About bank
ISLA Bank is a thrift bank based in the Philippines, and the company has its current head office in Makati. The bank was incorporated on 10th August 1977. As per the General Banking Law of 2000, its operations are supervised and governed by the Bangko Sentral ng Pilipinas.
ISLA Bank provides various loan products to the citizens of the Philippines, such as personal loans, corporate loans, consumer loans, and agricultural loans. With its prominent services, the bank aims to be one of the leading thrift banks in the Philippines. ISLA currently serves individuals in the commercial banking sector and offers multiple financial services to individuals and businesses.
The bank also offers customers deposit services like savings accounts, current accounts, and time deposits. Users also get cash withdrawal facilities, debit cards, etc. They can also use their account with ISLA Bank to complete bill payments, transfer funds to other accounts, or avail of cash advances.
According to the last reported figures, the company currently owns around ₱1.378 billion in assets with ₱565.7 million in deposits and ₱429.2 million in gross loans. The ISLA bank is currently led by Jose MA. J. Lopez-Vito-III, who is the current chairman, and Eduardo V. Lim, who is the current CEO. The company has three branches in Makati, Iloilo, and Bacolod. Competent board members lead the bank with experienced finance experts, who ensure that all its practices are transparent, with fair accountability and responsibility. The company also wants to become the top thrift bank in the country and strives to provide customers with quality banking services. Automobile loans are one of its most popular loan products.
Pros and cons
It is critical to understand all aspects before borrowing money from any lender. Consider reading these pros and cons to learn more about ISLA bank's services.
Pros
- PDIC insures deposits for up to ₱500,000 per depositor.
- The bank offers different loan products to cater to the need of different customers.
Cons
- The company has very limited online information about its loan products, which is troublesome for borrowers.
- You must visit their branch in person to apply for a loan.
Loan conditions
Although the bank does not disclose their loan application requirements online, applicants should consider following the generally applicable pre-requisites. To be eligible for the loan, the applicant should be a Filipino citizen of at least 21 years old at the time of application but not more than 65 years old upon loan maturity. They must have a valid government-issued ID.
Furthermore, depending on the loan you apply for, you might be required to submit documents such as your financial statement for the last three months, employment certification, and your latest pay stub. If you are self-employed, you may be required to submit your latest balance sheet and business establishment proof. Also, note that most banks provide loans to businesses that have been operational for more than one year.
Loan types
There are four types of loan one can apply for on ISLA bank: personal loan, corporate loan, agricultural loan, and consumer loan. The bank offers personal loans for the maximum amount of ₱100,000 at 24% APR. The payment term ranges from 3 to 24 months. It takes 1-5 banking days for the loan to get approved.
To apply for the loan, the applicant must visit one of the branches of ISLA Bank. All borrowers must submit a duly filled application along with required proofs of income and identification to be eligible for loans. The loan processing time depends on the loan you apply for.
