SECURITY BANK PHILIPPINES EMPLOYEE LOAN
CORPORATE EMPLOYEE LOAN
Give your employees access to loans with convenient payment terms.
A Corporate Employee Loans (CEL) gives employees of accredited companies access to loans with convenient and affordable payment terms. These loans can be used for any non-business purpose including health expenses, tuition, family vacations, balance transfers, or even the purchase of a car or house.
Choose from any of the employee loans they offer
- Salary loan
- Housing loan
- Car loan
- Salary Advance
Eligibility Requirements
FOR COMPANY ACCREDITATION:
- Minimum of 50 regular employees
- Operating for at least 5 years
- Profitable for at least 3 years
- Registered business in the Philippines
REQUIREMENTS
FOR COMPANY ACCREDITATION:
Pre-accreditation:
- SEC Registration, latest or amended By-Laws and Articles of Incorporation
- Company Profile with list of officers or General Information Sheet
- Audited Financial Statements with BIR Stamp for the past three (3) years
- Corporate Income Tax Return (BIR Form 1702) for the past 3 years
Post-accreditation:
- Memorandum of Agreement
- Secretary Certificate or Board resolution reflecting authorized signatories of the company
CORPORATE SALARY LOAN
Give your employees a salary loan with convenient payment terms.
Salary Loan Program gives employees of accredited companies’ access to loans with convenient and affordable payment terms. Payment/ monthly amortization are through salary deduction. These loans can be used for:
- Health and Wellness
- Education
- Family Vacation
- Balance Transfer
- Others except for business purposes
Features
- Minimum Loan Amount: PHP 10,000
- Maximum Loan Amount: PHP 1,000,000
- Payment Terms: up to 36 months
- Interest Rate: 0.99%
- Approval Time: 3 – 4 banking days
Eligibility & Requirements
For employees of accredited companies:
- Filipino / Foreigners or Expat with at least 1 year residency in the Philippines.
- At least 21 years old and must not be more than 65 years old upon loan maturity.
- Permanently employed by the Client for at least 6 months with total work experience of at least 1 year
- Minimum Gross Monthly Income, excluding overtime and bonuses:
- P9,000 for Metro Manila
- P8,000 for non-Metro Manila
Note: All employee-applicants shall be processed based on their individual qualifications and capacity, subject to the Bank’s credit policies and procedures.
Required Documents
FOR INDIVIDUAL APPLICATION (Employee): SBC Forms
- Filled-up Application form
- Duly signed 4 copies of Promissory Note (to sign only at the back portion Borrowers: Signature above printed name); and
- 4 copies of Disclosure Statement (to sign only on Signature of Borrower over Printed Name)
Standard Requirements
- Photocopy of company ID (front and back) with 3 specimen signature
- Photocopy of 1 Government issued ID
- Photocopy of latest BIR Form 2316 indicating the correct TIN# of the employee and with complete signature on item #s 56-59
- Photocopy of 1 month latest pay slip OR filled-up COE portion in the application form
Other documents that may be further required by Credit
Note: All applications with incomplete requirements will not be processed.
Amount Loanable: Approximately 8x of the net take home pay of the borrower.
Loanable Amount: Minimum P10, 000 Maximum P1,000,000 *30% Debt Income Ratio of net monthly pay shall apply and/or maximum loan amount is 8x the take-home pay.
Loan terms: 6, 12, 18, 24 or 36 months, depending on your employer’s arrangement and subject to account evaluation.
Time to process application: 3-4 banking days, if all requirements are complete and if applicant is verified without adverse findings.
Fees and Charges
- Processing Fee: PHP 250
- Late Payment Fee/Penalty Charge: 3% of the monthly amortization or P500, whichever is higher.
- Processing Fee for Pre-Payment/Pre-Termination of Loan: 5% of the remaining principal balance or P500, whichever is higher.
- Notarial Fee (For P100, 000 loans and up): PHP 100
- Documentary Stamps (For P250, 000 loans and up): P1.00 for every P200 loan
- Other Incidental Fees: Case to case basis
