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 The funds, however, can only be withdrawn by check.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.