Sterling Bank of Asia in the Philippines

Sterling Bank of Asia is a savings bank that was established to provide accessible financial solutions and banking services to both commercial and retail market segments. Since it opened its first branch in March 2007, through the leadership of a core group of successful businessmen and entrepreneurs, and management of seasoned professional bankers, Sterling Bank […]

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Sterling Bank of Asia https://upfinance.com/app/uploads/2019/11/логобанкаазии1.jpg
8004 Ortigas Avenue, Greenhills, San Juan City 1500 Philippines
+632 8721-6000 +632 8672-6300, customer.service@sterlingbankasia.com
Interest rate 0.45% - 3%
Loan tenure from 3 to 240 months
Approval duration Up to 240 hours
Min. monthly income

Head Office

8004 Ortigas Avenue, Greenhills, San Juan City 1500 Philippines

Product Features

Min. financing amount ₱ 50000
Max.financing amount ₱ 10000000
Min. loan tenure 3 months
Max. loan tenure 240 months

Credit

Housing loan

Fixed Interest rates:  8% APR
Minimum loan amount: 500 000 PHP
Maximum loan amount: 10 000 000 PHP
Payment terms: Up to 25 years
Approval time: 7-21 banking days

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Seafarers loan

Interest Rates:  36% APR
Minimum loan amount: 20 000 PHP
Maximum loan amount: 500 000 PHP
Payment terms: 3 to 11 months
Approval time: 3-5 banking days

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Auto loan

Brand New Auto Loan Rates: 

months 12 18 24 36 48 60
fixed rates APR 15,88% 14,14% 19,04% 16,28% 15% 14,05%

Used Car Loan Rates:

months 12 18 24 36 48
fixed rates APR 23,22% 19,74% 26,65% 23,48% 22,4%

Minimum loan amount: 100 000 PHP
Loan amount:
Brand new: up to 80% of purchase price
Second hand: up to 70% of appraised value
Payment terms:
Brand New: 12 to 60 months
Second hand: 12 to 48 months
Miniimum Loan amount: 100 000 PHP
Approval time: 3-5 banking days
Down payment: As low as 20% of purchase price

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Personal loan

Interest Rates: 

months 12-18 24 36
fixed rates APR 37,74% 37,17% 35,96%

Minimum loan amount: 50 000 PHP
Maximum loan amount: 1 000 000 PHP
Payment terms: Up 36 months
Approval time: within 5 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
– With home and office landline
– No adverse credit findings
– At least 1 year residency, if renting
If Employed:
– Minimum gross monthly income – 30 000 PHP
– Employment tenure of at least 2 years with present employer except for BPO/Call Center Back Room &
Manufacturing Companies which is at least 3 years
If Self-employed:
– Business in operation for at least 3 years & profitable for the past 2 years

Business loan

Commercial Loan

FAQ

Because a car loan is a secured loan, and the Personal loan – no. Accordingly, the higher the risk of non-repayment of the loan from the bank, the higher the interest rate on such loans.

Eligibility:
Filipino Citizen
21 – 60 years old
Minimum gross salary of P30000 per month
With home and office landline
No adverse credit findings
At least 1 year residency, if renting

For Self-employed:
Business in operation for at least 3 years & profitable for the past 2 years

For Employed:
Employment tenure of at least 2 years with present employer
Companies which at least 3 years

The difference in document requirements. For a Seafarer it is usually required:

  • Photocopy Overseas Employment Certificate (OEC)
  • Photocopy of Contract duly signed by POEA
  • Photocopy of Passport including filled out pages
  • Photocopy of Seaman’s Book including filled out pages

The maximum amount depends on their income , bank provide Seafarers loan for an amount not exceeding 500 000 PHP.

The longest loan period is 25 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.

  • For Brand New Auto up to 5 years
  • For Used Cars – 4 years.
  • 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

    Typically, 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 5%-8% lower.

    Contacts

    Full company name Sterling Bank of Asia
    Address 8004 Ortigas Avenue, Greenhills, San Juan City 1500 Philippines
    Phone number +632 8721-6000 +632 8672-6300
    E-mail customer.service@sterlingbankasia.com
    Social networks

    Sterling Bank of Asia is a savings bank that was established to provide accessible financial solutions and banking services to both commercial and retail market segments.
    Since it opened its first branch in March 2007, through the leadership of a core group of successful businessmen and entrepreneurs, and management of seasoned professional bankers, Sterling Bank of Asia’s network has grown to 47 branches located in key areas and cities nationwide.

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