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The AFPSLAI personal loan is an unsecured loan that helps members fund short- or medium-term financial goals or emergencies. This loan product is primarily provided to the organization's retired and self-employed members. The loan is multipurpose, which means it may be used in various ways. Your loan money is available for the following uses:
- For emergency expenses. If someone in your family is hospitalized, the money from this loan can be used to pay for hospital fees, prescriptions, and medical equipment.
- For educational expenses. You may also use the loan proceeds to pay your children's tuition on time, saving you from having to issue promissory notes. You may also use it to buy your children's notebooks, books, and even toys.
- For purchasing gadgets. If you want to buy the latest smartphone but don't have the necessary funds, the AFPSLAI personal loan can help. It will also help you purchase your new laptop for freelance employment.
This loan's amount goes from ₱30,000 to ₱300,000. Depending on the loan period, the yearly contractual/effective interest rate ranges from 29.33% to 47.54%. It also offers a monthly interest rate ranging from 2.39% to 2.79% for all borrowing periods. The length of the loans ranges from 12 to 36 months. The loan processing period ranges from three to five days, and the processing cost is unknown.
How to apply for an AFPSLAI personal loan?
Borrowers must follow the given steps below to apply for this loan.
Visit any AFPSLAI branch closest to you and meet the loan specialist on getting there.
Request a personal loan application form, complete it, and return it with all required documentation.
The loan specialist will proceed with the loan procedure (new/renewal) if all required papers are supplied.
The loan specialist will advise the applicant to allow 3-5 working days for notification of loan approval and release. Please keep in mind that the processing time is contingent on completing the credit inquiry.
Following loan approval, the borrower will move to the releasing area/telling department to receive their loan funds in cash, a savings deposit account, or a remittance facility.
The borrower must sign the loan release document for the loan proceeds to be released through a savings account. The teller must amend the savings deposit passbook before releasing it to the borrower. The loan proceeds will then be withdrawn from the borrower's savings account.
Main requirements
This loan is available to AFPSLAI associates and regular idle members who:
- Are presently working and have a minimum of two years of continuous employment with their current company, or are self-employed professionals (accountants, architects, engineers, attorneys, or physicians).
- Have no ongoing cases and are not seeking retirement or resignation.
- Will not be above the age of 60 when the loan matures.
Documentary requirements
- Fully completed PSBank flexi loan application form.
Photocopy of valid ID card:
Company ID
SSS ID card
GSIS ID card
PRC ID card
Driver's license
- A photocopy of BIR form 2316 is required for employed borrowers.
- Photocopy of BIR form 1701 for self-employed applicants with audited income statements with BIR certification for the last two years.
Pros and cons
Below are the pros and cons of the AFPSLAI personal loan.
Pros
- There is no need for collateral or credit history checks in this loan.
- The loan application approval and disbursement are speedy.
Cons
- The loan application can only be made offline at any AFPSLAI branch.
- The loanable amount is much lower compared to competitors.
How to repay the AFPSLAI personal loan?
This loan is only repaid through post-dated checks. Post-dating is accomplished by writing a check for a future date rather than the day the check was made. This is usually done with the aim that the check receiver will not cash or post the check until the future date specified. To repay your AFPSLAI personal loan, you make monthly installments for the duration of the loan until you have fully returned both the principal and the interest. Most of your monthly installments will be used to repay interest in the early years of the loan; however, as time passes, a more significant portion of your payments will be used to pay down the debt.