Standby Credit Line
Certification
At PSBank, we understand that doing business with companies is what keeps your organization going. We know that when you transact with organizations here and abroad, you’ll need bona fides that will attest to your company’s financial capability. This is where the services of PSBank Standby Credit Certification come in.
The PSBank Standby Credit Certification helps small and medium enterprises (SMEs) facilitate trade with their major clients by issuing a standby letter of credit. This document would confirm that your company has an available credit line that can be drawn from by the beneficiary when the trade or service is completed. Thus, providing assurance that your company has the means to conduct and complete a transaction.
| Line Amount |
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| Line Expiry |
One (1) year from date of implementation, renewable annually |
| Availability |
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| Fee |
PhP2,000 or 1/8 or 1% per month (multiply by number of months certification will be valid) whichever is higher, collect upfront upon issuance of certification |
| Turnaround Time |
Approval within 20 banking days from date of completion of loan requirements |
| Collateral |
|
| In case of Drawdown |
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BOOKING FEES AND CHARGES
| 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 |
Amount on certification x 0.00125 x no. of months of validity of certification; minimum of PhP2,000; may also be a fixed amount (should have approval) |
| 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 0.0048 |
| 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 located outside of Metro Manila Note: Subject to change in accordance to actual Registration of Deeds fees |
| Other Miscellaneous fees related to REM 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. |
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.
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