Rizal MicroBank\u2019s Pangarap Loan is a product designed to enable its clients to acquire a<\/p>\n
personal loan guaranteed by placements in their Basic Deposit Account. It is targeted<\/p>\n
towards Pangarap Savings Account clients on-boarded via Bangko ng Bayan cash agents,<\/p>\n
although those registered via branches may also avail of the said loan, as a way of furthering<\/p>\n
the bank\u2019s financial inclusion advocacy.<\/p>\n
<\/p>\n
Basic Eligibility Criteria<\/strong><\/p>\n <\/p>\n <\/p>\n Loan Purpose<\/strong><\/p>\n Loan may be used to finance any personal expenses, or working capital requirements related to the client\u2019s business<\/p>\n <\/p>\n Loan Amount<\/strong><\/p>\n 90% of the available deposit balance at the time of loan application, i.e. ranging from P4,500.00 \u2013 P45,000.00<\/p>\n <\/p>\n Loan Term Maximum of three (3) months<\/strong><\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n Interest Rate<\/strong><\/p>\n Two (2) percent per month at a diminishing rate to be deducted upfront prior to loan disbursement<\/p>\n <\/p>\n Mode of Payment<\/strong><\/p>\n Auto-debit from Pangarap Savings Account<\/p>\n \u00a0<\/strong><\/p>\n Frequency of Payment<\/strong><\/p>\n Semi-frequency payment of principal UID collection for interest<\/p>\n <\/p>\n Collateral<\/strong> – Deed of Assignment of Pangarap Savings Deposit<\/p>\n\n