The small and medium enterprise (SME) Business Loan is a secured CTBC Bank loan that meets the needs of entrepreneurs and company owners for business finance. The program offers short-term loans, revolving credit lines, and term loans. The minimum loan amount is ₱500,000, and the maximum is ₱70,000,000. The minimum loan term for the term loan is one year, and the maximum is ten years. Short-term loan terms are 30, 60, 90, 120, 180, or 360 days.
The loan includes a short-term loan (revolving credit line) - a 30 to 360-day swirling credit line suited for business operational and operational capital requirements - and a term loan - a loan facility paid in standard repayment terms for up to 10 years to address firms' long-term financing needs. The loan can be used for store/office expansion/improvement, purchase, operating capital, or refinancing outstanding bank loans.
How to apply for the CTBC Bank business loan?
Follow the below steps carefully to apply for a CTBC Bank’s SME Business Loan:
- Visit the CTBC Bank official website.
- Click on Loans and then SME Business Loan.
- Check the right-hand side of the screen to download the loan application form. Print the form.
- Fill out the loan application form carefully and thoroughly.
- Gather all the needed documents with the loan application form and visit the nearest CTBC Bank branch to you.
- You will be attended to. Follow all the directives carefully to apply for the loan and get paid.
Requirements for a CTBC Bank business loan
Below are the eligibility and documentary requirements to qualify for this loan:
Eligibility requirements
- The business must be a Filipino-owned company.
- Applicants must possess a gross monthly income of ₱50,000, with their business operating with profit for at least three years.
- Applicants must have a landline number.
Documentary requirements
- Duly filled-out and signed application form that was downloaded online.
- Appraisal fee payment receipt.
- List of the company’s major customers and suppliers with their contact details and signature.
- Photocopy of two valid government-offered IDs of each authorized signatory.
- Business registration papers issued by the Philippines department of trade and industry (for sole proprietors).
- SEC registration certificate, by-laws, latest general information sheet, articles of incorporation (for corporations).
- Latest six months business bank account statement.
- Audited financial statements for the last three years.
- Income tax return (ITR) for the last three years.
- Photocopy of vicinity plan/lot plan/subdivision plan.
- Photocopy of TCT / CCT.
- Photocopy of tax declaration.
Pros and cons of CTBC Bank business account
Below are some pros and cons of the SME Business Loan.
Pros
- The loan features a short-term and a long-term loan which can address any business challenge.
- The bank offers loanable amounts of up to ₱70,000,000.
- There is a loan term as early as 30 days and as long as ten years.
Cons
- The loan application is made online.
- You only know your loan interest rate after applying for a loan.
- The minimum processing time is 21 days. This can be up to a month or more in some instances.
How to repay your CTBC Bank SME Business Loan?
CTBC Bank SME Business Loan borrowers, like home loan borrowers, have three payment choices. Monthly amortizations can be paid at any CTBC Bank location or by issuing CTBC post-dated checks. Borrowers can also make use of the auto-debit arrangement (ADA) option, which requires them to specify their accounts and the amount and payment schedule. The payments will be deducted automatically from their CTBC savings or checking accounts every month.