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AFPSLAI business loans for december 2022 in the Philippines

AFPSLAI
Get a business loan at AFPSLAI. On 03.12.2022 there are 1 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.

Offers: 1

Updated:
20.10.2022
06:54
Business Loan
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₱300,000-₱5,000,000
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up to 60 months
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Submit your loan application online

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AFPSLAI business loans calculator in the Philippines

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Business loan application in the Philippines

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On our website you can fill out a short application form for a loan.

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BillEase
5
Albert T
Albert T
02.12.2022 at 09:25
The best interest – lower than other companies. I've been using Billease for 2 years, and want to say thanks. You may use it with no fear to pay for you smartphone or smth.
Review
TALA
2.6
Allan P
Allan P
01.12.2022 at 09:55
With Tala I forget about banks and offices. Everything is in mobile, I could control my money and loan. Choose limit. I just needed driving license and phone number to register account...
Review
BillEase
4.2
Marvin T
Marvin T
27.11.2022 at 13:25
Billease is for you when you need to buy a new gudget but can't afford it, you may pay by parts. And I don't even need a credit card...
Review
TALA
3.2
Joan T
Joan T
24.11.2022 at 19:07
Tala is an option if you need cash quickly. I urgently borrow money I needed. Downloaded the app, apply and it take 5 min to get my cash. App is essy, interface is comfy.
Review
BillEase
4.2
Evelyn M
Evelyn M
22.11.2022 at 10:10
Fast approval and great app. It is easy even for me and I'm not good with technology. I apply, approved and get my Php 2000 in 30 minutes.
Review
BillEase
3.2
Erwin P
Erwin P
17.11.2022 at 13:05
I decided to get a second loan, bigger one. But it takes me ages to apply. They already had my info and acc. Why so long? My sis says its the best lender… I dont know.
Review
AFPSLAI business loans for december 2022

The AFPSLAI business loan has a loanable sum ranging from ₱300,000 to ₱5 million. However, it should only be equivalent to the borrower's genuine need, 70% of the property's fair market value, or the amount appropriate to the borrower's paying ability, whichever is the lowest. The loan period spans from one to five years.

How to apply for the AFPSLAI business loan?

Follow the below steps to apply for the AFPSLAI business loan:

  1. Visit the AFPSLAI branch that is most convenient for you.

  2. Obtain, complete, and submit the AFPSLAI business loan application form and prerequisites.

  3. If the provided papers meet all requirements, the loan specialist will proceed with the loan procedure (new/renewal).

  4. The lending specialist will recommend that the loan be approved.

  5. The loan expert will be required to submit loan release conditions after approval.

  6. The borrower will get their loan funds if all loan release procedures are followed.

Requirements

Below are the eligibility and needed documents to be qualified for this loan:

Eligibility

Except for corporate members who are the registered proprietors (or one of the partners, as the case may be) of the company for which the loan profits are to be utilized, all regular and associate members in good credit standing are eligible. A member in good credit standing has no delinquent/past due loans on their record, has met the minimum needed balance for CCA and has no inactive savings bank account.

Documents

  • Fully completed application form.
  • Two copies of the borrower's current photo IDs from the primary applicant, owner, or authorized signatory.
  • Latest ITR must bear a BIR stamp.
  • Audited financial statements for the last year.
  • Last three-month bank account statement.
  • GIS and legitimate DTI/SEC registration papers, depending on your occupation.
  • List of customers or suppliers and information about their transactions.
  • Board or partnership resolution (authorizing signatory for accounts and loan, credit investigation on both the business and owners).
  • Customers will receive templates at the loan application time to help them prepare for the loan decision, including the continuing suretyship agreement (for self-employed lenders).
  • Mayor's Permit.

Pros and cons

Before deciding whether to apply for a business loan, members must constantly weigh the advantages and disadvantages of doing so. Below are some honest pros and cons of the AFPSLAI business loan.

Pros

  • This loan will help hasten the expansion of your company.
  • The loan can be applied to resolve cash flow problems.
  • The loan calculator could be used to determine the potential cost of your loan.

Cons

  • If you get behind on payments, you risk losing assets.
  • The organization will investigate your loan history before approving a loan.
  • The loan lacks term flexibility.

How to repay the AFPSLAI business loan?

Acceptable payment methods include salary/pension deduction and auto debit from the borrower's CCA/SDA02 account. This implies that auto debit must be enabled during the business loan application process.

FAQ

Can I utilize a collateral property not owned by the borrower's spouse in the AFPSLAI business loan?

Properties granted in one spouse's name are considered conjugal/communal ownership of both couples. Only if the spouse signs the loan application form and agrees to become co-mortgagor of the property will the subject property be approved as loan collateral.

Do I receive the whole amount of the AFPSLAI business loan?

Except if the loan is for the construction/renovation of company space, residential units, or other structures in a comparable category, loan proceeds must be transferred in full to the borrower. In this instance, the loan funds will be disbursed in stages.

Can I repay the AFPSLAI business loan in a variety of ways?

For the life of the loan, there will be only one means of payment. Over-the-counter payments are permitted if the goal is to amend or expedite loan payments.

What happens if the AFPSLAI business loan is not paid on time?

Penalty costs of 2% of the unpaid payback due for the month will be assessed on accounts with late or defaulted payments and underestimated payments.

How will I know if AFPSLAI has accepted my business loan application?

Upon the AFPSLAI business loan acceptance, you will receive an SMS or an email, and a customer service agent will contact you to arrange a booking appointment in the AFPSLAI branch.

When my business loan application is approved, how will I get the money from AFPSLAI?

The loan amount will be credited to your designated account immediately after meeting with the loan specialist. You will need to open an AFPSLAI account at the branch if you do not already have a CA/SA account at the time of application.

Can I get a loan again from AFPSLAI?

Yes, you can. As long as you have paid off the principal and interest of the original loan, and there has not been a history of missed payments, you can re-avail an AFPSLAI business loan. The former loan amount will be subtracted from the proceeds of the new business loan upon approval.