Fairbank in the Philippines
In 1998, The Bangko Sentral ng Pilipinas (BSP) through the Monetary Board granted FairBank the authority to operate banking business and the Securities and Exchange Commission (SEC) approved the registration of FAIR Bank Inc. as a corporate entity vested with a distinct juridical personality. The First Agro-Industrial Rural Bank, Inc. or commonly known as FairBank, […]
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Product Features
| Min. financing amount | ₱ 100000 |
| Max.financing amount | ₱ 1000000 |
| Min. loan tenure | 6 months |
| Max. loan tenure | 36 months |
Credit
Consumer Loan
Interest Rates: 18.00% – 19% APR
Minimum loan amount: 5 000 PHP
Payment terms: Up to 2 years
Approval time: 1- 5 banking days
Calculate loanEnterprise Loan
Interest Rates: 18.00% – 19% APR
Minimum loan amount: 500 000 PHP
Payment terms: Up to 3 years
Approval time: 1- 5 banking days
Borrower requirements
Eligibility:
– At least 21 years old at the time of application but not more than 65 years old upon loan maturity
Сitizenship:
– Must be a Filipino Citizen
– Must have an office or residence landline
If Employed:
– Minimum gross monthly income for Metro Manila – 15 000 PHP
If Self-employed:
– With at least two (2) continuous years of profitable operations in the same line of business
FAQ
On average, initial approval of a Consumer credit application can be done from 30 minutes to 1 day. Final approval takes on average from 24 hours to 5 days. You just need to make sure your documents are completed when you submit them.
Credit funds can be issued immediately after the application is approved or 1-3 banking days after a successful phone check.
You do not require any collateral or guarantor to apply for a Consumer loan.
When applying for a loan, you will be asked to choose a payment method. If you decide to transfer funds to a bank account, loan proceeds will be paid immediately after loan approval. If you chose to disburse to other banks, your loan proceeds will be disbursed within 2 business days upon loan approval.
No, you don’t need to report money spent. You can use the money for a variety of personal needs, such as training, hospitalization, car upgrades, and paying bills.
The maximum loan term is not more than 3 years.
• 1 year working business.
• Register with DTI or SEC in the name of the borrower.
• Mayor’s permission registered in the name of the borrower.
• The borrower is the main shareholder or owner of the business.
• The borrower has a current account of at least 6 months, which is used.
• The borrower has the right to sign checks.
To date, the maximum amount of this loan is PHP 5,000,000.
Contacts
| Full company name | First Agro-Industrial Rural Bank, Inc. (FairBank) |
| Address | Dela Viña cor. J. Lequin Sts., Gairan, Bogo City, 6010 Cebu |
| Phone number | Contact: (032) 434-8849; 434-8896; 251-3028 loc. 104 |
| fairbank@rbap.org; compliance@fairbank.com.ph | |
| Social networks |
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In 1998, The Bangko Sentral ng Pilipinas (BSP) through the Monetary Board granted FairBank the authority to operate banking business and the Securities and Exchange Commission (SEC) approved the registration of FAIR Bank Inc. as a corporate entity vested with a distinct juridical personality. The First Agro-Industrial Rural Bank, Inc. or commonly known as FairBank, started its commercial operations in 1999. The principal place of business was then located at Poblacion, Daanbantayan, Cebu. Currently the head office of FairBank is now located at Bogo City, Cebu.
