About bank
The Rural Bank of Mangaldan operates on the core principle of trust and money. They believe the future of local economies is the starting point for national development, and the bank is positioned at the forefront of assisting such economic developments.
To address the community's needs, the Rural Bank of Mangaldan prioritizes its consumers by providing a variety of deposit and lending services. Various loans, savings, time certificates of deposits, and demand deposits are among the few services the bank offers.
Apart from providing standard banking services, the Mangaldan Rural Bank has prioritized corporate social responsibility. The bank sends poor but deserving students to pursue their studies, believing that knowledge is the way to escape poverty's grasp. Students from Talogtog Elementary School and Gueguesangen Elementary School participate in tree-planting activities as part of the bank's environmental efforts.
Rural Bank of Mangaldan got various accolades from 1970 to 1987 for its contribution to the development of the countryside by being sensitive to the demands of the rural population. The Rural Bank of Mangaldan, now known as the Bangko Rural ng Mangaldan, has set a benchmark in the industry. It provides various financial aids for each type of business operator, including financial institutions, businesses, and individuals.
Pros and cons
Before taking a loan from a company, one should always consider its pros and cons. Here is a list of a few pros and cons of Rural Bank of Mangaldan:
Pros
- The bank reduced the cost of processing checks for its customers.
The bank offers better security and transparency to its customers.
The bank provides beneficiaries with same-day loan disbursements directly into their account.
Cons
The bank is yet to complete its digital adaptation, due to which it offers minimal online services.
The bank offers limited loan products.
The bank is yet to modernize its operations fully.
Products
The bank offers multiple loans and financial products that cater to the people of Philipinnes. Here are the products one can apply for at the bank.
Loans
The bank offers different types of loans that cater to all individuals and provides economic support to Filipinos. They have the following loan products:
- Agricultural loan. Applicants can apply for this loan if they want financial support to perform activities related to farming and agriculture. This includes crop farming, poultry farming, livestock, fisheries, and other similar commodities.
- Commercial or business loan. This loan targets individual or businesses who want to expand their business or start a new venture.
- Housing loan. You can apply for this loan if you want financial aid to support any purchase of a lot or house. Applicants can also use this for construction and renovation purposes.
- Personal consumption loan. A consumption loan is a multiple-factor loan that can be utilized to finance any personal activity. You can use this loan to fund hospitalization, education, and other similar immediate needs.
- Katalima loans. These loans targeted people affected by the COVID-19 pandemic and requiring financial support to recover their losses.
- Modified car loans. You can apply for this loan if you want to finance a brand new or second-hand car.
- Modified motorcycle loans. You can apply for this loan if you want to finance a brand new motorcycle. Users who want to finance second-hand motorcycles should not apply for this loan because the bank only provides loans for new motorcycles.
Deposits
The bank also offers deposit services to its customers to keep their money safe with the bank and earn steady returns. The different types of products include:
- Savings deposit. The bank offers users a simple saving deposit account where they can deposit a minimum sum of ₱1000 to open an account.
- Super savings deposit. This is a special saving account that not only offers the features of a simple saving deposit but also additional services to account holders. Customers can deposit a minimum sum of ₱50000 to open an account for atleast 30 days.
- Time deposit. These deposits can earn higher interest yields but with an added lock-in period. Users can deposit a minimum sum of ₱20000 with a lock-in period of 30 days and earn good interest on their investment.
- Checking account. This account can be used to settle payments digitally without using cash. It also offers minimal interest to the account holder, and you can monitor your transactions using its passbook feature.
Apart from these products, the bank also offers other deposit accounts like premium savings and basic deposits.
PESONet
This financial instrument is an interbank electronic fund transfer platform. Using this service, customers can transfer funds electronically from their accounts, which can provide multiple benefits to individuals and organizations. The product offers benefits like its operational 24x7, interconnectivity, same-day transfers, and no upper or lower limit for the transaction amoun. Besides, it is safe and secure.
