Business Bank in the Philippines

Business Bank was incorporated as a Philippine corporation and registered with the SEC on January 28, 1997 as “Total Savings Bank” and was granted the authority to operate as a thrift bank under the MB Resolution No. 29 dated January 8, 1997. The BSP issued a Certificate of Authority on February 6, 1997. On December […]

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Philippine Business Bank https://upfinance.com/app/uploads/2019/11/pbb_logo.jpg
350 Rizal Avenue Ext, corner 8th Avenue, Grace Park, Caloocan City
(632) 8363-3333,
Interest rate 0.66% - 4.25%
Loan tenure from 1 to 180 months
Approval duration Up to 24 hours
Min. monthly income

Head Office

350 Rizal Avenue Ext, corner 8th Avenue, Grace Park, Caloocan City

Product Features

Min. financing amount ₱ 25000
Max.financing amount ₱ 10000000
Min. loan tenure 1 months
Max. loan tenure 180 months

Credit

Home loan

Interest Rates:  From 8.00% APR
Minimum loan amount: 350 000 PHP
Maximum loan amount: Up to 80% of assessed value
Payment terms: Up to 15 years
Approval time: 5- 21 banking days

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Auto loan

Interest Rates:  From – 10% APR
Loan amount:
Brand new: up to 80% of purchase price
Second hand: up to 70% of appraised value
Payment terms:
Brand New: 12 to 48 months
Second hand: 12 to 36 months
Approval time: 1-3 banking days
Down payment: As low as 20% of purchase price

Calculate loan

 

Loan Calculator

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

Borrower requirements

IF EMPLOYED
Filled up PBB Application Form
Latest 3 yrs ITR form 2316
Bank Statement I Passbook (6 months)
Certificate of Employment with & without compensation (Original)
Latest 3 months Payslip
2 Valid ID’S wl picture & signature
IF OFW
Filled up PBB Application Form
Certificate of Employment with Compensation (Original)
Proof of Remittance
Photocopy of Passport
Statement of Asset & Liabilities (notarized)
SPA (if abroad, notarized & consularized)
2 Valid ID’S wl picture & signature
Latest 3 months Payslip
Bank Statement I Passbook (6 months)
IF SELF-EMPLOYED
Filled up PBB Application Form
Latest 3 yrs ITR
Latest 3 yrs AFS & In-house
Bank Statement I Passbook (6 months)
Latest Residence certificate
2 Valid ID’S wl picture & signature
Company Profile I Business Papers
Latest Mayor’s Permit with OR
DTI Registration & Original Application
Trade Reference with Contact numbers

Deposited

Peso Fixed Deposit (gross)

 

FAQ

The longest loan period is 15 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.

The minimum down payment for a new car is 20% of purchase price, for a used car – 30% of purchase price.

Payment terms for Brand New cars – up to 48 months.
Payment terms for Used cars – up to 36 months.

No, the car is your property from the moment of purchase, but remains the bank’s guarantee for the loan period. This means that you cannot sell the car, and you also have to pay for car insurance so that the bank can receive its money in any case.

Documents confirming income and identification are the main requirements for obtaining a car loan.
Application form with filled in fields.
Copy of Passport or any ID ( SSS ID, Driver’s License, Voter’s ID)
Working borrowers must submit documents: certificates from the place of work or COE, a copy of payslip for 2 months, income tax return from BIR or ITR within 1 year.
Self-employed applicants must submit documents: a copy of the ITR with THE bir stamp , a copy of registration with the DTI or SEC, and a copy of financial statements for a period of at least 2 years .
After buying a car, you need to pay for insurance.

Initial registration is usually done by agents, so you get a copy of OR / CR. You must remember that the initial registration is valid for 3 years, so after that you need to renew it annually in LTO.

Interest rates are lower for new cars, because used cars less secure investment than new ones because they can break down or undergo repairs that will be more common than a new car. For new cars, interest rates are 2-5% lower and are the most popular way to finance cars in the Philippines.

Contacts

Full company name Philippine Business Bank
Address 350 Rizal Avenue Ext, corner 8th Avenue, Grace Park, Caloocan City
Phone number (632) 8363-3333
E-mail
Social networks

Business Bank was incorporated as a Philippine corporation and registered with the SEC on January 28, 1997 as “Total Savings Bank” and was granted the authority to operate as a thrift bank under the MB Resolution No. 29 dated January 8, 1997. The BSP issued a Certificate of Authority on February 6, 1997. On December 16, 1997, the SEC approved the change of corporate name of the Bank to “Philippine Business Bank (A Savings Bank)” which the shareholders believe better reflects the Bank’s business thrust and focus.
The Bank’s focus is to become the bank of choice of the SME market segment. The BSP defines small and medium enterprises to be any business concern with assets between Php 3 million to Php 100 million, excluding the land value on which the entity’s office, plant and equipment are situated.

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