Security Bank Personal Loan – Helpful Information For You

A lot can happen in a year. Sometimes, you may find yourself with an emergency expense or some other financial need that is greater than your income. You might be looking for a way to pay off debt and make ends meet until the next paycheck comes around and your money situation becomes more manageable. 

A Security Bank personal loan can help you deal with this. Let’s find out all about this service from Security Bank below. 

About Security Bank

Security Bank Corporation (SECB) has been providing financial services for over fifty years. It is a commercial bank incorporated in May 1951 and began operations in June of the same year. In 1994, the BSP granted SECB the authority to operate as a universal bank. 

The business of SECB is diverse and comprehensive. They offer wholesale banking, retail banking, and financial markets. Commercial banking services of the company include deposit products, treasury, trade finance and loans, foreign and domestic fund transfer, foreign exchange as well as trust services.

The company’s joint ventures and subsidiaries are SB Rental Corporation, SB Finance Company, SB Capital Investment Corporation, SB Cards Corporation, SB Equities, SBM Leasing, Security Finance and Leasing, and SB Forex, Incorporated. 

As of 31st of December 2020, SECB possesses a network including 313 online branches with 180 branches situated in Metro Manila and 133 outside this city. Plus, there are 804 automated teller machines all over the country.

Introduction To Security Bank

Security Bank

What Is A Security Bank Personal Loan?

Personal loans are an excellent alternative to personal credit. Different from credit products, they are installment loans. It means that you will pay the total you owe over time with fixed payments until you repay the debt completely. A personal loan is a great way to get funding for a large variety of purposes, such as paying for a house or a loan for a car purchase. 

Common terms used for Security Bank personal loans are available here:

  1. Principal – The amount of your loan
  2. Interest – The amount of fee charged for borrowing money, usually expressed as a percentage. 
  3. Term – The length of time you need to repay the money (usually in months)
  4. Monthly payment – The sum of money you pay each month. The payment comprises both the principal amount of your loan and a portion of the sum of interest.

Benefits of Security Bank Personal Loan

Security Bank personal loans bring you numerous benefits. Let’s check them below! 

Benefits of Security Bank Personal Loan .jpeg

Security Bank in Legazpi

Hassle-Free Online Personal Loan Application

Ironically, the world has gone mostly digital nowadays, but some banking transactions still need doing in-branch. Personal loan applications are one such example.

Fortunately, Security Bank offers an online application facility for the loan so you can complete your paperwork from the comfort of home. All that you need to do is to get access to the Internet and complete the loan application within a few minutes.

Quick Approval Help You Get Your Money Immediately

Security Bank is a top-rated lender in the Philippines that offers quick approval for personal loans. The bank will review your application and documents, and the approval process takes five working days, while other banks need a standard time of seven days or even longer.

The availability of fast approval to help you with emergencies is a significant advantage for many borrowers. That way, if there are hospital bills or tuition due soon, you do not have to wait for a long period. 

Low-Interest Rates

Security Bank is among the banks offering the lowest interest rate in terms of personal loans in the Philippines. It has a monthly add-on beginning at 1.89% for loan periods ranging between 12 and 36 months. Plus, the annual percentage rate (APR) starts at 29.48%.

Such low interest rates in personal loans from Security Banks allow you to reach a low borrowing cost. Getting this type of financial product allows you to make payments that are easy on the wallet. Also, loan installments paying monthly helps you to avoid accumulating unpaid balances leading towards more debt.

Loan Amounts Up to P2 Million

Personal loans from the Security Bank are flexible as it offers a variety of options for you to choose from, including PHP 30K – 2 Million. Whether they are home improvements or college tuition fees, the maximum amount allows you to fund all your necessary expenditures with ease.

Flexible Repayment Terms

There are four payment terms to choose from when applying for a Security Bank loan, including 12, 18, 24, and 36 months. 12, 18, and 24 months all have higher monthly installments than 36 but lower interest rates on their shorter-term loans. 

Plus, the Security Bank loan calculator is a great tool for determining how much you can borrow and what term you should use, based on your financial capabilities.

Financially Stable and Trustworthy Lender

Security Bank is one of the highest financial stability in this banking industry. It is great to become a partner of such a company. If you want to learn more about its performance, total assets are available for you to check based on the most up-to-date data from Bangko Sentral ng Pilipinas.

Additionally, Security Bank is a leading provider of banking services. It has got the multi-award with the prestigious title Bank of the Year thanks to the solid financial performance as well as the adoption of many technological innovations. 

Good financial health banks are the ones that not only offer you loans but also many other financial services.

See also: RCBC Personal Loan – All You Should Know Before Applying

What Are Requirements To Apply For A Security Bank Personal Loan?

Only when you meet the basic requirements below may you apply for a personal loan from Security Bank.

  • At minimum age of 21 when making application, but not over 65 upon loan maturity:
  • Must have a residence landline or office
  • Must be a Filipino Citizen
  • If Employed, monthly income needs to starts at least:
  • Metro Manila: PHP15,000
  • Outside Metro Manila: PHP12,000
  • If Self-employed:
  • For Self-Employed/Professionals, the borrower needs to be the majority owner/owner with a minimum stake of 40 % 
  • The business operates profitably for a minimum time of 2 years, along with at least one trade reference.
  • Gross income each month starts at least PHP100,000.

See also: Security Bank Exchange Rate

What Are The Necessary Documents To Apply For A Security Bank Personal Loan?

The list of documents you have to prepare for a Security Bank personal loan includes:

For The Employed

  • Company ID
  • Valid government-issued photo ID
  • Newest payslip of one month
  • The Certificate of Employment and Compensation (with the previous six months) / latest ITR.

For The Self-Employed

  • The last year Audited Financial Statement
  • Valid government-issued photo ID
  • SEC Registration/DTI Certificate
  • Mayor’s Permit/Business Permit
  • The previous three months bank statements
  • For corporations: The latest General Information Sheet

What Are The Necessary Documents To Apply For A Security Bank Personal Loan? .jpeg

What will you need to apply for a security bank personal loan?

How To Apply For A Personal Loan From Security Bank?

If you have decided to choose Security Bank for a personal loan, let’s follow these simple steps and make an online application:

  1. Access Security Bank’s Online Personal Loan Application Facility
  2. Complete all fields required. You have to ensure that all information is correct and complete.
  3. Take photos/scan all document requirements, then upload to an online facility.
  4. Agree to the Terms & Conditions, and then click Next.
  5. Now, wait for confirmation of receipt of the personal loan application from a text message.

Security Bank Standard Personal Loan Rates

Term Monthly Add-on Rate*
12 to 36 months 1.89%

 

*Annual Percentage Rate starts at 39.53%

*Estimated APR (36 months) is 37.53%

* Indicative rates showed only and may change with approval.

A Sample Computation: When your loan is P50,000 in 36 months with 37.53% APR, you would have to pay P 2,333.89 every month.

Final Thoughts

Security Bank offers personal loans to help clients with their financial needs. It is easy to apply, and it can help you in many ways. We hope you have enjoyed this post about our Security Bank Personal Loan services and can use the information in your own life!

See also: Security Bank Hotline: All Information You Want To Know

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