Detailed information
About bank
Bank of Commerce, also known as BankCom, is a well-reputed universal bank specializing in personal and business loans. They have their headquarters situated in Mandaluyong and the Philippines. Bank of Commerce is a well-reputed universal bank specializing in personal and business loans.
The Bank of Commerce was established in 1963 and is licensed by Bangko Sentral ng Pilipinas (BSP). They have a network of 140 branches and 260 ATMs located nationwide. In 2013, the Securities and Exchange Commission approved the extension of the corporate life of the bank for another 50 years. They are known for multiple products and services, including corporate banking, treasury asset management, security policies, transaction banking, and trusts and investments.
Pros and cons
If you are facing any financial turmoil, the BankCom can lend a helping hand. However, it is always suggested to oneself to be aware of all the advantages and limitations.
Pros
They offer an easy application process.
They offer the services of a financial calculator so that you can get a better hold of the loan and other factors.
They offer effective security policies to protect the confidential information of every client.
Cons
The money disbursement takes time.
Interest rates are higher in comparison to traditional banks.
Loan conditions
The Bank of Commerce provides loans to Filipino residents aged 22-65. The loan amount varies depending on the loan product the applicant chooses. To qualify for a loan, the applicant must submit a valid ID, bank statements (6 months), and a billing statement (1 month). An employed person needs to submit a copy of income tax returns of the preceding year, a copy of the payslips for the last three months, and a certificate of employment. A self-employed applicant must submit the business registration papers with DTI, audited financial statements, and last year’s ITR. If the applicant is an overseas Filipino worker, they will have to submit the certification of employment and job contract with proof of remittance. If you are one of the regular customers, you need not submit the documents again.
Types of loans
Before submitting a loan application to the BankCom, learn about the variety of lending options offered by them:
Auto loan
Applicants can use this personal loan to finance vehicles. The loanable amount begins with a minimum of ₱100,000 for 12-60 months.
Home loan
Are you thinking of living in your dream house, or are you already living in it, but it needs major repair, or are you thinking of expanding the existing house? In this case, a home loan will be a good choice. The minimum loanable amount for this personal loan is ₱500,000. The interest is the best in the market, and the application process is hassle-free.
Small business loan
If you are running a business at your home and need extra capital, you can seek this personal loan for working capital or day-to-day business expenditure. The pricing for the loan is decided upon the prevailing lending rate.
Other loans
Other than the above-mentioned loans, BankCom offers salary loans, term loans, capital loans, foreign currency-dominated loans, and trust receipt loans. However, the company does not provide any information on these loans on the official site, so if you need to learn more about them, please, contact the Bank of Commerce support.
