LACONICO, Lorraine Ysabel A.

GEMATMW – EA1
11823585 Ms. Alana Hernandez
BANK INQUIRIES

As per my financial goal and table 101, which we previously submitted, I still would not
have enough money to reach my goal by 2021, which was my target date. With that, I had to find
ways to suffice or add to my funds so that I will be able to successfully attain my goal. One of the
ways I could do so is by applying for loans in certain banks. I did not resort to trading stocks
because my goal was to have a somehow large amount of money to be able to establish my own
stock portfolio. I mainly focused on personal loans as I inquired in the different banks namely
BDO, Metrobank and Security Bank.

BANCO DE ORO
I. Types of Account
Type of Account Minimum Initial Minimum Gross Interest Terms of
Deposit Balance to Earn Rate per Placement
Interest Annum
ATM Savings Php 2,000.00 Php 5,000.00 0.25%
Account
Peso Passbook Php 5,000.00 Php 10,000.00 0.25%
Savings Account
Peso Time Php 1,000.00 N/a *varies on 30, 60, 90, 180,
Deposit Account balance of 360 days
account and
terms of
placement
(table available
online)
Optimum Personal: Personal: *varying,
Savings Account Php 30,000.00 Php 30,000.00 interest rate
Business: Business:
Php 50,000.00 Php 50,000.00
 II. Loans

As per the officer we have communicated with in BDO, they had different types of loans such
as auto, home, personal and SME (small-to-medium enterprise) loan. As mentioned previously, I
only focused on personal loans as I inquired in the branch but they also informed us that we can
learn more about the other loans on their website.

Their personal loan could be used for travelling, education, medical emergencies, special
events, or whatever personal matter it could be as long as the applicant would meet their
requirements. Their personal loan also offers a Kabayan Program, which is applicable only for
OFW’s.

Minimum Loan Tenor/Term (months) Monthly Add-on

Amount Rate
Php 10,000.00 6 1.30%
12 1.25%
18
24
36

The interest rates of BDO’s personal loans differ on the tenor or term of the loan. The requirements
for the personal loan application are the following:

REQUIREMENTS FOR LOAN APPLICATION

• Filipino citizen or foreigner residing in the Philippines for more than two (2) years
• Must be 21 years old at time of application but no more than 70 years old upon maturity
• Minimum Gross Annual income
o Php 120,000.00 for Salaried Employees
o Php 400,000.00 for Self-Employed / Professionals
• Must have a mobile phone and at least 1 landline phone at either residence or office
• Residence or office must be within BDO serviceable area
• Additional application requirement for Salaried Employees
o Must be at least one (1) year tenure with the company
• Additional application requirement for Self-Employed
 o Must be a sole proprietor or majority part-owner of a company operating for at
least two (2) years.
• Additional application requirement for Professionals
o Must be in private practice for at least one (1) year

DOCUMENT REQUIREMENTS
Proof of Income for Salaried Employees
• Photocopy of the latest BIR Form 2316 or W2 signed by employer's
authorized representative (MANDATORY) and submit any of the following:
o Original Certificate of Employment and Income (COEI) issued in the last three
(3) months indicating status, length of service and breakdown of compensation
o Photocopy of last full month pay slip
Proof of Income for Self-Employed/Professionals
• Photocopy of Registration of Business Name
• For Single Proprietorship issued by the DTI (Department of Trade and Industry)
• For Partnerships issued by the SEC (Securities and Exchange Commission)
o Photocopy of latest ITR and W4 with BIR/Bank Stamp (MANDATORY)
o Photocopy of latest Audited Financial Statements for the last two (2) years
o Photocopy of Bank Statements for the last six (6) months (OPTIONAL)
Proof of Identification
• Photocopy of at least two (2) valid photo-bearing identification documents, front and
back, issued and signed by an official authority

With the information above, I could open a time deposit account as early as possible to at let
my money grow a bit more rather than just putting it in a regular savings account. My other
option is to apply for BDO’s personal loan as their minimum loan amount is only Php 10,000.00.
However, I should ensure first that I will be able to pay my loan in time.
 METROBANK

I. Types of Account
Type of Account Minimum Initial Minimum Maintaining Gross Interest Terms of
Deposit Balance to Earn Balance Rate per Placement
Interest Annum
Passbook Regular: Regular: Regular: 0.25%
Savings Php 10,000.00 Php 10,000.00 Php 10,000.00
Commercial: Commercial: Commercial:
Php 10,000.00 Php 50,000.00 Php 50,000.00
Debit/ATM Card Php 2,000.00 Php 10,000.00 Php 2,000.00 0.25%
Savings
Time Deposit Php 10,000.00 Php 10,000.00 (or N/a *varies on 30, 60, 90, 180,
how much was the balance of 360 days
initial placement) account and
terms of
placement
(table available
online)

II. Loans

Metrobank only offers two types of loans: home and auto loan. For the home loan, it is most
commonly used for purchase, renovation and construction of properties. However, Metrobank
allows their clients to utilize this loan for personal consumption but just like for its original
purpose, it is still due for approval of Metrobank.

