Entrepreneur Rural Bank, Inc. in the Philippines

Starting with a predominant share of corporate banking business, IDFC Bank received a universal banking licence from the Reserve Bank of India (RBI) in July 2015 and started its operations on October 1, 2015. Being a startup in itself, the Bank expects to grow the business of its initiative Bharat banking, a rural banking unit, […]

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Entrepreneur Rural Bank, Inc. https://upfinance.com/app/uploads/2019/08/уии.jpg
63 A. Mabini St., Barangay Poblacion, San Pedro, 4023 Laguna
Contact: (049) 808-1296 Fax: (042) 808-2724, entrepreneurbi@rbap.org
Interest rate 1% - 2%
Loan tenure from 1 to 120 months
Approval duration Up to 5-12 hours
Min. monthly income

Leading

Mr. Alexis S. Cataquiz Position: President

Product Features

Min. financing amount ₱ 10000
Max.financing amount ₱ 10000000
Min. loan tenure 1 months
Max. loan tenure 120 months

Credit

Real estate loan

Interest Rates:  From 12% to 16% APR
Maximum loan amount: 50% to 60% of appraised value
Payment terms: 5 – 10 years
Approval time: 5 – 21 banking days

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Housing loan

Interest Rates:  12% APR
Maximum loan amount: 50% to 60% of appraised value
Payment terms: 5 – 10 years
Approval time: 5 – 21 banking days

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Chattel loan

Interest Rates:  From 14% to 16% APR
Collateral:
Motorized vehicles (e.g. Car, Truck, Boat, or Heavy Equipment)
Machinery
Shares of stock
Maximum loan amount: 40% of appraised value
Payment terms: Up to 5 years
Approval time: 3 – 14 banking days

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Loan against deposit (Hold-out)

Interest Rates:  From 14% to 16% APR
Maximum loan amount: time deposit
Payment terms: maximum term of loan is co-terminus of time deposit.
Approval time: 1 – 5 banking days

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Salary loan

Interest Rates:  24% APR
Maximum loan amount: 50 000 PHP
Payment terms: 1 month – 2 years
Approval time: 3 – 4 banking days

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Loan Calculator

%
Monthly payment
₱ 888.49
Total overpayment
₱ 661.85
Total
₱ 10661.85

Borrower requirements

Eligibility: 
– At least 21 years old at the time of application but not more than 60 years old upon loan maturity
Сitizenship:
– Must be a Filipino Citizen
– Must have an office or residence landline
If Employed:
– Minimum gross monthly income – 10 000 PHP
If Self-employed:
– With at least two (2) continuous years of profitable operations in the same line of business
– Minimum gross monthly income – 25 000 PHP

Business loan

Business loan

Interest Rates:  24% APR
Minimum loan amount: 1 000 000 PHP
Maximum loan amount: 10 000 000 PHP
Payment terms: 1 month – 2 years
Approval time: 5 banking days

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Business line receivables loan

Interest Rates:  12% APR
Minimum loan amount: 1 000 000 PHP
Maximum loan amount: 10 000 000 PHP
Payment terms: 1-5 years
Approval time: 5 banking days

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Borrower qualification

Eligibility: 
– At least 21 years old but not more than 60 years old
– With existing business for at least one (1) year.
Requirements:
– Processing fee of P 1,000.00
– Duly filled up application form
– Business/Mayor’s permit/Brgy. Permit
– DTI
– Sales invoice/O.R./Ledger or daily logbook of sales
– Photocopy of two (2) valid IDs
– Two (2) pcs. 2×2 latest I.D. picture
– Residence certificate
– Brgy. Certificate
– Co-maker based on applied loan amount (Co-maker’s requirements are same as listed above)

Guidelines

Loan can be renewed after full payment on due date with appropriate bank charges and fees.
Loan renewed is allowed twice and has 20% partial payment in every quarter for Short Term.
PDC’s issued to the borrower by its creditor which are receivables and used as bank guarantee for payment in addition to the real estate security should at least come from reliable Companies.
Borrower should maintain a savings deposit at ERBI.

Deposited

SAVINGS ACCOUNT
Student Savings
Silver Savings
Corporate silver savings

CURRENT ACCOUNT
Entrepreneurial main account
Corporate main account
Simple current account financing
Current account business portfolio

URGENT INPUT
Term contribution of the entrepreneur
High Five Super Savings

Credit Card

CREDIT CARD RCBC Bankard

Debet Card

ATM ERB CASH
ERB Cash Student Account
ERB Cash Regular Account
ERB Cash Payroll Account
PASADA ATM Savings Account
ERBI 53-year anniversary account at an ATM

FAQ

The longest loan period is 10 years.

Since this type of loan is associated with large amounts of money and a large volume of documents, the term for making a decision by the Bank depends on two stages of verification. First, the Bank will check your solvency, this stage takes no more than 5 working days on average. Then the Bank will need to check the documents for the land or property you are buying, as well as make an assessment of it.

There is no single solution. If you need the lowest monthly payment, then take loan for the maximum possible period. If you are not sure that you will have a consistently high income, then take as little time as possible.

Borrower Qualification:
At least 21 years old but not more than 60 years old
Private and Government Employee with permanent/regular appointment
Not due for retirement within the term of loan
Has been in office for at least (2) years
Has a gross monthly salary of at least P 10,000.00 and up

The amount of a Salary loan ranges from PhP10,000 to PhP 1,000,000.

The maximum loan amount depends on your income and loan term. According to Philippine law, paying a loan cannot exceed 30% of income.

No, not required for collateral.

Contacts

Full company name Entrepreneur Rural Bank, Inc.
Address 63 A. Mabini St., Barangay Poblacion, San Pedro, 4023 Laguna
Phone number Contact: (049) 808-1296 Fax: (042) 808-2724
E-mail entrepreneurbi@rbap.org
Social networks

Starting with a predominant share of corporate banking business, IDFC Bank received a universal banking licence from the Reserve Bank of India (RBI) in July 2015 and started its operations on October 1, 2015. Being a startup in itself, the Bank expects to grow the business of its initiative Bharat banking, a rural banking unit, to Rs 15,000 crore in five years.
In a bid to instil entrepreneurial qualities among the youth, the Bank has started various programmes for startups. Entrepreneur India caught up with the founder and CEO of IDFC Bank, Dr. Rajiv Lall, to know more about their initiatives to promote the startup culture in India.

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