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Rating by Finanso®
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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.

Queenbank

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About bank

Queen City Development Bank, or Queenbank, is a private development bank based in Iloilo City, Philippines. The bank was incorporated in 1981. It now has branches in major cities across the country, providing financial services to businesses and individual investors.

Queenbank offers a wide range of traditional products and services to individuals, corporations, and small and medium entrepreneurs. The services include retail banking, consumption, agricultural loan, auto loan, housing loan, multi-purpose loans, and other lending services. The bank has finished migrating to a new core banking system, which helps increase operational efficiency and service quality.

According to reports, Queenbank’s new system has helped the bank improve the data quality and the timeliness of providing internal, external, and regulatory reports, particularly for decision-making processes. This also assists the bank in developing new loan and deposit products and services that will meet the needs of its consumers.

Pros and cons

Before borrowing money from any lender, knowing every aspect of the company and its products is important. Following are some pros and cons of Queenbank to know better about their services.

Pros

  • The company offers hassle-free payments and fund transfers.
  • The company offers its users a mobile banking app on both Google Play and App Store.

Cons

  • The interest rate is higher compared to its competitors.
  • The loan processing time is more compared to other lenders.

Loan conditions

To be eligible for a loan, the applicant should be a Filipino citizen of at least 21 years old at the time of application but not more than 65 years old upon loan maturity. They must have an office or residential landline number. If the applicant is employed, they must have a minimum gross monthly income of 15,000. However, if they are self-employed, their minimum gross monthly income should be 30,000. Apart from that, they must have at least two years of profitable operations in the same field of business.

Loan types

Queenbank offers a range of loan products to its customers. As per requirements to apply for a loan, the customer has to visit the branch nearby and submit their loan application. The services offered include the following loans:

  • Housing loan. The company offers housing loans ranging from 400,000 to up to 80% of the assessed value. The interest rate starts at 7.50% APR, and the loan can last up to 20 years. The loan is approved within 5-21 banking days.
  • Car loan. The car loan is available for up to 80% of the purchase price for a brand new car, with loan terms ranging from 12 to 60 months. The bank offers up to 70% for a second-hand car with loan terms of 12 to 48 months. The interest rates start from 12% APR within a down payment of as low as 20% of the purchase price. The approval time of the loan is 3-7 banking days.
  • Salary loan. The company provides salary loans ranging from 10,000 to 100,000. The monthly interest rate begins at 1.89%, and the loan term is up to 12 months. The loan is approved within 1-5 banking days.
  • Multi-purpose loan.The bank offers multi-purpose loans ranging from 30,000 to 500,000. The monthly interest rate ranges from 1% to 5%, with a loan duration of up to 24 months. The loan is approved in 3-7 business days.
  • Business loan.The bank also provides business loans from a minimum loan amount of ₱500,000 to a maximum amount of ₱2,000,000 with payment terms up to 3 years. It carries an interest rate of 1-4% per month. It takes 3-7 banking days for the approval of the loan.
  • Industrial loan. Queenbank provides industrial loans from a minimum loan amount of ₱1,000,000 to a maximum amount of ₱10,000,000 with payment terms up to 3 years. The interest rate starts from 1-4%. It takes 5-21 banking days for the approval of the loan.
  • Agricultural loan.Agricultural loans range from ₱500,000 to ₱5,000,000 for the term of 2 years. The interest rate of the agriculture loan starts from 1-2% per month. The bank takes 5-21 days to approve the loan.

Queenbank

FAQ

What is Queenbank?

Queen City Development Bank, or Queenbank, is a Philippines-based development bank. The company offers banking and lending services to individuals, companies, and small and medium-sized businesses.

Who owns Queenbank?

Queenbank is a self-owned bank that operates independently to provide individuals with lending and banking services.

How do you qualify for Queenbank?

To be eligible for the loan, the applicant must be a Filipino citizen who is at least 21 years old at the time of application but no older than 65 at the time of loan maturity. They must have a business or home phone number. There is another set of requirements that you need to meet, which depends on the loan you apply for.

Is Queenbank a legitimate company?

Yes, it is a legit company as the bank is registered under SEC. It is also affiliated with institutions like PDIC, Chamber of Thrift Banks, Philippine Clearing House Corporation, and Bancnet.

What is the maximum housing loan amount?

The company offers a maximum loan of up to 80% of the assessed value.

For what period can I take out a housing loan?

Queenbank offers housing loans for up to 20 years.

What are the requirements for housing loans?

If the applicant is employed, their monthly gross income should be at least ₱15,000. However, if they are self-employed, the monthly gross income should be at least ₱30,000. They must have at least two years of profitable business operations in the same field.

What is the longest car loan term?

The company offers car loans for the longest term of 60 months.

What is the duration of car loan processing?

The approval time of the car loan is 3-7 banking days.

Financial products

Queenbank
Multi-purpose 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
₱30,000-₱500,000
Rate
i

Effective interest rate on the product

up to 5% per month
Term
i

Loan term for the financial product

up to 24 months
Queenbank
Salary 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
₱10,000-₱100,000
Rate
i

Effective interest rate on the product

from 1.89% per month
Term
i

Loan term for the financial product

up to 12 months
Queenbank
Housing 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
from ₱400,000
Rate
i

Effective interest rate on the product

from 7.50% per year
Term
i

Loan term for the financial product

up to 20 years
Queenbank
Agricultural 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
₱500,000-₱5,000,000
Rate
i

Effective interest rate on the product

up to 2% per month
Term
i

Loan term for the financial product

up to 24 months
Queenbank
Industrial 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
₱1,000,000-₱10,000,000
Rate
i

Effective interest rate on the product

up to 4% per month
Term
i

Loan term for the financial product

up to 36 months
Queenbank
Business loans
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
₱500,000-₱2,000,000
Rate
i

Effective interest rate on the product

up to 4% per month
Term
i

Loan term for the financial product

up to 36 months
Queenbank
Car 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
Rate
i

Effective interest rate on the product

from 12% per annum
Term
i

Loan term for the financial product

up to 60 months

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All Queenbank’s reviews by december 2022
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