PSBANK FLEXI PERSONAL LOAN CONSOLIDATED AGREEMENT (hereinafter the “Agreement”)

PART 1

CLIENT’S CONSENT/AUTHORITY AND WAIVER OF CONFIDENTIALITY/PRIVACY OF PERSONAL AND OTHER INFORMATION FOR THE BANK’S LEGITIMATE PURPOSES/NEEDS, AND TERMS AND CONDITIONS OF LOAN APPLICATION/APPROVAL

1. The loan applicant/borrower (hereinafter the “Client” regardless of number) certifies the correctness of all the personal, sensitive, privileged, financial, and other information (collectively referred to hereinafter as “Information”) provided by him in this online Flexi Personal Loan Application Form, and in the course of his loan application with Philippine Savings Bank (the “Bank”), including the information which may be obtained from his income tax returns, financial statements, credit transactions and all other documents (”Supporting Documents”) submitted to the Bank in support of his loan application. The Client also certifies that all Supporting Documents are authentic and contain true and accurate information.

2. In providing the Information and related Documents to the Bank, the Client hereby authorizes the Bank, without need of prior notice, to use, process, store, make profile, receive from, and/or share to any of its affiliates and/or subsidiaries within the Metrobank Group, or its agents or service providers, or third parties (including but not limited to vendors and credit bureaus), whether in or outside the Philippines, which provide related services or have contractual obligations with the Bank, or any government agency/regulatory body/branch (including but not limited to Bangko Sentral ng Pilipinas, Anti-Money Laundering Council, and Credit Information Corporation), which in turn is/are authorized to disclose to and/or receive from the Bank, the Information, relevant account information/data/opinion pertaining to the Client, and any and all other information pertaining to Client’s account/s now existing or which may hereafter to be opened, whether or not secured and/or assigned as collateral, for the following purposes: (a) in order to commence and facilitate the efficient delivery, administration, operation, and/or implementation of loan and other products and services of the Bank; (b) for the protection of the Client or the Bank against fraudulent, unauthorized, or illegal transactions; (c) in the validation, verification, and/or updating of the Information and related Documents; (d) in order for the Bank to enforce its rights or perform its obligations by reason of any law, rules and regulations, contract, or orders from any court or quasi-judicial and administrative offices with corresponding duty to keep such information confidential in accordance with the Bank’s Data Privacy Policy; (e) in the registration of the security interest with the Personal Property Security Registry (PPSR); and, (f) in the prosecution or defense of the Bank or its directors/officers/employees with regards to disputes or claims pertaining to the products and services of the Bank.

   I further consent that my other personal data, such as but not limited to, telco score, telco usage data, etc., in the possession of mobile network operators, and other parties, and which are necessary for credit scoring, credit evaluation, collection, and credit/fraud investigation by the Bank in the administration, operation, and implementation of its products and/or services that I applied for or availed of, may be collected, accessed, used, processed, stored in or outside of the Philippines, and shared by/to the Bank and/or its service providers in order to achieve the same purposes.

   Above consent shall continue to be valid and subsisting for as long as my relationship with the Bank exists and until the expiration of the applicable records retention period set by the relevant banking laws and regulations for account closure including the period internally set by the Bank until destruction and/or disposal of my records, unless earlier withdrawn in writing.

   To support the Bank’s reasonable efforts to protect the Information against unauthorized use or disclosure, and ensure that the above authorities given are carried out by the Bank without any conflict, the Client hereby dispenses his/her rights to confidentiality and privacy of the Information and such other rights as may be provided under Republic Act (RA) No. 1405 (Law on the Secrecy of Bank Deposits), RA No. 6426 (The Foreign Currency Deposit Act) , RA No. 8971 (General Banking Law of 2000), RA No. 10173 (Data Privacy Act of 2012), or all other applicable laws, which are inconsistent with those authorities.

