SME Credit Line
At PSBank, we understand there’s always a need to grow and expand your business.
Get additional cash for your working capital, bridge the gaps in your capital requirements, and take the opportunity to grow your business with a PSBank Credit Line.
The PSBank Credit Line can be customized to suit your company’s size, budget, and financing needs.
| Line Amount |
|
| Purpose |
Working capital |
| Line Expiry |
One (1) year from date of implementation, renewable annually |
| Interest Rate |
Based on the prevailing lending rate at the time of loan availment |
| Interest Repricing |
Monthly, Quarterly, Semi-annually, Annually and Fixed for the term |
| Modes of Availment |
Via 30 to 360 days availment but not to exceed line expiry date |
| Repayment |
Interest payable in arrears while principal is payable on or before maturity |
| Collateral |
|
| Modes of Repayment |
|
| Turnaround Time |
Approval within 20 banking days from submission of complete documents |
| Others |
No commitment fee upon approval |
NEW ACCOUNTS
| Processing fee | Loan amount x 0.002; minimum of PhP3,000 and maximum of PhP15,000 for new to SME client; minimum of PhP2,000 and maximum of PhP10,000 if already with existing SME facility. |
| Handling fee |
To be collected per availment – loan amount x 0.00125; minimum of PhP750 |
| Documentary Stamps per availment |
[(Loan amount / 200) x PhP1.50] x no. of days / 365 Note: always round up to the nearest peso |
| Documentary Stamps for Real Estate Mortgage Registration |
Loan amount x 0.004 + PhP20 Note: always round up to the nearest peso; If with secured and unsecured portions, DST to be computed for the SECURED portion only |
| Notarial fee |
PhP500 per document |
| Appraisal fee |
For New Accounts and Additional or Change in Collateral requests for existing accounts: PhP3,500 per title + PhP1,000 per additional title in same location or PhP3,500 per additional title in a different location |
| Title Handling Fee |
PhP1,500 per title |
| Mortgage Redemption Insurance (MRI) / Credit Life Insurance (CLI) | Loan amount x .0048 |
| Fire Insurance |
Depends on appraised value of improvement on collateral |
| Registration fees for New and Additional Real Estate Mortgage (REM) |
Actual registration fees per Registry of Deeds fees schedule / (assessment + service charge) Note: In accordance to actual Registry of Deeds fees |
| Cancellation of Previous Real Estate Mortgage (REM) |
Actual cancellation fees per Registry of Deeds fees schedule / (assessment + service charge) Note: In accordance to actual Registry of Deeds fees |
| Cancellation of Sec. 4 Rule 74 (annotation on the title) |
PhP1,774 shall be charged plus PhP300 for every additional title plus applicable out of town charges if collateral is located outside Metro Manila. Note: Subject to change in accordance to actual Registration of Deeds fees |
| Cancellation of Sec. 7 RA 26 (annotation of court order and finality on title) |
PhP2,161 shall be charged plus PhP300 for every additional title plus applicable out of town charges if collateral is located outside Metro Manila. Note: Subject to change in accordance to actual Registration of Deeds fees |
| Other Miscellaneous fees related to Real Estate Mortgage registration |
Based on loan amount and actual registration fees per Registry of Deeds fees schedule / (assessment + service charge) |
POST BOOKING FEES AND CHARGES
| Notarial and Cancellation Certificate fee |
PhP500 |
| Pre-termination charges |
FREE OF CHARGE |
| Penalty Charges for Returned Checks |
Penalty charges shall be computed as follows: Amount of returned check x 3% x no. of days (date paid - date of availment) / 30 days |
| Safekeeping fees |
In case the loan documents are unclaimed within 90 days after the date of full payment, a safekeeping fee of PhP1,000 shall be charged automatically on the 91st day. If the documents are still not claimed after 120 days, an additional amount of PhP500 will be charged every month (30 days). |
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. |
RENEWAL OF ACCOUNTS
| Processing |
Loan amount x 0.002; minimum of PhP2,000 and maximum of PhP10,000 if already with existing SME facility. |
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.
Truth and Transparency in Lending
Enhanced Implementation of the Truth in Lending Act (Republic Act 3765)
The State protects its citizen from a lack of awareness of the true cost of credit to the customer by assuring a full disclosure of such cost and other terms and conditions with a view of preventing the uninformed use of credit.
As such, a disclosure statement is a required attachment to the loan contract. It shall include, at a minimum, the following information:
1.) Total amount to be financed
2.) Finance Charges and all other charges incident to the loan
3.) Net proceeds of the loan
4.) Schedule of Payments
5.) The percentage that the finance charge bears to the total amount to be financed expressed as an Effective Interest Rate (EIR)
Important Notice: The Bank is required to provide the borrower a copy of the disclosure statement prior to the consummation of the credit transaction.
For more information:
