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Personal loans from City Savings Bank are sums of money you can borrow for several objectives. The loans are of three types: teachers' salary loans, pensionado loans, and other salary loans.
Teachers salary loan
This loan is intended for teachers. You can maximize your pay by applying for a City Savings Bank teachers' salary loan. It's available at all City Savings locations. The loan comes with a maximum loanable amount of ₱1,500,000, a 6% bank charge of the loan amount, and a loan term of 12 to 60 months. The loan is flexible depending on your needs. The per annum interest rate is variable depending on the duration of your loan.
Furthermore, borrowers must:
- Be integrated into the Philippines’ automatic payroll deduction system.
- Be in active service under the DepEd for at least six months before the loan application date.
- Be maximum of 65 years old upon loan maturity.
- Have a ₱5,000 net take-home pay after City Savings Bank automatic loan due deduction.
- Have an active email address.
Pensionado loan
This loan is for pensioners. When you take out this loan from City Savings, you will have financial stability in your retirement. It is available at all City Savings and Pera Hub locations around the country. The loan lets you enjoy financial security in your retirement. The maximum loanable amount is ₱500,000.00. There is also a bank charge of 5% of your borrowing amount. Depending on your needs, there is a loan term of 12 to 24 months. The per-month interest rate is 1.5%. Also, there is credit life insurance, a one-time payment that will depend on your loan amount.
Also, borrowers must:
- Be between 40 to 74 years old.
- Have been receiving their pension for at least one month.
- Be holders of any valid UnionBank & GSIS UMID/eCard.
Other salary loans
Employers can get authorized and enable their workers to apply for a salary loan through City Savings. The loan is open to recognized SUCs, private schools, businesses, and government agencies. The loan comes with a maximum loanable amount of ₱1,500,000, a 6% bank charge of the loan amount, and a loan term of 12 to 60 months. The loan is flexible depending on your needs. The per annum interest rate is variable depending on the duration of your loan, and there are no hidden charges.
To be eligible, borrowers:
- Must be teachers and employees from authorized independent schools who have served for at least one year.
- Must hold a permanent and regular position. For non-regular employees must be with a particular contract with the school and participation in the school's payroll system - the agreement shall serve as the foundation for the loan duration.
- Must be not older than 65 years old upon the maturity of the loan.
Motorcycle loan
With the CitySavings motorbike loan, you can finally acquire the motorcycle you've always desired. However, the loan is only offered at specific City Savings locations. The loanable amount is between ₱20,000 and ₱300,000, equivalent to the motorcycle’s selling price unit subtracted by the down payment. Also, the motorcycle’s engine capacity must not be more than 400cc.
For two-wheeler vehicles and loans below ₱90,000, the bank requires a minimum down payment of 5% based on the selling price. The loan term could either be 6, 12, 18, 24, 30, or 36 months. For loans of ₱90,000 and above, the bank requires a minimum down payment of 8% based on the selling price. The loan term could either be 6, 12, 18, 24, 30, or 36 months.
For three-wheeler vehicles and loans of ₱90,000 and above, the bank requires a minimum down payment of 10% based on the selling price. The loan term could either be 6, 12, 18, 24, 30, 36, or 48 months.
How to apply for City Savings personal loans?
The loan application can only be completed at a bank branch. Follow the steps below to apply for a personal loan from City Savings:
Visit the CitySavings official website.
Click on Products and then select Loans. Now scroll down and click on the personal loan of your choice.
Go down and click on the LOAN APPLICATION FORM. Download the application form in coloured form.
Fill out the application form carefully. Tick all the boxes correctly.
Check out the needed documents and go with all of them, including the loan application form.
Visit any City Savings branch closest to you and go to the loan section. Submit the loan application form and all the needed documents.
The bank will reach out to you on the progress of your loan application.
How to apply for the City Savings motorcycle loan?
The loan application, just like the other City Savings loans, can only be completed at a bank branch. Follow the steps below to apply for a motorcycle loan from CitySavings:
Click on Products and then select Loans. Now scroll down and click on Motorcycle loan.
Go down and click on the LOAN APPLICATION FORM. Download the application form in coloured form.
Fill out the application form carefully. Tick all the boxes correctly.
Check out the needed documents and go with all of them, including the loan application form.
Visit any City Savings branch closest to you and go to the loan section. Submit the loan application form and all the needed documents.
The bank will reach out to you on the progress of your loan application.
Requirements for City Savings personal loans
Below are the required documents for the City Savings personal loans:
For new loan
- Minimum of one month's most recent pay stub (must come with a photocopy and original copy).
- Fully completed salary loan application form.
- A photocopy of a genuine government-issued ID, such as a PRC. Photocopy must be front and back.
- Photocopy of permanent appointment letter. Photocopy must be front and back.
Note that you must submit original copies of papers and IDs for verification purposes.
For reloan
- Minimum of one month's most recent pay stub (must come with a photocopy and original copy).
- Fully completed salary loan application form.
- A photocopy of a genuine government-issued ID, such as a PRC. Photocopy must be front and back.
Please, submit original copies of papers and IDs for verification.
Requirements for City Savings motorcycle loan
In this section, we are going to look at the requirements before you could be eligible to apply for a CitySavings motorcycle loan.
Eligibility requirements
- Borrowers must be at least 21 years old but no older than 65 at the time of loan maturity.
- This loan is for salaried employees, self-employed individuals, entrepreneurs, seniors, clients who receive regular local or foreign remittances, and partnerships or companies.
Documentary requirements
Employed borrowers
- One valid government-issued photo ID.
- Certificate of employment or pay stub for one month.
Self-employed borrowers
- One valid government-issued photo ID.
Sole proprietors
- One valid government-issued photo ID.
- DTI permission and business permit (Barangay or Municipal).
Pensioners
- One valid government-issued photo ID.
- Account statement that has at least a month's pension credit.
Corporation
- One valid government-issued photo ID.
- Proof of registration with the securities and exchange commission.
- Incorporation articles.
- Board decision form.
- Permit for business.
- Reviewed financial statement.
Remittance
- One valid government-issued photo ID.
- At least two months' worth of remittance slips or bank statement of account slips from the previous six months.
Pros and cons of City Savings personal loans
Evaluating the following honest perks and downsides is vital before applying for City Savings personal loans.
Pros
- They offer a loanable amount of up to ₱1.5m.
- They offer a loan term of up to 60 months.
- There is an automated debit arrangement which will make loan payments more manageable.
Cons
- In comparison to rivals, the loan's interest rates are extremely high.
- There is no way to apply for a loan online. You must visit a branch at some point.
Pros and cons of City Savings motorcycle loan
The City Savings motorcycle loan has many advantages, but it is also essential to consider the drawbacks before deciding if it is appropriate for you.
Pros
- The bank also requires a down payment minimum of up to 5% of the actual cost of the vehicle.
- There is a loanable amount of up to ₱300,000.
Cons
- The loan application is solely offline. One can only complete their application at a bank branch.
- The loan is not available at all CitySavings Bank branches.
- The bank offers auto loans for just two-wheeled and three-wheeled vehicles.
How to repay the City Savings personal loans?
The loan is repaid through an automated debit arrangement which will be set up during the loan application process.
How to repay the City Savings motorcycle loan?
Borrowers with a City Savings auto loan have three payment choices. Monthly amortizations can be paid at any City Savings Bank location or by presenting City Savings post-dated checks. Borrowers can also utilize the auto-debit arrangement feature, which requires them to specify their accounts and the amount and repayment frequency. The payments will be deducted monthly from their CitySavings Bank checking or savings accounts.