Tonik Bank is a digital-only bank in the Philippines that provides its customers with various financial products, including loans. The bank was established in 2020 and is licensed by the Bangko Sentral ng Pilipinas (BSP).
As a digital-only bank, Tonik Bank operates exclusively online, allowing customers to manage their finances through its mobile application.
In this comprehensive response, CashLoanPH will explore Tonik Bank loans in more detail, including the different types of loans the bank offers, how to apply for a loan, and the benefits of Tonik Bank loans.
Types of Tonik Bank Loans
Tonik Bank offers three different types of loans, each designed to cater to different financial needs:
- Installment Loan – This is a short-term loan that customers can use for emergency expenses, such as medical bills or car repairs. The loan amount ranges from ₱5,000 to ₱50,000, with a repayment term of 6 months. The interest rate for this loan is 0.6% per month, and there is a one-time processing fee of 5% of the loan amount.
- Flex Loan – This is an unsecured personal loan that customers can use for any purpose, such as home renovation or debt consolidation. The loan amount ranges from ₱10,000 to ₱30,000, with a repayment term of 12 months. The interest rate for this loan is 0.99% per month, and there is a one-time processing fee of 5% of the loan amount.
- Big Loan – This is a secured loan that customers can use for big-ticket items, such as a new car or a home renovation. The loan amount ranges from ₱50,000 to ₱2,000,000, with a repayment term of up to 10 years. The interest rate for this loan is 0.99% per month, and there is a one-time processing fee of 5% of the loan amount.
How to Apply for a Tonik Bank Loan
To apply for a Tonik Bank loan, customers need to download the Tonik App, which is available on both the App Store and Google Play Store. Once they have downloaded the app, they can create an account by following the on-screen instructions. To apply for a loan, customers need to follow these steps:
- Click on the “Loans” tile on the Tonik App homepage.
- Choose the type of loan they want to apply for.
- Fill in the necessary information, including the loan amount, repayment term, and personal details.
- Submit the loan application.
After submitting the loan application, customers will receive a response within 24 hours. If the loan application is approved, the loan amount will be disbursed to the customer’s Tonik Bank account within minutes.
Benefits of Tonik Bank Loans
There are several benefits to taking out a loan from Tonik Bank, including:
- Competitive interest rates – Tonik Bank offers competitive interest rates for its loans, making it an affordable option for customers who need to borrow money.
- Quick and easy application process – The loan application process is entirely online, and customers can apply for a loan in just a few minutes.
- Fast loan disbursement – If the loan application is approved, the loan amount will be disbursed to the customer’s account within minutes.
- No hidden fees – Tonik Bank does not charge any hidden fees for its loans, and customers will only need to pay a one-time processing fee of 5% of the loan amount.
- Flexible repayment terms – Tonik Bank offers flexible repayment terms for its loans, allowing customers to choose a repayment term that suits their financial situation.
Tonik Bank provides its customers in the Philippines with a range of loan options, including installment loans, flex loans, and big loans, to meet their different financial needs. The bank’s digital-only approach and user-friendly mobile application make it easy for customers to apply for loans and manage their finances from the comfort of their homes.
With competitive interest rates, no hidden fees, and flexible repayment terms, Tonik Bank loans are an affordable and convenient option for those looking for financial assistance.