Sterling Bank of Asia business loans for july 2024

Sterling Bank
Get a business loan at Sterling Bank of Asia. On 24.07.2024 there are 8 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 8
Updated:
14.10.2022
08:09
Sterling Bank of Asia
Domestic Bills Purchase
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Sterling Bank of Asia
Domestic LC/ TR
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Sterling Bank of Asia
Standby LC or Bank Guarantee
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Sterling Bank of Asia
Import Letter of Credit (LC) & Trust Receipt (TR)
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Sterling Bank of Asia
Developmental Loan
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Sterling Bank of Asia
Trade Check Discounting
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Sterling Bank of Asia
Short Term Loan
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Term
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Loan term for the financial product

up to 12 months
Sterling Bank business loans calculator
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Interest rates on loans in the Philippines 

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

Business loan application
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Sterling Bank of Asia business loans for july 2024

Sterling Bank of Asia offers multiple types of business loans that can meet your company's requirements and priorities as it grows.

Types of Sterling Bank business loans

  1. Short-term loans. This loan lasts one year or less to finance your company's working capital requirements, such as receivables and new inventory.
  2. Trade Check Discounting. This is a loan versus the post-dated checks issued by the borrower's customers.
  3. Developmental Loan. It is used in developing real estate properties, including the construction of improvements and the excavation and infrastructure.
  4. Import Credit Letter (LC) & Trust Receipt (TR). An LC is a contingent loan used to guarantee payment to foreign suppliers. It guarantees the seller (foreign supplier) that he will receive payment for the goods he shipped. Then an LC is converted to a TR, in which the borrower (importer) receives delivery of imported goods but retains ownership with the bank, at least on paper.
  5. Bank Guarantee. This contingent loan is used to guarantee the borrower's performance to a third-party beneficiary on a domestic contract obligation.
  6. Term Loan. This loan lasts for more than one year, normally between five to seven years, and it is used to finance the borrower company's capital expenditures.
  7. Domestic LC/TR. This is a loan facility that is similar to Import LC. However, the supplier is in the country.
  8. Domestic Bills Purchase. This loan provides day-to-day liquidity via the purchase of dated checks, and it is without a clearing time.

How to apply a business loan?

  1. First of all, check for your eligibility, and if eligible, continue to the next step.
  2. Gather all the documents you must submit when applying for the loan. The documents you need to submit may vary depending on your job situation.
  3. Submit all of the required documents to a Sterling Bank of Asia branch. Ask for a copy of the loan application form, or download it online from the bank's official website.
  4. Get your loan application form, documents and requirements checked and evaluated by the bank. Wait for the notice from the bank on whether the loan application is successful or not.

Requirements

To qualify for a business loan from Sterling Bank, there are some documents one needs to have. Make sure they are ready at the time of application.

For single proprietorships

  • Duly filled application form
  • The borrower's company profile
  • Latest 3-year Audited Financial Statements (AFS) and Income Tax Return (ITR)
  • Latest DTI registration certificate
  • Business/Mayor's permit
  • Two valid government-issued IDs from the primary applicant and proprietor
  • Trade references must feature at least five customers and five suppliers with contact details and credit terms

For corporations

  • Duly filled application form
  • The Company profile
  • Latest 3-year Audited Financial Statements (AFS) and Income Tax Return (ITR)
  • General information sheet (GIS)
  • Business/Mayor's Permit
  • Two valid government-issued IDs from the primary applicant and proprietor
  • Trade references must feature at least five customers and five suppliers with contact details and credit terms

Eligibility

To be eligible to apply for a loan, applicants have to meet the following eligibility criteria:

  • They have to make sure that the significant principal owner/s is a residing Filipino Citizen
  • They have to make sure that the principal owner/s is at least 21 years of age at the time of application and not older than 65 years of age upon maturity of the loan
  • Their business must be duly registered by SEC to operate as a business in the Philippines for at least three years;
  • They must have a profitable business that has been operational from the past three years
  • There should not be any reverse credit findings on the company and its principals.

Pros and cons

Before applying for a business loan, applicants should always look at the benefits and downsides before finally deciding if it is the right one for them.

Pros

  • It can expedite your business's growth
  • It can be used to overcome cash flow issues
  • It has a loan calculator you can use to check how much your loan may cause

Cons

  • If the loan repayments default, borrowers can even lose their assets
  • To apply for a loan, you are required to have a strong credit profile
  • The loan's terms are not that flexible

How to repay?

Sterling Bank business loans can be paid off through Automatic Debit Arrangement (ADA) or over the counter – only at the branch where you obtained the loan and signed the contract. Using the Sterling Bank mobile app, you can track your loan. Customers can also deposit post-dated checks in the bank, which can be deposited time-to-time to complete the payments. Also, note that a 5% late payment penalty fee applies if you miss your payment.

FAQ

What happens if I cannot repay a Sterling Bank business loan?

Sterling Bank may bring suit to recover the loan's value, as well as any outstanding interest, fees, and costs, in the event that you cannot repay a business loan. This long and expensive process can be extremely damaging to a business and, in some cases, may even result in filing for bankruptcy.

How does the Sterling Bank business loan calculator work?

The Sterling Bank business loan calculator calculates the borrowing cost and the maximum amount to be paid in a single installment. Enter the loan amount you want to borrow to estimate the monthly amortization for different terms.