FOR HOUSE LOANS

Loan Purposes and Maximum Terms
Purpose Term
Purchase of lot 10 years
Purchase of house and lot 25 years
Purchase of lot and house construction
House construction on owned lot
Purchase of condominium
 Purchase of Townhouse
Renovation/Expansion
Reimbursement
Refinancing/Take-out 15 years
Personal Investment 10 years

FOR CAR LOANS

Loan Terms Equal monthly amortization in 12, 18, 24, 36, 48 or 60 months
Loanable
Minimum of Php 350,000.00 and maximum of 80% of the net selling priec
Amount
Down
As low as 20% of the net selling price on your initial cash out
payment
Mode of
Automatic Debit Arrangement (ADA) or through post-dated checks (PDC)
Payment
Pay your first monthly amortization 30 days after your approved loan is booked or
Payment
pay your first monthly amortization upon the release of your unit, at lower rates
Scheme
(One-Month Advance or OMA).

As per inquiries from the Metrobank Branch and the information on their website, I would
not opt to apply for their loans as the only available term for personal investment/consumption,
which is classified under their housing loans is 10 years, which is too long for me and for the
attainment of my goal.

REQUIREMENTS FOR LOAN APPLICATION

• At least 21 yrs old at loan application and not older than 65 yrs old upon loan
maturity
• A Filipino citizen or foreigner with permanent resident visa for the Philippines
• If based in the Philippines:
o A self-employed or fixed income earner
o Employed for at least 2 years with current employer
o Earning at least Php 30,000 for self-employed individuals, or have the same
Gross Monthly Family Income (GMFI) for fixed income earners
• For Car Loans, at least Php35,000 gross family income, and without any adverse credit
history
 SECURITY BANK
I. Types of Account
Type of Account Minimum Minimum Maintaining Gross Interest Terms of
Initial Balance to Balance Rate per Placement
Deposit Earn Interest Annum
Easy Savings Account Php 5,000.00 Php 100,000.00 Php 5,000.00 0.10%

All Access Account Php 5,000.00 Php 100,000.00 Php 25,000.00 0.10%
(Savings and Checking)
Peso Time Deposit Php *varies on 30, 60, 90, 180,
Account 100,000.00 balance of 360 days, 2-5
account and years and 7
terms of years
placement
(table available
online)
High Interest Accounts
Money Builder Php Php 10,000.00 Php 10,000.00 Base Interest
*can earn up to 1% 10,000.00 Rate per
interest per annum as you Annum: 0.10%
receive a monthly and a Monthly
quarterly bonus interest if Bonus Interest
no withdrawals are made Rate: 0.50%
in a certain period Quarterly
Bonus Interest
Rate: 0.40%
eSecure Savings Php 5,000.00 Php 500.00 0.5% to 1.2%
*depending on
tier
Buildup Savings Regular: Regular: Regular: Base Interest
• Up to 10x higher Php 5,000.00 Php 10,000.00 Php 5,000.00 Rate per
interest rate than Premium: Premium: Premium: Annum:
traditional savings Php Php 50,000.00 Php 50,000.00
accounts 50,000.00 Regular:
• Access your money 0.5%
any time, no lock-in
period
• Unlimited deposits Premium:
• Withdraw up to 3 1.00%
times in a quarter
 II. Loans

Just like BDO, Security Bank also offers multiple categories for their loans such as personal,
home, car and employee loan. Again, however, I will only be focusing on their personal loan
offers or terms and conditions as this is the loan I am planning to apply for.

Minimum Loan Maximum Loan Tenor/Term Monthly Add-on

Amount Amount (months) Rate
Php 30,000.00 Php 2,000,000.00 12 1.39%
18 1.49%
24 1.59%
36 1.69%

REQUIREMENTS
• At least 21 years old at the time of application but not more than 65 years old upon loan
maturity
• Must be a Filipino Citizen
• Must have an office or residence landline.
• Completely Filled out and signed application form
• If Employed:
o Minimum gross monthly income:
§ For Metro Manila: PHP15,000
§ For outside Metro Manila: PHP12,000
o One (1) valid government-issued photo ID
o Income Documents, any of the following:
o Certificate of Employment and Compensation
– issued within the last six (6) months
o Latest ITR
o Latest one (1) month payslip

• If Self-Employed:
o With at least two (2) continuous years of profitable operations in the same line of
business
 o Minimum gross monthly income:
§ For Metro Manila: PHP30,000
§ For outside Metro Manila: PHP25,000
o One (1) valid government-issued photo ID
o Previous Year Audited Financial Statement
o SEC Registration / DTI Certificate
o Business Permit / Mayor’s Permit
o Latest three (3) months bank statements
o Latest GIS (if corporation)

With the information obtained from the branch visit and the information posted on their
website, I may also opt to open an account in Security Bank under their high interest accounts
category because it is somehow similar to time deposit accounts wherein as long as you do not
withdraw from your account, you would continue to earn at a higher interest rate compared to
regular savings accounts. I would not choose to open a time deposit from Security Bank, however,
because the initial placement is Php 100,000.00 which I believe is too high for me and would not
help in attaining my goal.

After consulting with three different banks, I have come to a possible decision that I could
apply for a personal loan from BDO as the minimum loan amount is only Php 10,000.00 and offers
a minimum term of six months. BDO also has the lowest add-on rate per month out of all the three
banks.
 APPENDIX
1. Certifications
2. Metrobank Application Forms (Housing and Car Loans) *acquired from branch
3. Security Bank Pamphlet