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City Savings Bank personal loans for december 2022 in the Philippines

City Savings Bank
Get a personal loan at City Savings Bank. On 03.12.2022 there are 4 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.

Offers: 4

Updated:
20.10.2022
07:16
Salary Loan
Rating by Finanso®
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Recommended FinScore™
0
300
650
1000
up to ₱1,500,000
Term
i

Loan term for the financial product

up to 60 months
Motorcycle Loan
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱20,000-₱300,000
Term
i

Loan term for the financial product

up to 48 months
Pensionado Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱20,000-₱500,000
Rate
i

Effective interest rate on the product

1.5% per month
Term
i

Loan term for the financial product

up to 24 months
Submit your loan application online
Submit your loan application online

Take advantage of our loan selection system with a free credit check!

Teachers' Salary Loan
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱20,000-₱1,500,000
Term
i

Loan term for the financial product

up to 60 months

Calculate the loan payment in the Philippines

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Interest rates on loans in the Philippines 

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

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202

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DIGIDO
4
Margarita D
Margarita D
17.10.2022 at 12:26
The advantages of this app was good, they are very responsive and quickly answered you if you are able to get a loan or not.
Review
TALA
2.6
Allan P
Allan P
01.12.2022 at 09:55
With Tala I forget about banks and offices. Everything is in mobile, I could control my money and loan. Choose limit. I just needed driving license and phone number to register account...
Review
BillEase
4.2
Marvin T
Marvin T
27.11.2022 at 13:25
Billease is for you when you need to buy a new gudget but can't afford it, you may pay by parts. And I don't even need a credit card...
Review
TALA
3.2
Joan T
Joan T
24.11.2022 at 19:07
Tala is an option if you need cash quickly. I urgently borrow money I needed. Downloaded the app, apply and it take 5 min to get my cash. App is essy, interface is comfy.
Review
BillEase
4.2
Evelyn M
Evelyn M
22.11.2022 at 10:10
Fast approval and great app. It is easy even for me and I'm not good with technology. I apply, approved and get my Php 2000 in 30 minutes.
Review
City Savings Bank personal loans for december 2022

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:

  1. Visit the CitySavings official website.

  2. Click on Products and then select Loans. Now scroll down and click on the personal loan of your choice.

  3. Go down and click on the LOAN APPLICATION FORM. Download the application form in coloured form.

  4. Fill out the application form carefully. Tick all the boxes correctly.

  5. Check out the needed documents and go with all of them, including the loan application form.

  6. Visit any City Savings branch closest to you and go to the loan section. Submit the loan application form and all the needed documents.

  7. 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:

  1. Visit the CitySavings official website.

  2. Click on Products and then select Loans. Now scroll down and click on Motorcycle loan.

  3. Go down and click on the LOAN APPLICATION FORM. Download the application form in coloured form.

  4. Fill out the application form carefully. Tick all the boxes correctly.

  5. Check out the needed documents and go with all of them, including the loan application form.

  6. Visit any City Savings branch closest to you and go to the loan section. Submit the loan application form and all the needed documents.

  7. 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.

    FAQ

    How can I use my City Savings personal loan money?

    This loan has numerous functions. Borrowers can use the loan for whatever purpose they deem proper.

    How much can I borrow with a City Savings personal loan?

    You can borrow up to ₱1,500,000 with a CitySavings personal loan, subject to approval.

    What kinds of vehicles can I buy with a City Savings auto loan?

    You can buy a new two- or three-wheeled motorbike.

    What are the interest rates for City Savings auto loans?

    A standard payment rate and one-month-ahead instalment rate are unique. You will be charged the standard interest rate if you repay your loan on time. You will be charged one month if you pay 30 days before the initial due date. The disparity between the two is often between 1% and 2%. It may look tiny, but applying it to your loan can allow you to save money. The CitySavings auto loan minimum standard interest rate will be disclosed following loan application approval.

    How long does it take to acquire an auto loan from City Savings?

    The processing time is determined by when the application was approved. If your loan were approved in the morning, you would receive it that day; if it were approved in the afternoon, you would receive it the next day from noon.

    Is there a promo available with the City Savings auto loan?

    Yes. A free motorbike check-up, free safety riding training, free LTO registration, and a cash rebate of up to ₱500 are all available.