3. The Client understands that the Bank may disapprove his loan application, revoke prior loan approvals, or terminate existing loan availments on the ground of misrepresentation and/or concealment of the Client’s Information, whether willful or not, without prejudice to any other legal remedies that the Bank may take.
4. The Client understands that the approval of his loan application shall be at the sole discretion of the Bank, and subject to:
   • a) The Bank’s existing credit policies and procedures on its Flexi Personal Loan Facility;
   • b) Existing rules and regulations of the Bangko Sentral ng Pilipinas;
   • c) Payment by the Client of all fees and charges relative to the processing of his loan application;
   • d) Submission by the Client of all documentary requirements and compliance with all other conditions imposed by the Bank for the approval of his loan application as prescribed under
   • e) existing Bank credit policies or those that may be prescribed by the Bank’s Legal Department;
   • f) The terms and conditions of the Loan/Mortgage Agreement and this Loan Application Form.
   In case of disapproval of the Client’s loan application, the Bank shall not be obliged to disclose the reason/s for such disapproval.
5. The Client authorizes the Bank to send its correspondence or notice to the Client via SMS/text, email, personal delivery or other means of communication at the option of the Bank.
6. The Loan Application Form and all Supporting Documents shall remain the Bank’s property and the same may be used in accordance with the above-mentioned paragraph no. 2 of the terms of this Flexi Personal Loan Application Form at the Bank’s discretion whether the loan is granted or not.

PART 2

TERMS & CONDITIONS

*Product Feature - PSBank Flexi Personal Loan with Prime Rebate is the first and only collateral-free personal loan product with a revolving credit line and a fixed term loan. Revolving Credit Line is a type of credit without a fixed number of payments. The amount clients can borrow increases or decreases depending on how much has been repaid. Term Loan is a type of credit that requires a borrower to make periodic payments usually over a certain fixed period.

Loan Range: Minimum of PhP20,000 / Maximum of PhP250,000

Terms (applicable for Fixed Term Loan): 24 to 36 months

Effective Interest Rates:

• Effective Interest Rate P.A. of 34.49% for 12 months (Revolving)
• Effective Interest Rate P.A. of 42.88% for 24 months (Term)
• Effective Interest Rate P.A. of 41.29% for 36 months (Term)

Prime Rebate Feature: Allows clients to get a "discount” on his/her loan when he/she makes advance or excess payments on his/her monthly due. This feature is only available for PSBank Flexi Term Loan amortization due. Rebates on advance/excess payments are computed on a daily basis, including weekends and holidays. Computation starts on the date the payment is posted, after the check payment is cleared, and credited every due date. Rebates on advance or excess payments for PSBank Flexi Personal Loan transactions are computed based on an 18% interest rate per annum. The rebate amount that may be earned shall never exceed the amount of the loan’s monthly interest charges for that period. PSBank reserves its right to withhold the application of Prime Rebate on the Loan in accordance with the Terms & Conditions governing such.

1. Credit Line or Credit Limit and Purpose – PSBank shall make the Credit Line available to Client for a period of one year from date of this Agreement subject to Section 12 of the Terms and Conditions; provided, that PSBank shall at its sole discretion determine the conditions, if any, under which said line shall be made available; provided, further, that PSBank shall have the right to reduce, increase or cancel the line. The credit line shall be specified in the PSBank Flexi welcome kit and the monthly statement of account.

   PSBank shall establish and maintain in its books a loan account in Client’s name. All transactions relating to the Credit Line shall be recorded in said Loan Account and reflected in the Statement of Account. Client shall be responsible for verifying the Statement of Account with PSBank without need of notice. The bank shall have the full discretion to grant the client a PSBank Flexi Line.

2. PSBank Flexi Current Account – The PSBank Flexi current account shall be operated solely for the purpose of drawing on the Credit Line and making payments thereunder. The PSBank Flexi Current Account shall be linked to the Loan Account to allow automatic transfer to and from the PSBank Flexi Current Account to the Loan Account.
3. Access to Credit Line – Client may draw on the Credit Line by: (a) issuance of PSBank Flexi Check(s); (b) Cash Withdrawal through the use of the ATM card; (c) Point-of-Sale (POS) transactions. PSBank may at any time impose such minimum availment limits per transaction as may be communicated to Client. PSBank shall have the right to debit the Loan Account for interest, penalty charges, service charges, taxes and all other sums due and payable to PSBank under the Agreement, notwithstanding that any such sums exceed the Available Credit Line.
4. Availment Limit – Client shall not make any Availment in excess of the Available Credit Line. Subject to Section 15, if any intended availment by Client will cause the Available Credit Line to be exceeded, PSBank shall have the right, power and authority to refuse the intended availment without need of notice.

   In the event that an Excess Availment is incurred, the same shall, without need of notice, be immediately due and payable and the Credit line shall be suspended, at the option of PSBank,unless and until Payments are made covering the Excess Availment.

5. ATM cards for the newly approved Flexi account will be delivered to the registered address used upon application through partner courier. PSBank takes no responsibility and assume no liability for any delay to client arising from shipping.

