Security Bank Personal Loans
The Security Bank Personal Loan in the Philippines provides a financial solution for eligible individuals seeking extra funding. This loan facility comes with a range of benefits, including a flexible loan amount and repayment terms. Individuals can borrow a minimum of PHP 30,000 up to a maximum of PHP 2,000,000, with the option to choose a repayment period ranging from 12 to 36 months.
Furthermore, individuals have the opportunity to re-avail their personal loan provided they’ve paid at least half of their original loan amount. For any inquiries regarding the personal loan facility, prospective borrowers can reach out to Security Bank branches or contact their Auto Loans Division.
Benefits of the Security Bank Personal Loans
The Security Bank Personal Loan offers a spectrum of benefits that cater to the financial needs of eligible borrowers in the Philippines. These benefits are designed to provide flexibility and ease during the loan process, as well as throughout the repayment period. Below are some notable benefits associated with this loan facility:
- Flexible Loan Amounts: The loan allows borrowers to choose an amount that suits their needs, within a range of PHP 30,000 to PHP 2,000,000. This range provides ample flexibility for individuals to secure funding in alignment with their financial requirements.
- Various Repayment Terms: Borrowers have the option to select a repayment term from 12 to 36 months, providing them with the ability to plan their repayments in a manner that is manageable and aligns with their financial capabilities.
- Relatively Quick Approval Time:The approval process for the loan is stated to take between 5 to 7 banking days, which can be considered relatively quick. This feature is beneficial for individuals in need of timely financial assistance.
- Re-Availability Feature: Individuals have the opportunity to re-avail their personal loan provided they have already paid at least half of their original loan amount. This feature can be particularly beneficial for those who encounter additional financial needs over time.
- Minimal Fees for Higher Loan Amounts: Certain fees like notarial fees and documentary stamps are only applicable for higher loan amounts (PHP 100,000 and above for notarial fees, PHP 250,000 and above for documentary stamps), which may be seen as a benefit for those borrowing smaller amounts as they are exempt from these charges.
- Accessible Support and Inquiries: Borrowers and interested individuals have the ease of accessing support and making inquiries through Security Bank branches or via contact with their Auto Loans Division. This accessibility can be reassuring and beneficial for individuals seeking clarity on the loan process and other related matters.
These benefits collectively contribute to the appeal of the Security Bank Personal Loan as a viable financial solution for eligible individuals in the Philippines.
Security Bank Personal Loans Simulation
For the Security Bank Personal Loan, let’s simulate a loan amount of PHP 100,000 with a monthly interest rate of 2% for a term of 12 months. In this simplified simulation, the monthly repayment is obtained by adding the monthly interest to the principal repayment (loan amount divided by the loan term), and the total repayment is the sum of all monthly repayments over the loan term.
Below is a simplified representation of the loan simulation:
| Month | Principal Repayment |
Monthly Interest (PHP) | Total Monthly Repayment (PHP) | Remaining Loan Balance (PHP) |
| 1 | 8,333.33 | 2,000 | 10,333.33 | 91,666.67 |
| 2 | 8,333.33 | 1,833.33 | 10,166.66 | 83,333.34 |
| 3 | 8,333.33 | 1,666.67 | 10,000.00 | 75,000.01 |
| 4 | 8,333.33 | 1,500.00 | 9,833.33 | 66,666.68 |
| 5 | 8,333.33 | 1,333.33 | 9,666.66 | 58,333.35 |
| 6 | 8,333.33 | 1,166.67 | 9,500.00 | 50,000.02 |
| 7 | 8,333.33 | 1,000.00 | 9,333.33 | 41,666.69 |
| 8 | 8,333.33 | 833.33 | 9,166.66 | 33,333.36 |
| 9 | 8,333.33 | 666.67 | 9,000.00 | 25,000.03 |
| 10 | 8,333.33 | 500.00 | 8,833.33 | 16,666.70 |
| 11 | 8,333.33 | 333.33 | 8,666.66 | 8,333.37 |
| 12 | 8,333.33 | 166.67 | 8,500.00 | 0 |
In this table, the “Principal Repayment” is the portion of the loan amount repaid each month, the “Monthly Interest” is the interest charged for the month, the “Total Monthly Repayment” is the sum of the principal repayment and the monthly interest, and the “Remaining Loan Balance” is the loan amount yet to be repaid.
Prerequisites to Secure a Security Bank Personal Loan
To apply for a Security Bank Personal Loan, you’ll need to be aged at least 21 at the time of application, but no older than 65 when the loan is due.
You will also need to comply to the following:
- Filipino citizen required
- Must have a landline at work or home.
- Minimum gross monthly income if employed: $15,000 for Metro Manila or PHP12,000 for locations outside of Metro Manila If self-employed
- Borrowers who are self-employed or self-employed professionals must be the owner or a majority shareholder with at least a 40% investment in the company AND the business must have been running profitably for at least two years with at least one trade reference. A minimum monthly gross income of 100,000 PHP is also a requirement for self-employed applicants.
About Security Bank Financial Institution
Security Bank Corporation (SECB) is the first private and Filipino-controlled bank established in the Philippines post-World War II. Initially launched as a commercial bank, it transitioned to a universal bank in 1994.
Over the years, SECB diversified its services to include wholesale banking, financial markets, and retail banking, becoming one of the top ten private domestic universal banks in the country. In the 1970s, Security Bank pioneered the credit card franchise in the Philippines. In 1991, a new cohort of majority owners led by Chairman Emeritus Frederick Y.
Dy assumed control, leading to the bank’s listing on the Philippine Stock Exchange in 1995. SECB’s legacy extends from its inception as the Security Bank and Trust Company in Manila, as its evolution reflects the ever-evolving financial sector of the Philippines.
