About bank
Malayan Savings Bank is a private company. The company currently specializes in the banking area. The bank has been in operation for the last 25 years, offering different financial services to Filipinos.
Emboldened by the goal to provide financial means for middle and lower-income Filipinos through accessible banking instruments, MSB has since served customers by helping them achieve their personal and business goals through their lending services. MSB is one of the top banks in the country and remains a trusted partner of individual customers and small and medium enterprises (SMEs).
Pros and cons
Understanding the benefits and drawbacks of a bank is equally essential. Many individuals are drawn in by appealing commercials, but they must consider all factors before taking out a loan.
Pros
- The bank offers personal loans to individuals that are collateral-free.
- The bank offers additional loan products like jewelry loans and teacher’s loans, which are designed to target the unique requirements of the applicants.
Cons
- The minimum monthly income criteria are higher than those of other competitors.
- The bank does not offer users the ability to fill out a loan application online. They have to visit their branch physically or write them an email to apply for a loan.
Loan conditions
To be eligible for the loan, one should be at least 21 years old but not more than 65 years old upon loan maturity. The applicant must be a Filipino citizen, and he or she must be a regular and permanent employee for at least one year with a minimum monthly salary of ₱20,000.
Loans types
Malayan Savings Bank offers different types of loans that cater to every requirement. The list of loans includes:
Personal loan
MSB provides personal loans to fulfill customers’ short-term and long-term financial needs. The customer can take a personal loan ranging from ₱30,000 to ₱300,000 for 12 to 36 months at 1.30% interest per month.
Motorcycle loan
An individual can apply for a motorcycle loan in MSB with a minimum loanable amount of ₱30,000 and a maximum of ₱300,000 for a minimum of 12 months to a maximum of 36 months.
Auto loan
MSB offers this loan to individuals who wish to have their car. The minimum loanable amount is ₱100,000, and the maximum loanable amount is ₱5,000,000, which is offered for 12 to 48 months for pre-owned cars and 12 to 60 months for brand new cars.
Teachers’ aid
MSB provides teachers’ aid to the Filipino DepEd Public School teachers and non-teaching personnel under the payroll of DepEd. It is available for 12 months, 24 months, and 36 months at an annual interest rate of 7%.
Jewelry loan
Individual borrowers can apply for a Jewelry loan at an interest rate of 1.5% per month.
Housing loan
MSB offers housing loans to the customers, ranging from ₱300,000 to ₱25,000,000, with a loan tenure of a maximum of 25 years.
Business Loan
MSB offers small business loans where the minimum loanable amount is ₱5,000,000 and the maximum of ₱10,000,000 with loan terms up to 10 years. The company also provides SME loans with a minimum amount of ₱2,000,000 and a maximum depending on the client’s requirements and subject to the bank’s evaluation. It is available for 10 years or even longer term, subject to the bank’s evaluation.
Transport loan
The bank provides fleet financing where the minimum loanable amount is ₱5,000,000. The maximum amount depends on the client’s requirements and is subject to the bank’s evaluation with a tenure of a maximum of 36 months. It also offers a truck loan, and the loanable amount ranges from ₱500,000 to ₱5,000,000, with a maximum loan term of 36 months.
Group salary loan
MSB offers group salary loans to registered business entities operating for at least four years in the Philippines with three years of profitable operations with a minimum of 50 regular employees and operating within the serviceable area of the bank. The applicant can opt for a loan of a minimum of ₱10,000 and a maximum of ₱300,000 for loan periods ranging from 6 to 36 months.