   The Client shall at all times indemnify and hold harmless the Bank, its officers, directors and employees from any and all losses, claims, damages, expenses or proceedings made or threatened by the Client himself/herself or any third party and to all related losses, expenses, damages or costs incurred due to or occasioned by any act of delay on the part of the courier in the delivery of the ATM Cards or any related documents to the Client or to its employees and representatives.

6. Evidence of Availments – Availments shall be evidenced by: (1) For the Revolving Loan Account (a) withdrawal from any PSBank, Metrobank, BancNet, Megalink, and ExpressNet ATMs nationwide and Maestro/Cirrus ATMs worldwide subject to applicable ATM policy; (b) check issuance with no minimum amount and maximum amount based on available credit line at time of check transaction/clearing; (c) point-of-sale (POS) transactions with minimum amount subject to merchant’s policies. (2) For the Installment Loan Account, withdrawal from PSBank ATMs where Client may choose between 24 and 36 months

   Absent manifest error on the part of PSBank, the foregoing evidence of Availments shall be conclusive and binding on Client. Client is aware that the only evidence of Availments through the ATM is PSBank’s record of withdrawals. Client is further aware that access to PSBank Flexi is thru: (a) Client’s ATM Card, which remain in Client’s exclusive possession and custody; and (b) Client’s personal identification number, which shall remain with Client’s exclusive knowledge.

   In case the ATM card or check/checkbook is lost or stolen, Client shall notify PSBank immediately for card replacement within 24 hours from occurrence of such loss or theft. PSBank shall not be responsible for any unauthorized transaction against the Credit Line until after PSBank has received the Affidavit. Client shall be liable for all transactions made through the lost or stolen ATM card or checkbook before PSBank has received a written notice together with the Affidavit of Loss.

   No Stop Payment Order shall bind PSBank or be valid unless: (a) the check or checks to be affected are properly identified or described with particularly in all aspects; (b) made in writing and in case of loss, and Affidavit of Loss is submitted; (c) served and delivered directly to the cashier or any of the assistant cashiers of PSBank, Client agrees to hold PSBank free from any liability or expense arising from its refusal to pay the said items in accordance with the Stop Payment Order.

7. Minimum Amount Due - This is the minimum amount that must be paid on or before the Payment Due Date to avoid any penalty. To arrive at your Minimum Amount Due, please add the following:
   • 5% of the Total Amount Due of Revolving Loan Availments or Interest Due or PhP500.00, whichever is higher
   • Monthly amortization of installment Loan Availments
   • Penalty and late charges for the period

   Finance, late charges, other fees and total installment amortizations will only be deducted from the available credit line on payment due date.

8. Payments - Client shall immediately make such payments sufficient to cover at least the minimum amount due including Excess Availments as stated in the monthly statement of account. All payments made shall be reflected in the next monthly Statement of Account.

   Payments can be made via: Cash or check, over the counter at any PSBank branch nationwide / Any BancNet ATM or BancNet Online

   Automatic Debit Arrangement with PSBank / PSBank Online and PSBank Mobile app using the Bills Payment Facility/ Via InstaPay by paying/transferring funds from accounts in other banks to 15-digit PSBank loan account/ At any 7-Eleven stores nationwide/GCash

