Mallig Plains Rural bank in the Philippines

To uplift the living condition of its borrowers in all eighteen(18) branches where we operate so that they will contribute to the sustainable growth and development of the community and capable of sending their children to school preparing them to be assets to their community and become good citizens. 1. To provide easy and timely […]

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Mallig Plains Rural Bank (Isabela), Inc. https://upfinance.com/app/uploads/2019/08/mall_rural_bank.jpg
National Highway, Centro 2, 3323 Mallig, Isabela
0917-5293240, malligplainsrb@rbap.org; mprbi@yahoo.com
Interest rate 0.5% - 1%
Loan tenure from 3 to 24 months
Approval duration Up to 5-12 hours
Min. monthly income

Leading

Dr. Praxedes A. Ignacio Position: Director / President / CEO

Product Features

Min. financing amount ₱ 100000
Max.financing amount ₱ 1000000
Min. loan tenure 3 months
Max. loan tenure 24 months

Credit

Housing loan

Rates:  From 9% APR
Minimum loan amount: 500 000 PHP
Maximum loan amount: Up to 80% of assessed value
Payment terms: Up to 10 years
Total gross monthly income (minimum): 50 000 PHP
Approval time: 5- 21 banking days

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OFW/OCW loan

Rates:  From 29% APR
Minimum loan amount: 50 000 PHP
Maximum loan amount: 500 000 PHP
Payment terms: Up to 24 months
Approval time: within 5 banking days

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Microfinance loan

Rates:  From 3% per month
Minimum loan amount: 1 000 PHP
Maximum loan amount: 50 000 PHP
Payment terms: Up to 3 months
Approval time: 1 banking day

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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 65 years old upon loan maturity
Сitizenship:
– Must be a Filipino Citizen
– Must have an office or residence landline
If Self-employed:
– With at least two (2) continuous years of profitable operations in the same line of business

Business loan

  • Agricultural loan
  • Industrial loan
  • Commercial Loan
  • Masipag Negosyo Loan

Loan Installment

Micro financing
A loan that establishes a consumer loan that is provided for personal use; generally unsecured and based on the borrower’s integrity and ability to pay.

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.

Filipino who is going to work abroad. Documents for issuing OFW loan:

  • 2 valid IDs related such as passport and OWWA ID
  • Copy of visa
  • Consularized certificate of employment
  • Flight ticket and details
  • Transfer confirmation
  • POEA overseas employment certificate – get this from the POEA office in your area
  • For seafarers, the latest contract
  • Billing confirmation
  • Proof of residency

Bank issues an OFW loan for up to 24 months.

The maximum loan amount of OFW / OCW depends on your income, but there is a maximum of 500,000 PHP.

Contacts

Full company name Mallig Plains Rural Bank (Isabela), Inc.
Address National Highway, Centro 2, 3323 Mallig, Isabela
Phone number 0917-5293240
E-mail malligplainsrb@rbap.org; mprbi@yahoo.com
Social networks

To uplift the living condition of its borrowers in all eighteen(18) branches where we operate so that they will contribute to the sustainable growth and development of the community and capable of sending their children to school preparing them to be assets to their community and become good citizens.

1. To provide easy and timely credit to needy small farmers, fisherman, vendors, entrepreneurs and salaried people at all times to help improve their living conditions;
2. To finance loans to small and medium enterprises such as small rice mills, housing, farm machineries, steelworks,and groceries;
3. To maintain and foster public confidence in the rural banking system by accepting ordinary savings, prime and time deposits.

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