Rizal MicroBank’s Pangarap Loan is a product designed to enable its clients to acquire a
personal loan guaranteed by placements in their Basic Deposit Account. It is targeted
towards Pangarap Savings Account clients on-boarded via Bangko ng Bayan cash agents,
although those registered via branches may also avail of the said loan, as a way of furthering
the bank’s financial inclusion advocacy.
Basic Eligibility Criteria
- Must be at least 18 years old, and has a registered valid ID in the bank’s system
- Client has maintained at least P5,000.00 in their BDA, but will not exceed P50,000.00
- A resident of the community where the agent and/or branch is present and operating, or is at least able to regularly visit the agent and/or branch
- With a verifiable mobile number
- No adverse record in BAP-CB Negative File Information System
- Has no criminal or sum of money cases in the barangay or municipal court
Loan Purpose
Loan may be used to finance any personal expenses, or working capital requirements related to the client’s business
Loan Amount
90% of the available deposit balance at the time of loan application, i.e. ranging from P4,500.00 – P45,000.00
Loan Term Maximum of three (3) months
Interest Rate
Two (2) percent per month at a diminishing rate to be deducted upfront prior to loan disbursement
Mode of Payment
Auto-debit from Pangarap Savings Account
Frequency of Payment
Semi-frequency payment of principal UID collection for interest
Collateral – Deed of Assignment of Pangarap Savings Deposit
Documentary Requirements
One valid ID and Barangay Certificate
Signed loan application form