9. Payment Due Date – PSBank shall set the payment Due Date within a specific number of days from the end of the billing period as indicated in the Statement of Account.
10. Application of Payments – Client waives in advance the right to make application of payments under Art. 1252 of the Civil Code of the Philippines regardless of the form and nature of the obligation.
11. Electronic Statement of Account – PSBank shall send the Statement of Account to Client through email after each billing or cut-off period. The Bank is not liable to non-receipt of the Statement of Account should the Client provide an invalid or incorrect email address. The Electronic Statement of Account shall be final and conclusive against Client unless Client expresses disagreement through a letter sent to PSBank within thirty (30) days from the billing period specified in said Statement. Should the parties fail to settle any disputed item, the Loan Account, at the option of PSBank be suspended until the dispute is settled. The protest shall not suspend the accrual of interest and/or penalty charges. If the dispute is settled in Client’s favor, said charges shall be computed based on the reconciled amount. However, it is also understood that the Bank, at its option, may also provide the client a copy of the Statement of Account through other means such as SMS, and PSBank Online to which is readily accessible and available to the client. All other means of sending SOAs shall have the same effect as the one sent via email and deemed correct and conclusive if not contested within the prescribed period.
12. Events of Default – Each and any of the following shall constitute an event of default:
    • 12.1 Client fails to pay when due and payable, the minimum amount due and any Excess Availments, and/or any other sums which Client is obligated to pay under the Agreement or any other related documents;
    • 12.2 Client violates any of the other Terms and Conditions of the Agreement;
    • 12.3 Client is in default under any other contract or obligation with PSBank or with any other person or entity for the payment of borrowed money for the deferred purchase price of property or for any other purpose resulting in the acceleration of the whole or part of the obligation and making the same due and payable prior to the stated normal date of maturity, likewise, in case such default occurs, the obligation of the borrower under this agreement is deemed secured by other mortgages, if there are any, that is executed by the borrower in favor of PSBank prior or after the execution of this Agreement/Loan document;
    • 12.4 Proceedings for voluntary or involuntary bankruptcy, insolvency, or suspension of payments are instituted against and/or initiated by the Client;
    • 12.5 An application for any decree or order of garnishment, attachment, execution, receivership, or sequestration is filed and/or issued against Client’s properties;
    • 12.6 Any representation or warranty made by Client in the Agreement or any statement, document or other instrument furnished in connection with the Agreement or to induce PSBank to enter into Agreement is shown to be false or misleading in any material respect when made;
    • 12.7 Any other circumstances occur which, in the opinion of PSBank, gives reasonable grounds for the belief that the client may not be able to perform its obligation under the agreement.
13. Consequences of Default – Upon the occurrence of any of the foregoing events of default, PSBank may at its option and without need of notice or demand, exercise any or all of the following remedies:
    • (a) Dishonor any PSBank Flexi Check(s);
    • (b) Cancel/close/freeze/suspend the Current Account and the Loan Account; provided, such cancellation shall disqualify Client from obtaining further credit from PSBank and shall empower PSBank to furnish credit bureaus with Client’s name and credit standing;
    • (c) Consider the entire Outstanding Balance immediately due and demandable and/or require Client to pay PSBank the whole or part of the Outstanding Balance; provided, that the amount certified by PSBank as the amount outstanding shall be conclusive and binding to Client, absent manifest error in calculation or transmission;
    • (d) Convert the Loan Account into a term loan;
    • (e) Reduce the Credit Line Amount.
14. Right of Offset – Should there be any money, stocks, bonds, or other property of any kind whatsoever on deposit or otherwise to the account of the Client in the books of PSBank or in its possession, Client hereby irrevocably constitutes and appoints PSBank as Client’s attorney-in-fact with full power, in Client’s name and behalf but without necessity of prior notice, to debit such Client’s account, for the amount of his outstanding balance and/or negotiate, sell, transfer, or in any manner dispose of such stocks, bonds, or other property by public or private sale apply the proceeds of such sale or disposition in any payment of any and all amounts due under the Agreement.
15. Warranties and Covenants – Client hereby represents, warrants and covenants that:
    • (a) No legal proceedings before any court, tribunal, or body is currently pending or to knowledge of the client, is pending to be filed against Client;
    • (b) Client shall promptly notify PSBank of the commencement of any proceedings involving the recovery of sum of money against the client of the occurrence of any event which, with the serving of notice or lapse of time, would constitute an event of the default hereunder or under any other agreement, specify the nature thereof and the action or purposed action taken by the client with respect thereto;
    • (c) The borrower certifies and acknowledges that he or she has thoroughly read the terms and conditions of the “PSBank Flexi Personal Loan” and understood the computation of his/her payments to be made and has full knowledge of total cost of the loan and binds herself/himself to it.
16. Cancellation of Credit Line – Upon cancellation or expiration of the Credit Line, the Available Credit Line and PSBank Flexi Current Account shall be automatically closed. Client shall immediately pay the entire Outstanding Balance. PSBank may, at its option without the need of notice and demand, exercise any or all of the remedies stated in Section 13.
17. Renewal of Line – PSBank may opt to renew the Credit Line for another year upon notice to Client.
18. Authority to Debit – PSBank has the sole option to debit any and/or all of Client’s deposit accounts to cover the payment in full any loan obligation due or all such other amounts the time that the same is due including penalty charges on any or all such overdue amounts provided for in this Agreement and such other documents executed in connection therewith.
19. Venue – Any action to enforce payment of any sum due under the Agreement shall be brought exclusively in the proper courts of Makati City, or in any city or municipality where PSBank has a branch office.
20. Acceptance of Payment/Delay in Enforcement – Acceptance by PSBank of any payment after its due date or after an event of default has occurred or after legal proceedings have been commenced against Client shall not constitute an extension of time for payment or a modification or novation of the Agreement or in any way prejudice or adversely affect PSBank’s cause of action against Client. Failure or delay in exercising any right or power of PSBank shall not constitute a waiver thereof.
21. Dishonor of PSBank Flexi Check(s) – PSBank shall have the right to dishonor any PSBank Flexi Check(s) under any of the following cases: (a) in case of violation of any of the terms of this Agreement; (b) in case the acceptance or payment of such check(s) will cause the available Credit Line to be exceeded; (c) in case the Loan Account shall have been blocked or canceled; (d) in case the Credit Line has expired; and/or (e) for the same reasons and in the same manner that regular current account checks may be dishonored. Such dishonored checks shall be subject to the same Bankers Association of the Philippines (BAP) charges, which shall be borne by Client and debited against the Loan Account. PSBank shall not be liable for any loss or damage from its failure to honor PSBank Flexi Check(s), it being understood that Client’s sole remedy in such case is to immediately contact PSBank for other arrangements.
22. Unauthorized Transactions – The Client must take all reasonable precautions to prevent unauthorized/illegal/ fraudulent use of the card issued to him for the availment of his loan. Should PSBank believes or knows that any card transaction relates to unauthorized/illegal/ fraudulent transaction, PSBank reserves the right and is hereby authorized by the Client to cancel, block, or decline such transaction without prior notice. The Client shall be notified right after the cancellation, blocking, or decline is made by PSBank in accordance herewith, and PSBank shall not be held liable for any loss or damage as a result thereof. ‘
23. Escalation/De-escalation Clause – The rate of interest and/or bank charges stipulated in the Agreement, its extensions, renewals or other modifications, may be increased, decreased or otherwise changed from time to time within the rate of interest and charges allowed under present or future law(s) and/or government regulation(s) as PSBank may prescribe for its clients/borrowers.
24. Extraordinary Inflation/Deflation – Client and PSBank hereby agree that the amount of the peso obligation of this PSBank Flexi Account is based on the present value of the peso. Hence, if there is any change in the value thereof due to extraordinary inflation or deflation, or any other cause or reason, Client unconditionally agrees to discharge and pay the said peso obligation in such value as may be adjusted by PSBank, at its sole exclusive option, in accordance with the peso value prevailing either at the time the obligations are paid in whole or in part or at the time the obligations were established or contracted.
25. Cumulative Remedies – Any increase in interest rates/penalty/service charges or any extension of time of this Agreement shall not constitute a novation or an amendment of the obligations hereunder and shall not prejudice PSBank’s right or remedies hereunder.
26. Notices – It shall be the obligation of the Client to immediately notify PSBank in writing of any change of his/her mailing address and email address in accordance with existing laws. Such address provided by the Client shall be used by PSBank in sending all its communications and correspondences. Receipt of said notices, correspondences and other communication materials forwarded to the given address or such new address shall be conclusively presumed by the parties.

