About bank
MVSM Bank is a financial institution based in the Philippines. This bank has been in business in the Philippines since 1953, with its headquarters in Rizal. Currently, the company works in the commercial banking industry.
Liamzon Rural Bank (later called Marikina Valley Rural Bank) was the first bank in the Marikina Municipality, having opened its doors in 1953. The BSP and the SEC approved the merger of Bank of San Mateo (founded 1960) with Marikina Valley Rural Bank into MVSM Bank in 2008. (A Rural Bank Since 1953).
Both banks were pioneers in their respective cities of Marikina and San Mateo, earning a reputation as formidable, dependable, and efficient community banks that have lasted the test of time. Not nearly a digital bank, MVSM is a physical bank where customers can expect personalized treatment and feel at ease. The MVSM Bank is slowly but steadily moving into the digital realm. In the year 2019, the groundwork for digital transformation was set.
Pros and cons
MVSM Bank offers users multiple services, but using their services, you should carefully consider its benefits and drawbacks. This will enable you to make an informed decision prior to taking out a loan.
Pros
- Customers find it easy to apply for a loan at MVSM Bank.
- Their loan approval process is quick.
- Low-interest rates and flexible payment terms are available from MVSM Bank.
Cons
- A lot of documentation is needed for applying for business and housing loans.
- They have limited loan options.
Products
Loans
In the Philippines, the company offers consumer loans such as business and housing loans, as well as SSS pensioners loans. The approval process could take anything from 24 hours to 5 days. These are the types of loans they offer:
- Consumer loan. Because this form of loan involves big sums of money and a large number of documents, the MVSM Bank's decision-making time is determined by two phases of verification. The bank will first conduct a solvency check, which should take no more than five working days on average. The bank will then need to examine the documentation for the land or property you are purchasing, as well as analyze it. Each loan comes with its own set of terms and conditions. Under this segment, consumers can avail of loans like back-to-back loans, home/housing loans, and business loans.
- SSS pensioners loan. This loan is available to SSS retirees. Quick-release with a larger loan amount and the lowest interest rate currently available on the market. Applicants must have been a registered remittance for at least one month. SSS money transfers, unlike any other SSS payment, constitute a pension. SSS pensioners can apply for a loan with their pension as security. When applying, the pensioner's age should be no more than 70. They should also identify at least two co-makers, one of whom should be a close relative or the next succession beneficiary.
Savings
Apart from loans, the bank also deals in savings. The services include:
- Regular savings. Using this service, consumers can deposit their money into their savings accounts. The initial deposit amount is ₱500, with an increased rate of 0.25% per annum.
- Time deposit. To avail of this, users have to do a minimum deposit of ₱10,000. The bank offers high-interest rates to depositors.
- Checking (current) account. To avail of a current account, users have the option to either open a personal or corporate account. The minimum deposit amount is ₱10,000 for opening this account.
Other services
The bank also offers remittance and bill payments services to its customers:
- Remittance. The bank allows customers to receive payments via banking partners like Western Union and Uniteller.
- Bill payments. Users are allowed to make their bill payments for title verification, transferring of title property appraisal, and other legal services. It is also the collecting agent for the Bayad center.
