Tonik Bank personal loans for june 2023

Types of personal loans

Tonik Bank offers two types of personal loans: Tonik Bank quick loan and Tonik Bank shop installment loan.

Tonik Bank Quick Loan

This is a safe, quick, and simple loan with no collateral from the bank. You can apply for a loan in minutes and receive up to ₱50,000 right away.

Features of Tonik Bank Quick Loan

This loan comes with some good features, they are listed below:

• It features quick approval and immediate transfer to your Tonik account.
• There is no requirement for a credit history or collateral.
• The loan amounts range from ₱5,000 to ₱50,000.
• It requires only one valid identification card and proof of income.
• It offers the ability to select a salary payout date, which will also be the monthly loan payment date.
• They offer installments of 6, 9, 12, 18, or 24 months.
• The loan is 100% digital - all loan information is available on the Tonik app.
• There is a real-time cash withdrawal of the entire loan amount.
• There is just one bank account for application and cash payment.
• It comes with a 7% fixed monthly interest rate. Also, when you attach your salary payroll ATM card, you will receive a reduced monthly interest rate of 5.42%.
• There are no early termination or payment penalties.

Tonik Bank Shop Installment Loan

With this loan, all you need is a few minutes to receive a loan of up to ₱100,000 and shop for your preferred household equipment, such as an air conditioner, a television, a refrigerator, a laptop, ovens, and a washing machine.

Features of Tonik Bank Shop Installment Loan

Below are some of the features of this loan:

• It features quick approval.
• There is no down payment required, and there are no processing costs.
• There is no credit card needed.
• It features a fixed monthly interest rate of 7%. When you provide your purchase's official receipt, you will receive a reduced monthly interest rate of 4.5%.
• There is a request for only one valid identification card and proof of income.
• The loan amounts range from ₱5,000 to ₱100,000.
• There is also a payment date flexibility - your selected due date.
• There is no requirement for a credit history or collateral.
• There are installments of 3, 6, 9, 12, 18, and 24 months.
• The loan is 100% digital - all loan information is available on the Tonik app.
• There is just one bank account for application and cash payment.
• There is no early payment penalty.
• When you reload your primary account, you will be auto-debited on your due date.

How to apply for a Tonik Bank personal loan?

It is expected that you have already downloaded the Tonik Bank app and created an account. For the time being, loan applications can only be submitted via the app. To successfully apply for a personal loan, follow the procedures outlined below.

1. Open the Tonik app and log into your account.

2. Tap on Loan and select the loan you want and then choose if you want to link your salary payroll card for repayment.

3. Select the amount you want and choose the installment period.

4. Answer the pre-qualification questions and then upload your government-issued ID card, then tap on Submit.

5. Wait for your application to be reviewed.

Tonik Bank personal loan requirements

There are few requirements for these loans, which are given below.

Documentary requirements

• One valid identification document could be any of:

• Philippine passport

• Driver's license

• Philsys ID

• UMID

• SSS ID

• PRC ID

• Postal ID

• One or more of the following:

• Latest one-month salary bank statement

• One-month pay slip

• BIR form 2316

• Certificate of employment

• A Tonik account.

Eligibility requirements

Applicants:

• Must be Filipino.
• Must be 23 years old and above.
• Must have a legit source(s) of income.
• Must be a Filipino residence.

Pros and cons

Before choosing on a Tonik Bank personal loan, consider its benefits and drawbacks to determine if it is the best option for you. Here are some of the loan's genuine advantages and disadvantages.

Pros

• The loan is fully online based. Everything (application, payment, etc) is online.
• There is no need for collateral or credit history.
• The loan application approval and disbursement is very fast.
• The applicant can choose their loan repayment date.

Cons

• The maximum loanable amount is just ₱50,000.
• The loan application is only one way - the app.

How to repay the Tonik Bank personal loans?

Tonik Bank personal loans can be repaid through an automatic debit arrangement (ADA), which must be enabled during the loan application process. The Tonik Bank mobile app allows you to track your loan and payments, and a late payment penalty occurs if you miss a payment.