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Cantilan Bank

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About bank

Cantilan Bank (CANBNK) is a Philippine-based financial institution that offers innovative products and services for saving, making payments, applying for loans, sending remittances, withdrawing cash, and communicating with customer support representatives.

Cantilan Bank was founded in 1980 and serves over 100 villages across 12 provinces in Mindanao and the Visayas. The company's headquarters are located at Orozco St. in Magosilom, Cantilan. The bank is also registered with the Securities and Exchange Commission (SEC), which allows it to contribute to the country's economy while also improving citizens' lives. As the country's first bank to go live on a cloud-based core banking software as a service (SaaS) system, they can design and offer exceptional financial services to local and foreign consumers.

Pros and cons

Before using the bank’s services, you must first grasp their advantages and disadvantages to understand whether they meet your demands.

Pros

  • Offers a variety of loans and services like money transfers.
  • Facilitates community banking.
  • Provides sustainable traditional and alternative banking and countryside development services.
  • Develops and delivers banking solutions for underserved communities.

Cons

  • Cantilan Bank services are only available across 12 provinces in Mindanao and the Visayas.
  • Loan approvals might take a long time.

Products

Cantilan Bank provides the Cantilangnons access to the following financial services and products.

Deposits

  • Regular savings. The savings account gives you access to long-term savings while also allowing you to keep track of your deposits and make withdrawals. To open this account, you only need one valid ID with a photo and a ₱100 payment.
  • Current account. This is a non-interest generating checking account that requires only a ₱5000 deposit to open and allows you to budget, pay bills on time, and keep track of your transactions. The funds, however, can only be withdrawn by check.
  • Regular time deposit. A savings account that charges a 20% withholding tax and allows you to withdraw interest twice — semi-annually or annually.
  • Medium-term time deposit. A savings account with a 20% withholding tax that allows you to withdraw interest three times a year: quarterly, semi-annually, or annually.
  • Premium time deposit. A savings account that does not incur withholding taxes and allows you to withdraw interest when the account matures.
  • Corporate account. Acts as a checking and savings account to make day-to-day financial administration easier while maintaining strong business credit and managing corporate spending.

    Loans

    • Multi-purpose loan. The bank provides access to cash that can ‌assist in running a business, such as capital, or for personal reasons, such as medical expenditures, university fees, house renovations, and automobile repair costs.
    • Home financing loan. The bank provides funds for renovating your old house or buying a new one at a maximum amount of ₱450,000 payable over 1 to 15 years.
    • Salary loan. The bank provides salary advances from ₱10,000 to ₱150,000 to eligible members.You must be employed, either by the government or by a private company. It is also available to the Barangay Honorarium, the lowest level of law enforcement in the Philippines.
    • Micro-business loan. The bank provides a KITA loan to low-income entrepreneurs who want to start or expand their small business.
    • Business enterprise loan. The bank provides funds to sole proprietorships ranging from ₱350,000 to ₱15,000,000.
    • Business loan.These are loans accessible to Filipinos who own or operate agricultural businesses.

    Services

    • Payroll. The bank avails employers with a payroll card to ensure that their employees receive their paychecks on time while incurring no costs or fees.
    • Money transfer. It makes use of the i2i service, which allows clients to send and receive money in real-time. Remittance services are also available through Western Union, which allows you to send money to family and friends anywhere in the world.

    Cantilan Bank

    FAQ

    What is Cantilan Bank?

    Cantilan Bank is one of the leading rural banks providing banking solutions to underserved local communities in the Philippines. The bank was established in 1980 to help improve the economy of communities through banking services and products.

    Who owns Cantilan Bank?

    The bank is owned by Gen. William Hotchkiss III (Ret), President Brig.

    What is the maximum Cantilan Bank amount you can get?

    You can borrow from ₱3,000 to ₱80,000.

    What is the average approval time for a Cantilan Bank loan?

    Borrowers can get their loans approved within five business days.

    How much interest does a Cantilan Bank loan attract?

    Microfinance loans attract interest from 2% per month.

    How do you qualify for a Cantilan Bank loan?

    Different loans have different terms. To borrow a microfinance loan, for instance, you must be a micro-entrepreneur aged between 18 and 65, have operated a microenterprise for at least a year, and have no history of delinquent or past due loans with the bank or another creditor.

    Is Cantilan Bank a legitimate company?

    Yes. Cantilan Bank is regulated by the Bangko Sentral ng Pilipinas and registered to operate in the Philippines.

    Financial products

    Cantilan Bank
    Multi-purpose loan
    Rating by Finanso®
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    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Recommended FinScore™
    0
    300
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    Cantilan Bank
    Salary Loan
    Rating by Finanso®
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    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Recommended FinScore™
    0
    300
    650
    1000
    ₱10,000-₱150,000
    Rate
    i

    Effective interest rate on the product

    up to 20% per year
    Term
    i

    Loan term for the financial product

    up to 36 months
    Cantilan Bank
    Home financing loan
    Rating by Finanso®
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    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Recommended FinScore™
    0
    300
    650
    1000
    up to ₱450,000
    Term
    i

    Loan term for the financial product

    up to 15 years
    Cantilan Bank
    Business enterprise loan
    Rating by Finanso®
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    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Recommended FinScore™
    0
    300
    650
    1000
    ₱350,000-₱15,000,000
    Cantilan Bank
    Micro-business loan
    Rating by Finanso®
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    Recommended FinScore™
    0
    300
    650
    1000
    Cantilan Bank
    Premium time deposit
    Rating by Finanso®
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    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Cantilan Bank
    Medium-term time deposit
    Rating by Finanso®
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    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Cantilan Bank
    Regular time deposit
    Rating by Finanso®
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    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Cantilan Bank
    Current account
    Rating by Finanso®
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    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    from ₱5000
    Cantilan Bank
    Regular savings
    Rating by Finanso®
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    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Cantilan Bank
    Corporate account
    Rating by Finanso®
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