The world we live in today is fueled by technology, reshaping industries and empowering individuals with the convenience of digital solutions. The financial sector is no exception, as it endeavors to keep pace with the ever-changing landscape. In response to this paradigm shift, SB Finance, a strategic alliance between Security Bank and Thailand’s Bank of Ayudhya (Krungsri), has introduced an innovative and user-friendly mobile app called Zuki.
Designed to cater to the evolving needs of customers, Zuki provides a seamless and efficient platform for applying for a wide range of loan products, including personal loans.
In this review article, CashLoanPH aims to delve deeper into the features, benefits, and advantages of Zuki, offering a comprehensive guide for potential users.
Understanding Zuki by SB Finance
Zuki stands as a revolutionary mobile application, offering an array of loan products provided by SB Finance. The app’s inception was driven by the changing dynamics of consumer behavior, which prompted financial institutions to undergo digital transformation. As articulated by Abigail Casanova, the President and CEO of SB Finance, Zuki embodies the shift towards a more accessible and streamlined lending experience.
With Zuki, applicants no longer need to physically visit a lender’s office. Instead, the entire loan application process, including the submission of required documents, can be completed online, promoting convenience and efficiency.
The Advantages of Utilizing Zuki App by SB Finance
Assured Legitimacy
One of the primary concerns for borrowers is the legitimacy and security of their chosen financial institution. SB Finance addresses this concern by being duly registered with the Securities and Exchange Commission, bearing SEC Registration No. CS0017174A, and holding Certificate of Authority No. 1142. With these certifications, users can be confident in the authenticity of SB Finance, providing a sense of security throughout the loan application process.
User-Friendly Interface
Zuki boasts a user-friendly design, featuring a simple and intuitive interface. The absence of technical jargon and complex terms allows users to easily comprehend the features, benefits, and terms of SB Finance’s loan products.
Moreover, Zuki extends its accessibility to non-Security Bank clients, rendering the app open to a broader audience. Regardless of whether one holds an account with Security Bank or not, they can utilize Zuki seamlessly, further increasing its appeal and usability.
Diverse Loan Options
SB Finance recognizes that customers have varied financial needs. To cater to these diverse requirements, Zuki provides access to four distinct loan products:
- Personal Loan: Offering financial flexibility, this cash loan can be utilized for various purposes, including education, emergencies, business ventures, and travel.
- Car4Cash: A unique solution that allows customers to use their car’s OR/CR as collateral for obtaining cash, without the need to surrender their vehicle.
- Hooloogan: Enabling customers to make purchases at partner merchants of SB Finance and pay through easy installment terms, thereby promoting ease and flexibility in purchasing decisions.
- MotorsikLOAN: Tailored for motorcycle enthusiasts, this loan option facilitates the purchase of both new and pre-owned motorcycles, catering to different preferences and budgets.
Unraveling the Features of SB Finance Personal Loans through Zuki
Through the Zuki app, customers can apply for personal loans ranging from ₱30,000 to ₱2 million. Zuki allows applicants to choose from flexible payment terms, including 12, 18, 24, or 36 months. The alluring aspect is the remarkably low interest rate of 2% per month, fostering affordability and financial prudence.
No Collateral Required
A significant advantage of applying for a personal loan via Zuki is the absence of collateral requirements. Unlike traditional loans that often demand valuable assets as collateral, Zuki’s personal loans offer quick access to cash without the need to surrender any personal belongings. Once the loan application is approved, customers can receive the requested funds promptly.
No Credit Card Needed
Zuki’s application process does not necessitate the submission of credit card details for loan approval. This safeguards users against potential fraud or unauthorized use of credit card information, ensuring an added layer of security and peace of mind.
Essential Requirements for Loan Application via Zuki by SB Finance
Before embarking on the loan application journey, potential borrowers must familiarize themselves with the eligibility and documentary requirements for employed and self-employed applicants.
Eligibility Requirements
To qualify for a personal loan via Zuki, applicants must meet the following criteria:
- Filipino citizenship.
- Age between 21 and 65 years at the time of loan maturity.
- Minimum monthly income of ₱15,000 for employed applicants residing in Metro Manila, or ₱12,000 for those outside Metro Manila.
