Personal Cash Loan

Company name
Personal Cash Loan
Address
Unit 502, 5/F, VGP Bldg., Ayala Avenue, Makati City, Makati City, Metro Manila, Philippines
Phone
8640218
Mobile phone
09163987221
Contact Person
boyet carta
Establishment year 2002
Employees 16-25
Company manager boyet carta

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Questions & Answers

Yolanda C. Pradilla
Good am.pwede po bng icontinue ung excess na 18 mnths na kaltas ninyo suppose to be mattapos n ako ngaung feb.2018 kso ang nasa payslip ko ay sept 2019 pa.
7 Jan, 2018
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Answer

Company Details

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Description
When a bank lends to an individual it is usually for a carefully defined purpose like buying a home or obtaining higher education.

By contrast a personal loan is a much more flexible loan which can be used for a variety of purposes: say paying for a wedding, re-decorating your home or an expensive holiday.

Most major banks as well as some finance companies offer personal loans and for some purposes they may be the best, or even the only way, to obtain finance.

What are the advantages and disadvantages of a personal loan?

The main advantage is the flexibility of using the money for whatever purpose you intend. Secondly personal loans are usually unsecured which means you don't have to offer security or obtain a guarantor.

Finally there is less paperwork involved since the bank doesn't have to verify assets used to secure the loan which also means that these loans are approved more quickly.

Take personal loan to acquire that dream house

The disadvantage is that these loans are relatively difficult to obtain and the qualifying criteria are stricter than for other loans. The rate of interest is also higher than for most other loans and may be as high as 25 per cent particularly if your credit profile is weak.

What determines the size of a personal loan and interest rates?

The size of the loan you are eligible for depends mainly on your personal income; other variables include your age, profession, education and your history of repaying other loans.

Typically you may be able to obtain a loan around twice your annual income up to a limit of Rs 10 lakh. It may be possible to club the income of your spouse in order to increase your loan eligibility.

Should you prepay that costly personal loan

Interest rates also vary according to your profession. Generally salaried workers in reputed firms have to pay a lower rate of interest whereas self-employed workers, particularly those who aren't professionals, have to pay a higher rate of interest.

Apart from interest rates are there other charges?

Yes and it's important to read the fine print to see what additional fees are associated with the loan. If possible try to negotiate down these charges. Such charges may include a processing fee which covers the cost of processing your application and documentation charges to cover the expenses of verifying your documents. In addition you will to have pay service tax on both interest payments and other charges.

What is the documentation required?

The main documentation is a proof of identity and proof of residence (passport, voter ID etc.) as well as a proof of income. The latter can be a salary slip for salaried individuals or an income tax return for the self-employed.

Repayment of personal loans

Typically personal loans will be offered for a period of 1-5 years and are repaid on a monthly basis through EMIs (equated monthly installments). Prepayment is possible but will generally carry a significant prepayment charge.

'How I make money by taking loans'

If interest rates fall it may be possible to shift a personal loan from one bank to another to take advantage of the lower rates to reduce EMIs.

Tips for using personal loans

~ Personal loan rates are negotiable and you should negotiate hard to reduce your rate. If you have a good repayment record on other loans use that as a negotiating point.

~ Shop around at different banks as there is a fair amount of variation in the rates offered. In addition to interest rates make sure you compare other charges as well.

~ Personal loans usually charge a lower rate of interest compared to credit cards. If you have large credit card dues, paying them off through a personal loan may be a good way of saving money.
Working hours
  • Monday:8am to 4pm
  • Tuesday:8am to 4pm
  • Wednesday:8am to 4pm
  • Thursday:8am to 4pm
  • Friday:8am to 4pm
  • Saturday:OFF
  • Sunday:OFF
Products & Services
Bank of CommerceQualifications: At least 1 year work tenure (Employed), 3 years (Self Employed) With a Minimum Basic Salary of 20K per month (Employed), 30K / month (Self-Employed) 23 to 65 years of age upon loan...
Personal Cash LoanGood Day Sir/Madam, Doctor's Loan, Personal Cash Loan, Business Loan, Truck Loan(no down payment) and Auto Loan are tailored fit to all Employed and Self-Employed. You can use this for business cap...
Est West BankMode of Payment – Post-dated checks shall be issued by the client prior to release of his/her loan proceeds. Release of Loan Proceeds Pick up at the Head office: The bank will release the lo...

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Last update: May 2017 - View Status

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