PSBank business loans for june 2023

PSBank business loans are tailored to the needs of medium and small-enterprise owners.

Types of PSBank business loans

There are five types, and we will look at them in this subsection:

• PSBank SME Term Loan with Prime Rebate. This financing will assist you in building and expanding your firm in the manner that you want. You have complete control of the PSBank SME term loan with a prime rebate. You have complete control over when and how your company expands. The loan with prime rebate provides small businesses with reasonable rates and customizable repayment alternatives that are tailored to your company's needs. It has a maturity range of one year to seven years. The loan is repaid by amortizing the principal and interest over the life of the loan. Furthermore, it has a prime rebate, which allows you to receive a loan interest discount if you make early or surplus payments on your monthly due, putting your money to work for you. The minimum loan amount is ₱2 million for real estate properties and ₱500,000 for deposits. The loan period is one-year minimum and seven years maximum from the date of initial availment.
• PSBank SME Business Credit Line. This loan is intended to provide operating cash to entrepreneurs of small and medium-sized enterprises. It enables them to expand their business with confidence and ease. So, whether you need to boost your working capital, replenish your inventory, or extend your square footage, the loan is a good option. You can get instant access to cash as well as one of the market's lowest interest rates. There's no need to sign a debt instrument or go to the branch whenever you need money. The minimum loanable amount is ₱2 million if real estate property is used as collateral and ₱500,000 if deposits are used as collateral.
• PSBank SME Credit Line. PSBank understands that building and expanding your business is always necessary. So, with this loan, you can receive extra cash for working capital, fill gaps in your financial regulations, and take advantage of the potential to build your firm. The loan can be tailored to your company's size, budget, and financial requirements. The minimum loan amount is ₱2 million for real estate collateral property and ₱500,000 for deposits.
• PSBank Standby Credit Line Certification. This loan assists small and medium-sized firms (SMEs) in facilitating trade with their primary clients by issuing a standby letter of credit. This document would show that your company has an accessible credit line from which the beneficiary can draw after the transaction or service is finished. As a result, you can be confident that your organization has the resources to undertake and complete a deal. The minimum loanable amount is ₱2 million for real estate collateral property and ₱500,000 for deposit collateral.
• PSBank Domestic Bills Purchase (DBP) Line. With this loan, the bank will buy your dated checks or sales bills and advance the funds to you, subject to client payment and bank approvals. This way, cash from receivables will be available to you immediately. The sooner you get the funds from your sales, the sooner you may capitalize on possibilities and propel your company forward. The line amount is calculated using 50% of the average daily balance over the previous six months.

How to apply for PSBank business loans?

Follow the instructions below to apply for this loan successfully:

1. Visit the PSBank official website.

2. Highlight your mouse through Loans and then select Business.

3. Go down and check under PSBank Online Loan Application, select Business loan, and click on Apply now.

4. Input your contact details and your preferred appointment date and time. Click on Submit when done. You have successfully booked a home loan appointment with PSBank customer care.

5. Visit the bank premises on the designated date with all the needed documents to complete your application.

Requirements

Some of the major requirements are:

• Filled and signed PSBank business loan application form.
• Statement of assets and liabilities.
• Two valid government-issued IDs.
• Business registration papers like the DTI certificate of registration.

Please visit the PSBank website for a complete and extended requirements list.

Pros and cons

Below are some honest pros and cons of this loan:

Pros

• There are several loans to choose from.
• The loan also has the prime rebate promo.

Cons

• The loan application is offline.
• The bank requires a lot of documents before they can approve a loan application.

How to repay?

PSBank SME business loan clients have a variety of payment options. Monthly payments can be made at any PSBank branch or by issuing PSBank post-dated checks. Borrowers can also utilize the auto-debit arrangement (ADA), which requires them to enter their accounts and the amount and payment schedule. Every month, the payments will be withdrawn automatically from their PSBank savings or checking accounts.