Guide on PSBank Personal Cash Loan Loanable Amount for Clients
PSBANK PERSONAL CASH LOAN – Here is a guide on how much you may borrow under the Personal Loan offer of the Philippine Savings Bank.
Have you heard about the cash loan offer of the Philippine Savings Bank or PSBank? The bank is one of the most popular subsidiary banks in the country. It is under Metrobank which is one of the giants in the Philippine banking industry.
The multi-purpose cash loan offer of PSBank is the Personal Loan. Unlike most personal loans that only provide direct cash, the lender offers the borrowers two (2) options:
- Revolving Credit Line, a type of credit without a fixed number of payments
- Fixed Term Loan, a loan where the borrower is required to make periodic payments over a certain fixed period of time
Furthermore, the loan applicant has the option to choose between a Revolving Credit Line and a Fixed Term Loan per transaction. The range of the PSBank Personal Cash Loan loanable amount hits a high maximum borrowing amount allowed by the lender.
Although the loanable amount may vary on certain factors including the paying capacity of the borrower and all loan applications are subject to the approval of the bank, the lender has posted the range of the amounts that clients may be approved of under the PSBank Personal Cash Loan offer:
- Minimum Loanable Amount — PhP20,000
- Maximum Loanable Amount — PhP250,000
The loan repayment is allowed between 24 months or two (2) years to 36 months or three (3) years. For revolving credit lines, the monthly interest rate implemented by the bank is at 2.5%. For term loans, the interest rate is at 1.75%.
PSBank set the effective interest rate under the Revolving Loan at 34.49% per annum. Under the term loan, the effective interest rate is at 42.88% for 24 months and 41.29% for 36 months.
With regards to the repayment, if the borrower has a revolving credit line, he/she may pay for the total amount due of the loan, minimum amount due, or any amount higher than the minimum amount due. For fixed term loan transactions, the client pays a fixed amount in the entire loan term.
Like in most loan offers, the Philippine Savings Bank has also set a list of eligibility criteria for the PSBank Personal Cash Loan application. It is important to check on the list of qualifications set under the loan offer.