Since its establishment on June 18, 1951, Security Bank has continued to flourish and has consistently been one of the leading private domestic universal banks in the Philippines for many years.
As part of the Security Bank’s unyielding commitment to providing world-class financial services, it created its personal loan product tailored to the needs of Filipinos.
Aside from personal loan, Security Bank also offers auto loan, home loan, business loan, truck loan, and auto fleet financing.
Security Bank Personal Loan Overview
Security Bank Personal Loan is one of the few loan products in the country that offer a ₱2,000,000 maximum loan amount. If you’re facing a serious medical emergency or want to accomplish a major project, this is the perfect loan option for you.
Apart from the higher loan amount, Security Bank Personal Loan also comes with flexible repayment terms. We all know that repayment term is a crucial factor in our decision-making, whether we pursue availing of a loan or not.
If you apply for a Security Bank Personal Loan, you’re not required to have a credit card. Also, the entire application process is fully digital, courtesy of the zukì app by SB Finance.
What’s even more enticing about the Security Bank Personal Loan is that it is non-collateral. Can you just imagine a bank willing to lend 2 million pesos without asking for any collateral? With this alone, we can conclude that the Security Bank’s main cause is to really help the people.
Below are some of the salient information of the Security Bank Personal Loan:
Eligibility and requirements:
- Filipino citizen
- At least 21 years old; not older than 65 years old upon loan maturity
- With residential or office landline
For employed:
- At least ₱15,000 (Metro Manila) or ₱12,000 (Outside Metro Manila) minimum gross monthly income
- 1 valid, government-issued ID with a photo and signature
- Certificate of Employment and Compensation issued within the last six months
- Latest Income Tax Return (ITR)
- Latest 1 month payslip
For Self-employed/ professionals:
- Should be the majority owner of a particular business- owning at least 40% stake, and the business should be running profitably for at least 2 years with at least 1 trade reference.
- At least ₱60,000 minimum gross monthly income
- DTI/SEC Certificate of Registration
- Mayor’s permit/ Business permit
- Bank statements for the last three months
- List of 3 trade references with contact information. At least 1 supplier and 1 customer
- If a corporation, the latest GIS will be required
Interest rate:
2% monthly add-on rate
Loan amount:
₱30,000.00- ₱2,000,000
Repayment Term:
12, 18, 24, 36 months
Fees and charges:
- Processing Fee- ₱2,000
- Documentary stamp tax- ₱1.50 for every ₱200.00
- Late Payment Charge- ₱500 or 3% of the total amount due, whichever is higher
- Pre-termination Processing Fee- ₱2,500
- Closure handling fee- ₱2,500
Application Turnaround Time:
5-7 working days
Application Procedure
- Download the zukì app by SB Finance, available on the Play Store and App Store.
- Open the app and create an account.
- Input your mobile number and PIN to log in to your account.
- The next step is filling out the Security Bank Personal Loan online application form. In the process, you’ll need to upload a scanned copy of your valid ID, upload the required documents, and undergo a selfie check.
- Wait for the notification (in the zukì app) about the status of your application.
Pros
- High Loan Amount: One thing that makes Security Bank Personal Loan different from other loan products is the high loan amount it commits to its clients. Although it’s very difficult to avail of the 2 million pesos maximum loan amount, anything close to it is still significant. Just work out all the requirements and apply to know how much Security Bank can lend you.
- All-digital: Security Bank is determined to adapt to the latest banking technology, so it developed the zukì app in partnership with Thailand’s Bank of Ayudhya (Krungsri). Using the said app, you can easily apply for a loan and pay your monthly amortizations in the comfort of your home.
- Flexible term: Security Bank understands that most Filipinos are having difficulty budgeting. More often than not, their earnings can’t cover the entire monthly expenses. Security Bank has your back. That’s why its personal loan comes with flexible repayment options. Remember that a longer repayment term means lesser monthly amortization.
Cons
- High interest rate: Let’s be honest- the 2% monthly add-on interest rate Security Bank imposes on its personal loan product is high. To help you picture out: let’s say you borrow ₱100,000; after a month, ₱2,000 will be added to the principal amount (₱100,000) following the 2% monthly add-on interest scheme.
- Complex requirements: Many documents are required if you apply for a Security Bank Personal Loan. Aside from the several office/ business documents, applicants should also meet the minimum gross monthly income requirement for their application to be considered.
- Multiple fees and charges: You need to shoulder several fees and charges if you apply for a Security Bank Personal Loan. Mind you, these fees are not minimal- some even cost ₱2,500!
- Slow processing: It will take 5-7 working days to know the status of your Security Bank Personal Loan application. If you need immediate cash, certainly, this loan product is not the solution.
Borrowers’ Feedback
What people love about Security Bank Personal Loan is its high loan amount, non-collateral, flexible repayment terms, and fully digital loan application process.
Yes, it’s true that to be granted a 2 million pesos loan is almost impossible, but then again, there’s no cost in trying. Anyway, if you missed the 2 million loan offer, you’ll still end up borrowing a significant amount of money as long as your requirements merit.
Security Bank is also a bit lenient since it does not require applicants to have an existing credit card. Moreover, it will not ask for any collateral. It’s actually a game-changer, considering the Bank is willing to lend up to 2 million pesos.
Of course, borrowers also love the zukì app, which makes loan application seamless and easier.
Conclusion:
Security Bank Personal Loan appears to be a typical loan product, but in reality, it’s not!
First and foremost, it offers a high loan amount without asking for any collateral. And to ensure the monthly amortization will not add so much pain, it provides very flexible repayment terms. You can pay up to 36 months, depending on your financial capacity.
Try to weigh the pros and cons of the Security Bank Personal Loan, and you will realize it’s a real gem for Filipinos. We don’t want to keep beating around the bush. If you need a significant amount of money, apply for a Security Bank Personal Loan today!
