Personal Loan PSBank Review: Calculator, Requirements, Interest Rate

What is PSBank?

PSBank is a Philippine-based bank that offers a wide range of banking products and services designed to meet the financial needs of the Filipinos. The bank is a subsidiary of Metrobank, the third largest universal bank in the country based on assets.

PSBank is known for its customer-focused innovative solutions, which include an online banking system and a mobile app. Since it started operations in 1960, PSBank has been one of the most reliable providers of consumer loans in the Philippines with competitive rates, flexible payment terms, and quick loan approvals.

PSBank personal loan, how does it work?

A personal loan is an unsecured loan that can be used to finance a variety of expenses, including home repairs, medical bills, or college tuition. They can also be used to consolidate debt or to cover unexpected expenses.

Typically, a personal loan has a fixed interest rate and a set repayment term. This means the monthly payment amount will stay the same throughout the life of the loan. But with the PSBank Flexi Personal Loan with Prime Rebate, borrowers are given a revolving credit line. The loan amount can decrease or increase depending on how much of the principal has been repaid. It also comes with an ATM card for quick access to cash 24/7.

The Flexi Personal Loan PSBank also comes with a rebate every time you pay in advance or make excess payments.

How much does PSBank loans?

For eligible borrowers, the minimum amount they can borrow is PHP20,000 and the maximum is PHP250,000. This is subject to the borrower’s meeting certain salary thresholds.

PSBank Personal Loan Interest rate

For fixed term loan, where you pay a fixed amount over a certain period of time, the interest rate is 42.88% per annum for 24 months and 41.29% for 36 months. For a revolving loan transaction, the effective interest rate is 34.49% per annum for 12 months.

How long does it take to release the loan?

The estimated turnaround time for a personal loan application is anywhere from 5 to 9 business days. This time frame includes the credit decision (1-3 business days), booking of the approved loan application (1 business day), and delivery of the PSBank Flexi ATM card (5 to 9 business days) where the funds will be released.

PSBank personal loan benefits

• A PSBank personal loan is a type of unsecured loan that does not require any form of collateral. This makes it a great option for those who need money even without owning assets.

• One of the biggest benefits of a PSBank personal loan is the fact that you can borrow up to PHP250,000. This is much higher than the maximum amount that you can borrow with most other types of unsecured loans. In addition, the interest rates on PSBank personal loans are very competitive, making them a great option if you need to borrow money.

• A personal loan from PSBank has a lower interest rate than a credit card's revolving rate. This means that you can save more money in the long run by using a personal loan to pay for your expenses.

• Having a revolving credit line option gives borrowers who don’t want to commit to a long-term loan the flexibility to repay the loan faster.

• PSBank’s loan rebate program allows you to save money by earning rebates every time you pay in advance or more than the minimum loan payment per month.

How to apply for a personal loan in PSBank?

To be eligible for a personal loan, you generally need to have good credit and meet minimum income requirements. You also need to provide proof of employment or ability to pay.

PSBank Personal Loan Requirements

• Must be a Filipino citizen residing in the Philippines

• Must be 22-54 years old upon loan application

• For employees: Must be working for two years with one year tenure in current employer

• For business owners: The business must be profitable for the last 3 years.

• Valid ID

• BIR Form 2316 (for employees)

• BIR Form 1701 with audited financial statements with BIR stamp covering 2 years (for self-employed/business applicants)

• For principal credit cardholders: Latest credit card billing statement

Loan calculator

If you want to keep track of your personal loan payments and the interest you will be paying, then use PSBank's loan calculator tool online. This is a very user-friendly application that will allow you to see how much you need to pay each month, as well as how much interest you will be paying over the life of your loan.

Application form

Part of the personal loan PSBank requirement is filling out the PSBank Flexi Personal Loan application form. Just go to the bank’s official site and click on the "Apply Now" button. Alternatively, you can visit any PSBank branch.

You'll need to provide information about yourself, including your name, address, date of birth, and contact information. You'll also need to provide details about your employer and income.

Once you've filled out the application, you'll need to submit it online or bring it into a PSBank branch. PSBank representatives will review your application and let you know if you're approved for a personal loan.

How to check for a loan status?

To check your PSBank personal loan status, you can email customer support, call the Customer Experience Hotline, or start a PSBank Live Chat.

How to pay for the PSBank loan?

You can pay your personal loan through the following payment channels:

• Any PSBank branch

• BancNet ATMs

• BancNet Online for depositors

• Auto-debit from PSBank deposit account

• InstaPay

• GCash

• 7-Eleven stores nationwide

What happens if I can’t pay?

When you borrow money, there is always an expectation that you will repay the loan in a timely manner. Failing to do so can result in a number of undesirable consequences, such as having your credit score lowered. This is certainly true for personal loans from PSBank.

If you are unable to make a payment on your personal loan, you will be charged 5% per month added on each unpaid installment.

PSBank may be willing to work with you to create a payment plan that fits your budget. However, if you continue to miss payments, the lender may take legal action against you. This could result in wage garnishment.

So, if you're having trouble making your payments, be sure to contact PSBank immediately to explore your options.

PSBank, customer service

• PSBank Loan Hotline: (632) 8845-8888

• Email address: customerexperience@psbank.com.ph

PSBank personal loan reviews

If you're considering getting a personal loan from PSBank, you'll want to know personal loan reviews from real PSBank customers to help you make your decision.

Overall, customers were happy with the speed and ease of the application process. They also appreciated the competitive interest rates and the flexibility of the loan terms. A few customers noted that they had difficulty accessing customer service support, but overall, most were happy with their experience.