About bank
Security Bank is one of the Philippines' four main financial institutions. The objective of the organization is to offer high-quality financial services. It is one of the banks with a long history and a prominent reputation among its customers.
The bank began as a trust fund and credit institution on June 18, 1951. It was the first postwar credit institution to be established. The bank is now publicly traded on the Philippine Stock Exchange. Throughout its history, the company has established itself as a dependable financial market player, providing services to both individuals and businesses such as exchange transactions in securities and currency transactions, lending, deposits, and accounts. Individuals and legal businesses can now access traditional banking services, Internet banking, and financing through the organization. Asset management, trust funds, investing, lease, and sale of secondary market autos, as well as a wide range of debit and bonus cards, are among the services provided by the company. Mastercard is the primary payment system used by the bank.
Pros and cons
Before going to a financial institution to get a loan, there are several advantages and disadvantages to consider so that a better decision can be made. Here is a list of the Security Bank's pros and cons.
Pros
- The bank offers multiple services like asset management, trust funds, investing, and leasing, as well as a wide range of debit and bonus cards.
- The bank also deals in foreign currencies and offers consumers a range of services.
Cons
- The bank levies additional charges like a monthly service fee, which increases the overall cost.
- The bank requires consumers to meet multiple requirements to be eligible for loans.
Products
The bank offers multiple services, which include:
Loans
The Security Bank offers loans to Filipinos who are between 21 to 65 years old. To be eligible, the person should have a minimum annual income of ₱180,000. The applicant must be a permanent employee. However, if the applicant is self-employed, their business should be operating for two years. If employed, you must have worked for at least one year and have a minimum gross monthly income of ₱15,000 for Metro Manila applicants and ₱12,000 for provincial applicants. If self-employed, you must have a minimum gross monthly income of ₱15,000. Metro Manila applicants must have a monthly gross income of ₱30,000, while province applicants must have a monthly gross income of ₱25,000.00. The different types of loans offered by the bank include:
- Personal loans. The bank offers customers a personal loan with a payment disbursement duration of up to five days. The loan amount ranges from ₱200,001 to ₱2,000,000 and the loan terms range from 12 to 36 months. The applicable APR begins at 39.53%.
- Home loans.Security Bank provides customers with housing loans of up to 80% of the appraised value. The payment term offered by the company goes up to 20 years. The interest rate starts at 5.25%.
- Car loans. Applicants can avail of car loans of up to 80% of the appraised value for a new car and up to 70% for a used car. The payment terms range between 12 to 60 months. To get this loan, the applicant will have to pay a downpayment of 20%. The interest rate starts at 6.77%.
- Salary loans. The bank offers salary loans to employees that are working under a corporate. These loans can be availed in less than 10 minutes and come with unlimited re-availment. An applicant can avail of a minimum amount of ₱5000 through this service with a payment term of up to three months.
Other services
Apart from loans, the company also offers other popular services like:
- Savings and checking account. The bank offers consumers with an option to open different types of saving and checking account. Here you can open a children’s one, easy, and all access account. The minimum opening amount varies based on the account you select.
- Time deposit. The bank offers these low-risk investment schemes that allow consumers to invest their money and generate decent returns. The deposits come with a fixed term of 30 days to 7 years. Some of the available options include peso time deposit, USD time deposit, chinese yuan time deposit, and secure goals plus.
- Foreign currency account. Users also have an option to open a foreign deposit account with a minimum deposit account of $500 for USD saving account and CNY 3,500 for Chinese Yuan saving account. It also offers third currency account that supports to up to 8 different currencies.
- High-interest account. The bank offers high-interest accounts for investment purposes with multiple schemes. These accounts require you to keep a minimum maintenance balance ranging between ₱5,000 to ₱10,000 and interest rates ranging between 0.10% to 0.30%. The available schemes include money builder, esecure savings, and build up savings.
- Bank cards. The bank also offers different types of cards like reward cards, rebate cards, travel credit cards, secured cards, installment cards, and many types of credit cards. All these cards are supported by MasterCard.
- Investment funds. Apart from saving accounts, the bank also offers customers an option to generate more than average returns via its investment and trust products. Customers can invest in these products and generate good overall returns that can increase their wealth. They provide options like global feeder funds, unit investment trust funds, fixed income securities, investment management account (requires minimum investment of ₱1,000,000). The bank also has its investment banking wing, SB Capital, that provides customers with direct financial advice and also deals in project finances.
- Trust funds.The bank provides different types of trust services for its customers. This includes products like retirement fund (with minimum investment amount of ₱5,000,000), personal management trust, and escrows (with minimum investment amount of ₱5,000,000).
