About bank
AFPSLAI — Armed Forces and Police Savings & Loan Association, Inc. — is a private, non-stock and non-profit financial institution. It was established and registered with the Securities and Exchange Commission (SEC) in 1972, and regulated by the Bangko Sentral ng Pilipinas.
AFPSLAI mission is to promote industry, frugality and savings among its 587,000 members from the Armed Forces of the Philippines (AFP), Philippine National Police (PNP), Bureau of Fire Protection (BFP), Bureau of Jail Management and Penology (BJMP) and their civilian employees. It has 33 branches and 52 satellites.
AFPSLAI offers products and services such as: deposit accounts, loans for any purpurpose and mobile banking.
Features
A private financial institution tailored for not only members of AFP, PNP, BFP and BJMP, but also for their widows/widowers and orphans, retired, honorably discharged members, and permanent civilian employees. Legitimate spouses, children over 21 of Regular Members can become Associate Members.
Members aren't charged any membership fees and are provided with AFPSLAI ID for free. But to open the Capital Contribution Account (CCA) you will need to deposit Php 1,000.
As a non-bank financial institution AFPSLAI re-deposits funds to BSP regulated banks and makes efforts to provide the best dividend rates based on its yearly income attainment. Dividends may be tax free.
Products
Capital contribution account is a deposit with higher dividends than commercial banks may offer, no taxes. Annual dividend rate is announced when the audited financial statements are completed. You can't deposit more than the maximum balance of Php 3 Million.
Savings Deposit Account, Savings Deposit Remittance Account and Time Deposit Account are an alternative for those whose CCA has already reached the limit. Interest is calculated daily and posted quarterly.
Savings Deposit Account interest rate is 3% annually, without taxes applied.
Pension Account is made to receive pension through AFPSLAI and needed to apply for AFPSLAI Pension Loans. Interest rate is 3%, tax free.
Emergency Loan lets all regular members borrow up to Php 1 Million for 6 — 60 months. A maximum loan amount is based on the monthly salary and AFPSLAI deposits amount.
Vehicle Loan is available for all Regular and Associate Members of AFPSLAI from 21 to 64 years old. You may borrow up to 70% of the selling price of the vehicle, and must pay to the dealer at least 30%. Loan terms are 1 — 6 years.
The AFPSLAI Mobile App allows you to access the real-time balances of your deposit and loan accounts, apply for loans and open a new savings deposit account. Pay attention that to complete these operations you should visit the branch. The app is available every business day from 7:00 AM to 7:00 PM, except on holidays and weekends.
Services
Deposits with different divided rates, maximum balance and conditions for Regular and Associate members. If your minimum maintaining balance is less than Php 1,000 your account will be terminated. Savings Deposit Account's minimum maintaining balance is only Php 100, and no maximum limit is set.
Lending services provide a wide range of loans from emergency loans to real estate and vehicle loans, AFPSLAI members also may apply for business, cash and salary loans, if they qualify.
Special services available for AFPSLAI nembers: Assistance to Lift Member’s Survivor designed for the family of the deceased AFPSLAI members, Automatic Payroll Deduction for CCA, PensionExpress which allows withdrawal of pension through ATM, Expected Dividend Advance, U-Remit and InstaCredit, which allows members to claim their loan proceeds or cash withdrawal via UCPB Branches or other bank accounts or Rizal Commercial Banking Corporation (RCBC).
Pros and cons
Pros
Reputable association
Supervised by Bangko Sentral ng Pilipinas
No membership fee
Can apply for a membership and a loan online
Available for member's spouses and children
Can use mobile app
Highest tax free dividends with CCA
A great choice of loans
Cons
Limited circle of members
Have to update membership every 3 years
Should prove income
Mobile app functions and access time are limited
Regulated maximum and minimum balance amounts
Can't apply for Savings accounts online
Minimum down payment is 30%
