Security Bank's personal loan is a flexible, low-interest multi-purpose loan that meets Security Bank customers' financial needs. Borrowing amounts range from ₱30,000 to ₱2,000,000, with flexible repayment terms of 12 months to 3 years. The APR starts at 29.48%, with a low monthly add-on rate of just 1.89%. Loan approval is relatively quick and is generally completed in less than five working days. For Metro Manila residents and outside of Metro Manila, you must have a minimum gross monthly income of ₱15,000 and ₱12,000, respectively.

How to apply a personal loan?

1. Visit the Security Bank website, and under Loans, you will see Personal loan, click on that to continue.

2. Now click on How much can you loan button to access the personal loan calculator. Once in the calculator, select the amount you want to borrow, your preferred loan amount, and your gross monthly income. This will tell you if you are eligible and even show your monthly amortization. If qualified, continue with the next step. If not, go back and insert a smaller amount.

3. Click on Apply Now, and It will take you to the application page.

4. Fill up the application form, especially the most required fields.

5. Upload all the scanned copies or photos of the needed requirements.

6. Tick on the Agree to the terms and conditions box and click Next. Wait for confirmation through SMS and email.

Requirements

To be eligible for a personal loan, the applicant must be a Filipino who is above 21 years old but not older than 65 when the loan matures. If the applicant is employed, they must have a minimum gross monthly income of ₱15,000 for Metro Manila residents, or ₱12,000 for applicants outside Metro Manila. If they are self-employed, they must be the owner or a majority shareholder with at least a 40% stake in the company. Their business must be profitable for at least two years with at least one trade reference. They must have a minimum gross monthly income of ₱100,000.

Apart from that, the applicant must ensure that these documents are ready at the time of application. Some of the requirements are:

• Fully filled out and signed application form. If you are applying online, you must follow the application process. If you're using it at a branch, you should download the application form online and fill it out first.

For employed applicants

• One valid government-issued ID photo.
• Documents showing your income (certificate of employment and certificate of compensation which was issued within the last six months, the latest ITR, the latest one-month payslip).

For self-employed applicants

• One valid government-issued ID photo.
• The latest 1-year Audited Financial Statement (AFS) must come with at least the previous year's comparative financials.
• SEC registration documents / DTI certification documents.
• Business permit and the Mayor's permit.
• The last three-month bank statement of the business account.
• Latest GIS if the loan is a corporate one.
• A list of trade references from at least one supplier and one customer must come with their contact details.

Pros and cons

Before deciding on a Security Bank personal loan, it's a good idea to look at its advantages and disadvantages to see if it's the right option. Here are some of the truthful benefits and cons of the loan.

Pros

• The application process is fast and hassle-free.

• There is no need for collateral.

• It has a flexible payment term, ranging from 12 to 36 months.

• Applicants can borrow up to ₱2,000,000.

Cons

• Like any other personal loan, it comes with a high-interest rate.

• There is a bulky list of eligibility and requirements.

• There are also high fees and penalties.

How to repay a Security Bank personal loan?

Security Bank personal loans can be paid off through Automated Debit Arrangement (ADA) or over the counter, only in the branch where you obtained the loan and signed the contract. You can track your loan and payments with the Security Bank mobile app, while a late payment penalty of 3% applies if you miss your payment.