When it comes to financial solutions, Sterling Bank of Asia stands out as a reliable and customer-centric provider. Established in March 2007, Sterling Bank of Asia has rapidly grown from just 7 branches to 47 branches strategically located nationwide.
With a focus on retail and commercial banking, they offer a wide range of services, including deposits, loans, investments, and other financial products catering to individuals, small to medium enterprises, and large-scale corporations.
Advantages Of Applying With Sterling Bank of Asia Personal Loan
- Specialized Approach: Sterling Bank of Asia prides itself on offering a specialized approach that caters to the unique needs of each client. They understand that everyone’s financial situation is different, and their personalized service ensures that you receive the right solution to meet your specific requirements.
- Flexible Loan Tenure: The Sterling Bank of Asia Personal Loan offers flexible loan tenures ranging from 12 months to 36 months. This flexibility allows you to choose a repayment period that aligns with your financial capabilities and goals. Whether you prefer shorter or longer terms, Sterling Bank of Asia has you covered.
- Ample Loanable Amount: With loanable amounts ranging from ₱50,000 to ₱1,000,000, Sterling Bank of Asia ensures that you can access the funds you need, no matter the scale of your financial requirements. Whether it’s for a small personal expense or a significant business investment, their loan amounts can accommodate your needs.
- Competitive Interest Rate: Sterling Bank of Asia Personal Loan offers a competitive interest rate of 17.4% per annum, with an add-on rate of 1.45% per month. This ensures that you can borrow the funds you need without worrying about excessive interest charges, making it an affordable option for your financial needs.
What Makes Sterling Bank of Asia Personal Loan Great?
- Extended Loan Terms: Sterling Bank of Asia understands that different financial needs require different repayment periods. With their personal loan, you can enjoy extended loan terms of up to 36 months. This allows you to manage your monthly payments more comfortably and ensures that you can meet your financial obligations without unnecessary stress.
- Versatile Use of Funds: One of the great features of the Sterling Bank of Asia Personal Loan is the freedom it provides in using the funds. Whether you need to start a new business, consolidate existing debts, or plan a dream vacation, you have the flexibility to use the loan amount for any purpose. This versatility allows you to address your financial goals effectively.
- Wide Range of Loan Amounts: Sterling Bank of Asia caters to the diverse financial needs of individuals and businesses. With loan amounts ranging from ₱50,000 to ₱1,000,000, they ensure that you can borrow the exact amount required for your specific circumstances. This range provides you with the necessary financial support, no matter the scale of your goals.
Loan Product Information
- Minimum Financing Amount: ₱50,000.00
- Maximum Financing Amount: Up to ₱1,000,000.00
- Minimum Loan Tenure: 1 year
- Maximum Loan Tenure: 3 years
- Interest Rate: Fixed rate of 17.4% per annum, with an add-on rate of 1.45% per month
- Approval Duration: Up to 5-7 banking days
- Debt Consolidation: Not available
Fees & Charges
One-time set up:
- Processing Fee: ₱2,000.00 (employed) / ₱2,500 (self-employed)
- Stamp Duty: ₱1.00 for every ₱200.00 in excess of ₱250,000.00 of the loan amount
- Disbursement & miscellaneous fee: Not applicable
- Early Settlement: No penalties if the bank is informed one month ahead
- Late Payment Charges: ₱300.00 or 5% p.a. on any outstanding balance, whichever is higher
- Age Requirement: 21 – 60 years old
- Employment Eligibility: Minimum monthly income of ₱30,000.00
- Minimum Salary Requirement: ₱30,000 gross per month
- Guarantor / Collateral Requirement: Not required
- Linked Bank Account: Yes
- Other Details: Payment method is through post-dated checks
Sterling Bank of Asia Personal Loan FAQ
How can I apply for a Sterling Bank of Asia Personal Loan?
Applying for a Sterling Bank of Asia Personal Loan is simple and convenient. All you need to do is fill out the online application form and submit the required documents. Once your application is received, expect a call from their Customer Care Agents who will guide you through the application process and assist you every step of the way.
How much can I borrow with a Sterling Bank of Asia Personal Loan?
Sterling Bank of Asia Personal Loan offers loan amounts of up to ₱1,000,000, subject to approval. The specific amount you can borrow will depend on your individual circumstances and financial capacity.
What are the interest rates, fees, and other charges or penalties?
The interest rate for Sterling Bank of Asia Personal Loan ranges from 16.80% to 18.00% per annum. In addition, there is a one-time processing fee of ₱2,000.00 for employed individuals and ₱2,500.00 for self-employed individuals. Stamp duty charges apply at a rate of ₱1.00 for every ₱200.00 in excess of ₱250,000.00 of the loan amount. For penalties, there are no charges for early settlement if the bank is informed one month ahead. Late payment charges amount to ₱300.00 or 5% p.a. on any outstanding balance, whichever is higher.
