What is Chinabank Philippines?
Chinabank Philippines is a private universal bank that offers a wide range of banking products and services to businesses and individuals. The bank was established in 1920 and has since then provided loans, deposits, investments, and other banking services to its clients.
Being a member of the SM Group, Chinabank is considered as one of the most trusted banks in the Philippines. Its strong presence in both retail and corporate banking makes it one of the top banks in the country
Chinabank loan, how does it work?
China Bank offers different types of loans to meet the needs of their customers. The three main types of loans offered are:
- AutoPlus;
- HomePlus,
- and SalaryPlus loans.
AutoPlus loan is for customers who need financing for a new or used vehicle, while HomePlus loans are for those who need funds for a home purchase or home improvement project.
SalaryPlus loan is extended to borrowers whose company courses its payroll through Chinabank. Loan repayment is done through salary deduction. Since this type of loan is backed by the company, it’s considered as pre-approved. By being an employee of the company, you can have access to this type of lending facility.
For quick cash loan, Chinabank offers Easi-Funds Personal Loan through its subsidiary China Bank Savings. If you're looking for quick cash, this loan is a great option for you. With simple application process and fast approval, you can get the money you need in no time. Plus, there's no need to put up any collateral. It’s simply a no-frills, unsecured loan that you can turn to during times of financial need.
How much is the Chinabank loan?
Chinabank offers loans to qualified individuals in the Philippines. The minimum loan amount is PHP30,000, and the maximum loan amount is PHP1,000,000. Loan term options are 12, 18, 24, and 36 months
Interest rate
Chinabank loan rate depends on several factors, such as the loan amount, loan term, and prevailing rates. But to give you an idea, the monthly interest rate for a personal loan ranges from 2.73% to 2.92%. This is still subject to final computation.
How long does it take for the money to arrive?
It usually takes 3 to 5 working days for the loan to be approved and released upon receipt of all the required documents from the borrower. The money will be deposited to the borrower’s account. Alternatively, you can elect to receive the funds through a manager’s check, which has a clearing time of three days.
Chinabank loan benefits
Chinabank offers a wide range of loan products that cater to the different needs of their clients. One of the unique selling points of the Chinabank loan is the minimal documentary requirements compared to other banks. This makes it ideal for those who need quick cash. The Chinabank loan application can also be done online or through their app, making it convenient for busy clients.
Chinabank loan application process
To help you get started on your loan application, here is a quick guide on the requirements and eligibility for each of the loan products:
Chinabank loan requirements
Easi-Funds Personal Loan
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Must be a Filipino citizen, 21-55 years old
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Must be employed, self-employed, or has a regular source of income
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Latest 1x1 ID picture
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Valid ID with photo and signature of the borrower
To apply for a personal loan, go to China Bank Savings Easi-Funds loan application site. Fill out the online application form, upload the AutoPlus Car Loan and HomePlus Home Loan:
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For employed: Certificate of Employment
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For self-employed: DTI Registration
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Audited Financial Statements (last 3 years)
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For Foreigners: Alien Certificate of Registration
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For OFW: POEA Contract or Certificate of Employment
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Proof of Remittance (last 6 months)
-
Payslips (last 6 months)
-
Seaman’s Book (if applicable)
To apply for a loan, download the AutoPlus application form or HomePlus application form and visit any China Bank branch.
Loan calculator
If you want to know your monthly loan payments, you can use Chinabank’s loan calculator. Just enter the desired loan amount and the term of the loan and the calculator will display your estimated monthly payment amount.
Chinabank’s loan calculators are a great way to budget for your monthly payments. They can also help you compare different loans side-by-side to see which one is best for you.
Chinabank reloan process
If you're planning to apply for a Chinabank loan, you may be wondering what the process is for taking out a second loan. You’ll be eligible for a reloan once you paid your previous loan in full. You'll also need to have a good payment history with Chinabank to qualify.
Once you've verified that you're eligible, you can begin the application process. The first step is to fill out an online form, which will require some basic information about your financial situation. Once you've submitted the form, a representative from Chinabank will contact you to discuss your available options for interest rates and repayment terms. With a good credit standing, the approval will be faster.
How to pay Chinabank loan?
The easiest and most convenient way to pay your Chinabank loan is through the bank’s channels:
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Chinabank Branches nationwide
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Chinabank Online, Mobile app, and Tellerphone
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Chinabank ATMs
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Automatic Debit Arrangement with your Chinabank Deposit Account
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Chinabank Savings Bank (Branches, ATMs, Online),
Alternatively, you can pay your loan at these authorized payment channels and partners:
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Select BancNet Online and BancNet ATMs
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SM Business Centers (SM Malls)
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SM Store Bills Payment Center
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SM Hypermarket
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Savemore
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Walter Mart Malls
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BPI ATMs, Phone Banking, Online, Mobile App
-
GCash
-
Maya
What happens if I can’t pay?
If you are unable to make a payment on your Chinabank loan, there are several actions that may be taken. The bank will charge you a late payment fee. If you miss multiple payments, your loan may go into default. This means that Chinabank may send your account to a collections agency. This could result in negative marks on your credit report, which will make it difficult for you to get a loan in the future.
Chinabank, customer service
Contact Number:
- (632) 888-55-888
China Bank Savings (Subsidiary):
- (+63 2) 8988-9555
- (+63 2) 8884-7622
- (+63 2) 8884-7878
Email address:
- China Bank: online@chinabank.ph
- China Bank Savings: Contact Us form .
Chinabank loan, reviews
Chinabank loan offers a quick and convenient way to get different types of loans in the Philippines. Borrowers who have availed of the loans are generally satisfied with the easy application process and quick approvals.
However, there have been some reports of glitches and bugs in the app and customer support is not always responsive. Overall, though, Chinabank loan seems to be a good option for those who need a quick personal loan, auto loan, or a housing loan.
Have you used the Chinabank loan? Share your experience here.