Commercial Loan

Product Details

Commercial loan is granted to market vendors, sari-sari store owners, medium-sized business enterprises and traders for the expansion and maintenance of their businesses. It can be either secured or unsecured loan.

Features

  1. Loanable amount is from ₱10,000 and above and the interest rate is 16%-25% per annum.
  2. Minimum term of three (3) months and maximum of five (5) years
  3. Mode of payment is monthly, Quarterly, lump sum, semi annual or on installment basis. Payment can be made through issuance of post-dated checks  or through over the counter payment.
  4. Collateral is required. Acceptable collateral are real or personal properties (Titles or Chattel free from encumbrances)
  5. Co-maker is not required

If the borrower is married, his/her spouse is required to submit loan requirements and signed all loan documents signifying his/her consent.

Requirements

  1. CCV File or E-Copy of Title
  2. Original Certificate of title or Original OR/CR
  3. Special power of attorney (SPA) (if title or CR is not in the name of the borrower)
  4. Tax Receipt, Tax declaration of real property, Tax declaration of building (if collateral has improvements) and Tax Clearance
  5. Comprehensive Insurance, Fire Insurance and Crop Insurance if necessary
  6. Court Clearance for Property (Title) and Borrower
  7. Proof of all income declared in Income Statement
  8. Audited or In House FS for loans amounting to P1,000,000 and up.

Other loan requirements: Open a GRBP regular savings account, 2 pcs. Latest 2×2 picture, atleast 1 Valid I.D, Barangay Clearance, Cedula/CTC, TIN/SSS/GSIS Number

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