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.