27. Cooling-off Period - A cooling-off period of two (2) banking days is granted from the receipt of the Flexi card. During the cooling-off period, the borrower may cancel or terminate the loan without penalties, by submitting a written notice to the Bank, provided that no drawdown or availment has been made on the loan; and he/she shall be entitled to a refund of the fees or payments made, if any and as applicable. The Bank, however, reserves the right to collect reasonable processing and administrative fees to cover the costs incurred during the loan processing.

    Customer Complaints, Concerns and other Queries – In case of complaints, concerns and other queries regarding the loan, the Client may contact the Bank's 24/7 Customer Experience Hotline at (02)8845-8888; text (63)998-8458888; ore-mail at [email protected]. The Client may also visit the PSBank Head Office, Mezzanine Floor, PSBank Center, 777 Paseo de Roxas corner Sedeño Streets, Makati City, from 8:30 am to 5:30 pm, Monday to Friday (except holidays). The Client may also LiveChat with the Bank at www.psbank.com.ph or ISSA Chatbot at Facebook.com/psbankofficial.

    The Bank is a regulated entity, and supervised by the Bangko Sentral ng Pilipinas (BSP). The Client may contact BSP at (02) 8708-7087 / [email protected]

Note: All aforesaid fees and charges will take effect immediately and may be cancelled or modified anytime at the Bank’s sole discretion. The Bank may impose other fees and charges incidental to the loan provided with prior notice to Client.

THE BORROWER AFFIRMS AND ACKNOWLEDGES THAT HE HAS READ CAREFULLY AND UNDERSTOOD ALL THE TERMS AND CONDITIONS OF THE CONSOLIDATED AGREEMENT.