion without any prior notice.