- For self-employed applicants, ownership of at least 40% of the business, with the business operating profitably for at least two years, and a minimum gross monthly income of ₱60,000.
Documentary Requirements for Employed Applicants
Prospective employed borrowers must gather the following essential documents: a) A completely filled-out application form. b) One valid government-issued ID with a photo. c) Valid income documents, which may include the latest one-month pay slip, Certificate of Employment and Compensation issued within the last six months, or the latest Income Tax Return (ITR).
Documentary Requirements for Self-Employed Applicants
Self-employed individuals must prepare the following documents to support their loan application:
- A completely filled-out application form.
- One valid government-issued ID with a photo.
- The latest one-year Audited Financial Statement (AFS) containing the previous year’s financial records.
- DTI Certificate/SEC Registration.
- Mayor’s Permit/Business Permit.
- Latest three months’ bank statements.
- List of three trade references, comprising at least one supplier and one customer, along with their contact details. h
- If a corporation, the latest General Information Sheet (GIS).
Navigating the Application Process for a Personal Loan via Zuki by SB Finance
Applying for a personal loan through Zuki is a seamless and straightforward process. Here are the step-by-step instructions to guide users:
- Download the Zuki loan app from Google Play or the App Store.
- Tap the “Register Now” button to initiate the registration process.
- After reading and accepting the Privacy Policy, provide the required information.
- Use the provided credentials to log in to the app, and access the loan products by tapping the “Apply” tab.
- Choose the desired loan product, such as the “Personal Loan” tab, and read and accept the “Terms and Conditions.”
- Scan a valid ID with a photo and signature for verification purposes.
- Complete the verification process by taking a selfie.
- Fill out the application form with accurate and up-to-date information.
- Upload the required documents to support the loan application.
- Await notification from the Zuki app, informing you of the loan approval status, along with the loan release schedule. An authorized SB Finance representative may also contact you to confirm the loan release schedule.
Addressing Frequently Asked Questions about Zuki by SB Finance
To dispel any uncertainties or queries, let’s explore the most commonly asked questions about Zuki:
How long will it take for my Zuki by SB Finance Personal Loan to get approved?
Upon submitting all the necessary requirements, the Zuki app’s loan processing and approval typically take around five to seven business days. The efficiency of the process ensures promptness in receiving the funds.
How do I check my application status?
For any applicants yet to receive communication from SB Finance regarding their application status, they can inquire by emailing [email protected] using their registered email address. Alternatively, they can call the Customer Service Hotline at (02) 8887-9188 for further assistance.
How will I receive the loan proceeds?
Upon approval, the loan amount will be disbursed to the borrower’s chosen bank account through the convenient channels of InstaPay or PESONet, facilitating swift and secure transactions.
What are the fees and charges associated with Zuki’s loan services?
- In compliance with transparency and to inform borrowers, SB Finance levies the following fees for its loan services: Processing fee: ₱2,000
- Notarial fee (for loans worth ₱100,000 and above): ₱300
- Documentary stamps (for loans worth ₱250,000 and above): ₱1.50 for every ₱200
- Pre-termination processing fee: ₱2,500
- Late payment fee: 3% of the overdue amount or ₱500, whichever is higher.
Can I re-avail of an SB Finance Personal Loan?
Absolutely! Borrowers can re-avail an SB Finance Personal Loan, provided they have already paid off at least half of their original loan amount and have maintained a flawless payment history. The outstanding balance from the previous loan will be deducted from the proceeds of the new loan, allowing borrowers to enjoy continued financial support.
Conclusion
The emergence of mobile applications such as Zuki by SB Finance has revolutionized the process of applying for personal loans. While the medium of application has evolved and become more convenient, traditional financial wisdom still prevails: borrow money judiciously and responsibly, only when necessary. It is imperative for applicants to carefully assess their financial capabilities and have a well-defined repayment strategy before undertaking any loan.
Zuki represents a step towards the future of finance, empowering users with a user-friendly and secure platform to meet their financial needs efficiently and responsibly. Embracing technology in finance opens up new opportunities and possibilities for individuals to navigate their financial journey with confidence.