What are the eligibility requirements for a Sterling Bank of Asia Personal Loan?
To be eligible for a Sterling Bank of Asia Personal Loan, you must fulfill the following criteria:
- You must be a Filipino citizen.
- You should be between the ages of 21 and 60.
- Your minimum gross monthly income should be ₱30,000.
- You should have a home and office landline.
- There should be no adverse credit findings.
- If you are renting, you should have at least 1 year of residency.
- For employed individuals, you need to have a minimum employment tenure of 2 years (3 years for BPO/Call Center Back Room and Manufacturing Companies).
- For self-employed individuals, your business must have been in operation for at least 3 years and profitable for the past 2 years.
- Additional documents may be required during credit evaluation.
How fast is the application and approval process?
The application and approval process for a Sterling Bank of Asia Personal Loan typically takes 5 to 7 business days. During this time, the bank will evaluate your application, verify the documents, and make a decision on your loan request.
What are the monthly loan terms of Sterling Bank of Asia Personal Loan?
With Sterling Bank of Asia Personal Loan, you have the flexibility to choose a monthly loan term ranging from 12 months to 36 months. The specific term available to you will depend on the loan amount you require and your repayment capacity.
What arethe payment methods for Sterling Bank of Asia Personal Loan?
Sterling Bank of Asia Personal Loan offers the convenience of post-dated checks as the payment method. This allows you to easily manage your loan repayments by providing the necessary post-dated checks in advance.
How can I check the status of my loan application?
You can easily check the status of your personal loan application by reaching out to Sterling Bank of Asia’s customer service team. They can provide you with updates on the progress of your application and answer any queries you may have.
Can I use the Sterling Bank of Asia Personal Loan for any purpose?
Absolutely! Sterling Bank of Asia Personal Loan gives you the freedom to use the funds for any purpose you desire. Whether you need the funds for home improvements, education expenses, medical bills, or any other personal or business-related needs, the loan is at your disposal.
Where can I download the Sterling Bank of Asia Personal Loan application form?
To download the Sterling Bank of Asia Personal Loan application form, you can visit their official website or contact their customer service. They will provide you with the necessary form and guide you through the application process.
How does the Sterling Bank of Asia Personal Loan Calculator work?
The Sterling Bank of Asia Personal Loan Calculator is a useful tool that helps you estimate the cost of borrowing and the amount of your monthly installment. By inputting the desired loan amount, the calculator automatically generates an estimated monthly amortization for different loan tenors. This allows you to plan your finances accordingly and make an informed decision.
Is Sterling Bank of Asia Personal Loan the Right Choice for You?
While Sterling Bank of Asia is a relatively new player in the banking industry, they have demonstrated their commitment to providing customized and professional services to their clients. With a focus on meeting your specific needs and a range of competitive features, choosing Sterling Bank of Asia as your financial partner can be a smart decision. However, it’s always advisable to compare personal loan options from different banks and carefully evaluate the terms and conditions before making a final choice.
Alternative Personal Loan Options
If you’re considering personal loans from various banks in the Philippines, here are a few options to explore:
- HSBC Personal Loan: As one of the largest international banks, HSBC offers flexible payment terms ranging from 6 months to 3 years. You can borrow from as little as ₱30,000 to as much as ₱500,000, with a competitive interest rate of 1.21% add-on rate per month. To be eligible, you must be at least 21 but below 60 years old upon loan maturity and have a minimum gross monthly income of just ₱14,000.
- Eastwest Bank Personal Loan: With Eastwest Bank Personal Loan, you can quickly receive additional cash for any funding requirements that you may have. Borrow amounts ranging from ₱25,000 to ₱2,000,000 at only 18% interest rate per year, payable in 1-3 years. You have to be 21-65 (upon loan maturity) years of age with a minimum monthly income of ₱15,000 in order to be eligible.
- Citi Ready Credit Personal Loan: As one of the most well-known banks in the world, Citibank Ready Credit Personal Loan offers a zero collateral, multi-purpose loan with highly competitive rates. For as low as 17% fixed effective interest rate per annum, you can borrow from ₱20,000 up to a maximum of ₱2,000,000. Loan tenure is flexible, ranging from 1 up to 5 years. To be eligible, you need to have a minimum ₱21,000 gross monthly income and be at least 21 but not more than 65 years of age upon loan maturity.
In conclusion, Sterling Bank of Asia Personal Loan presents a reliable and customer-centric solution for your financial needs. With a specialized approach, flexible loan tenures, competitive interest rates, and generous loan amounts, they provide a comprehensive package to meet your specific requirements.
While considering Sterling Bank of Asia, it’s essential to evaluate other personal loan options, compare terms and conditions, and make an informed decision that aligns with your financial goals and capabilities.