Through these developments, SECB has maintained a significant presence in the country’s banking industry, continually expanding its suite of financial services to cater to a broad spectrum of retail, commercial, corporate, and institutional clients.
Step by Step: How to Apply for a Security Bank Personal Loan
To apply for the Security Bank Personal Loan, applicants must follow a series of steps to ensure that their application is properly submitted and processed. Here is a step-by-step guide based on the information available:
- Check Eligibility:
- Ensure that you meet the eligibility criteria, which include being a Filipino citizen and having a gross annual income of at least PHP 180,000.
- Gather Necessary Documentation:
- Prepare the necessary documentation such as proof of identity, proof of income, and any other documents required by the bank.
- Choose Loan Amount and Term:
- Decide on the loan amount you wish to borrow (between PHP 30,000 and PHP 2,000,000) and the loan term (12, 18, 24, or 36 months) that suits your repayment capability.
- Submit Loan Application:
- Submit your loan application through the official Security Bank Personal Loan page. You may need to create an account or log in to an existing one to complete the application.
- Wait for Approval:
- After submitting your application, the approval process typically takes 5 to 7 banking days. During this time, the bank will review your application and assess your creditworthiness.
- Receive Loan Disbursement:
- Once your loan application is approved, the loan amount will be disbursed to your bank account. Ensure that all the details provided are accurate to avoid any delays.
- Commence Repayments:
- Start your monthly repayments as per the agreed schedule. Make sure to pay on time to avoid any late payment fees.
- Access Support if Necessary:
- If you have any inquiries or need assistance, you can reach out to Security Bank branches or contact their Customer Service Hotline at: 02-8887-9188.
For further details and to apply for the loan, you can visit the official Security Bank Personal Loan page. Following this process will ensure a structured approach to applying for and managing your loan, making the journey transparent and understandable.
Positives and Negatives of the Security Bank Personal Loans
The table below presents a balanced view of the positives and negatives associated with the Security Bank Personal Loan. It’s designed to provide potential borrowers with a clearer understanding of what to expect when considering this loan option.
PROS
- Flexible loan amount ranging from PHP 30,000 to PHP 2,000,000;
- Varied repayment terms of 12, 18, 24, or 36 months providing flexibility in repayment;
- Relatively quick approval time of 5 to 7 banking days;
- Opportunity to re-avail the loan upon repayment of at least half of the original loan amount;
- Accessible support through Security Bank branches or their Auto Loans Division for inquiries and assistance;
- The bank’s longstanding history and reputation in the Philippines may instill confidence in borrowers;
CONS
- Interest rates of 2% might be relatively high compared to other financial institutions;
- The requirement of a gross annual income of at least PHP 180,000 may exclude lower-income individuals;
- Certain fees such as notarial fees, documentary stamps, and pre-termination processing fees could add to the cost of borrowing;
- Online information may be limited, requiring potential borrowers to contact the bank directly for full details;
Other Loans Offered by Security Bank
Aside from personal loans, Security Bank offers a variety of other loan products to cater to different financial needs. Here are some of the other loans provided by Security Bank:
- Home Loan:
Security Bank provides home loans for those looking to purchase, construct, or renovate a home. The bank advertises its home loan as an “award-winning” product that aims to help individuals acquire their dream homes1.
- Car Loan:
For individuals in need of a vehicle, Security Bank offers car loans to assist in the purchase of a new set of wheels1.
- Corporate salary loan
In addition to health and wellness, education, family vacations, balance transfers, and even the purchase of a car or home, these loans can be utilized for any non-business reason.
The official Security Bank Loans page provides more detailed information on these and potentially other types of loans they offer.
Security Bank Personal Loans Rates and Fees
Here’s a summary of the rates and fees associated with the Security Bank Personal Loan:
- Loan Amount Range: PHP 30,000 to PHP 2,000,000
- Loan Term Range: 12 to 36 months
- Monthly Add-on Rate: 1.39% to 1.89% – Monthly interest rate applied to the loan.
- Annual Percentage Rate (APR): Starts at 29.48%, estimated up to 37.53% – Annual rate inclusive of fees and charges.
- Processing Fee: PHP 2,000 – Deducted from loan amount upon loan booking.
- Notarial Fee (for loans > PHP 100,000) – Varies, example given: PHP 100
- Documentary Stamps (for loans > PHP 250,000) – PHP 1.50 for every PHP 200 – Example: Loan of PHP 251,000 incurs PHP 1,255 in documentary stamps.
- Late Payment Fee – 3% of the amount due or PHP 500, whichever is higher
Contact Security Bank Customer Service
Here are the official channels through which interested people can seek assistance or inquire about the Security Bank Personal Loan:
- Customer Service Hotline:
24-Hour Customer Service Hotline available for bank, credit cards, and loans related inquiries, requests, and other concerns.
Metro Manila: (02) 8887 9188
Other Provinces: (02) 8887 9188
From Abroad: +63 2 8887 9188. - Email Contacts:
General inquiries and comments: [email protected]
Digital banking inquiries: [email protected]. - Official Website: For more detailed information and online inquiries: Security Bank Official Website.
- Online Support: Security Bank also provides an online Support Center where you can find FAQs, how-to guides, and step-by-step tutorials.
- Physical Branches:You can also visit one of Security Bank’s branches for in-person assistance.
- Official Contact Page: Security Bank has a dedicated contact page where you can find more contact information and submit inquiries online.
These channels provide various ways for individuals to get in touch with Security Bank, whether they prefer to call, email, or visit in person.
Security Bank App
Security Bank also offers a mobile application for online banking, which can be downloaded from the App Store, Google Play Store.
Check out our other loan options:
