About bank
Philippine Veterans Bank, also known as PVB and Veterans Bank, is a commercial bank in the Philippines. The bank is owned by Philippine World War II veterans and their families. It caters to both corporate and retail financial markets. As part of its charter, PVB allocates 20% of its annual net income for the benefit of its shareholders.
On June 18, 1963, the Philippine Veterans Bank was first created with the enactment of Republic Act No. 3518, which became its charter. On May 6, 1992, the Central Bank of the Philippines granted PVB the authority to operate as a private commercial bank. The bank aims to provide relevant financial products and quality services for the benefit of their stakeholders, the Philippine veterans and their families, the military, other uniformed services, and identified market niches in the public and private sectors.
Personal banking offers deposits, loans, treasuries, trust and investment, and pension express services. Corporate banking provides corporate deposits, cash management, corporate and public loans, trust, and investment.
Pros and cons
Understanding a bank’s pros and cons is of equal importance. Many people get trapped by watching attractive advertisements, but they must also look at all aspects before opting for a loan.
Pros
- The bank offers multiple loan products designed specifically to meet the requirements of borrowers.
- The bank has over 60 branches all over the country, with over 130 ATMs facilitating its customers.
- The branches have been equipped with modern technology offering high-tech services, which save the customers’ time.
Cons
- The bank doesn’t have a fixed upper cap for interest rates.
- The bank is said to charge higher interest rates when compared with other competitors.
Loan conditions
To be eligible for the loan, one should be at least 21 years old but not more than 65 years old upon loan maturity. The applicant must be a Filipino citizen and have an office or residence landline number. If the applicant is self-employed, they must have at least two years of profitable operations in the same line of business.
Loans types
Philippine Veteran bank offers products such as pension loans, home loans, salary loans, and MSME loans to cater to the needs of the people of the Philippines.
Housing loan
PVB offers housing loans for house construction, purchase of a house, townhouse, condominium, or lot. Borrowers can also use it for home improvement or refinancing existing housing loans. The loan amount bank offers a minimum of ₱375,000, up to a maximum of 80% of the appraised value of the collateral or up to 60% on vacant lots.
Salary loan
Salary loans are provided For qualified elected officials and employees of accredited LGU/GOCC/NGA and regular/permanent employees of an accredited private institution/company. PVB offers a salary loan of a minimum of ₱10,000 with a maximum tenure of 36 months.
Pension loan
PVO offers this loan to PVAO pensioners (WW2, Post-WW2, AFP retirees aged 65 y.o & up) and for parents ands surviving spouses of deceased PVAO pensioners. The maximum loanable amount for a pension loan is up to ₱200,000 (depending on age, loan tenor, and other conditions) with flexible terms (up to five years).
MSME loan
PVB’s MSME loan program aims to address entrepreneurs' needs that have remained unbanked or have limited exposure to commercial bank products. MSME loan products include short-term loans, revolving promissory note lines, back-to-back loans, domestic bill purchase lines, trade checks, export bills purchase bars, import/domestic LC/TR, and standby letters of credit.
