About bank
City Savings Bank, Inc. (CitySavings) is a thrift bank subsidiary of Union Bank of the Philippines (UnionBank) and an Aboitiz Group member. The bank is well on its way to becoming the Philippines' foremost mass-market bank, paving the way for inclusive and sustainable prosperity throughout the country.
City Savings Bank is one of the country's largest thrift banks, offering a variety of mass-market financial products and services, including salary loans to public and private school teachers, pension loans to GSIS and SSS pensioners, seafarer loans, motorcycle loans, company loans, LGU salary loans, and traditional deposit products.
The bank was extended to the neighboring city of Tagbilaran, Bohol, after 11 years. City Savings was bought by UnionBank and became a subsidiary of the bank in 2013. They then expanded their Cagayan Valley network by opening a branch in Tuguegarao, Cagayan.
Pros and cons
Before submitting your loan application, it is important to know all the pros and cons of the bank:
Pros
The bank offers overdraft protection.
It provides physical branch accessibility.
Dedicated mobile applications are available to all users.
Cons
The bank charges a monthly maintenance charge, which is ₱236.33
The interest rates of its savings account are significantly lower than these of competitors.
Loan conditions
The bank offers multiple loan products like teachers' salary loans, pensionado loans, motorcycle loans, and other salary loans. Except for motorcycle loans, the others are restricted to a certain group of people like teachers and personnels who are working at accredited CHED and TESDA schools, pensioners, and workers at private schools, universities, and accredited businesses. Apart from that, motorcycle loans are provided to Filipino citizens who meet certain prerequisites.
City Savings Bank makes loans available to applicants who have a minimum of one month's latest payslip (photocopy and original), a duly completed salary loan/motorcycle loan/pensionado/salary teacher's application form, a photocopy of a valid government-issued ID such as a PRC (back to back), and a photocopy of a permanent appointment (back to back).
Furthermore, within 1-3 days, bank officials will review the supplied paperwork and invite a firm representative to a preliminary meeting. If the parties reach an agreement, a memorandum of agreement is signed. The corporation then creates an account with City Savings Bank if one does not already exist, and the employees can then take out their respective loans.
Types of loans
Before completing a loan application to City Savings Bank, read about the many financing alternatives available to you:
Teacher’s salary loan
The loan is accessible to teaching and non-teaching workers in DepEd Autonomous, DepEd RPSU, CHED, and TESDA. The basic condition is that the borrower has worked for at least one year in a recognized organization. The credit application form is available for download on the Internet. The loan amount ranges between ₱20,000 to ₱1,500,000 with an interest rate of 6% APR.
Pensionado loan
Pensioners aged 40 to 74 who have received a pension for at least one month and hold a valid UnionBank, GSIS, or SSS UMID/eCard card are eligible for the loan. The loan amount ranges between ₱20,000 to ₱500,000, with an interest rate of 1.5% per month. The bank levies a 5% fee for each pensionado loan provided.
Motorcycle loan
This is the only secured credit available. A motorcycle bought with borrowed money serves as collateral. The motorcycle is promised to the bank on the day of purchase, and the borrower becomes the owner of this vehicle. The loan amount ranges between ₱20,000 to ₱300,000, with an interest rate of 3.9% APR.
Salary loan
The maximum loanable salary amount is ₱1,500,000 for a term of 12 to 60 months. For the salary loan, an applicant should be a teacher and staff member of an accredited autonomous school who has served at least one year in permanent and regular positions or is 65 years old upon loan maturity.
