The PITAKA Micro Enterprise Loan is an individual loan product for micro entrepreneurs who wish to improve their businesses. It aims to make available affordable and easily accessible credit to micro entrepreneurs to help them finance and/or expand their present micro enterprise activities and increase their income. The product primarily targets micro entrepreneurs who generate regular daily, weekly, semi-monthly or monthly income sufficient for the household and to pay their regular loan amortization. The product also aims to provide formal source of credit to micro entrepreneurs who currently depend on loans from informal moneylenders.
Loan amount ranges between P20,000 to P150,000 subject to client’s capacity to pay. Loan increases are subject to repayment behavior and cash flow evaluation.
|Individuals, male or female, 21 to 60 years old|
|Presently engaged in a business that is profitable, decent and legal, and which provides a stable source of daily or weekly income|
|Business should already be existing for a year or more|
|Business should be located in fixed/permanent location|
|If applicant owns the house, he/she must be a resident in the community for at least 2 years. If the applicant is renting, he/she must be a resident for at least 3 years. In both cases, residence must be within the bank’s service area|
|The applicant must be without any history of past due loans with Rizal MICROBANK or its affiliates, or with any creditor or supplier.|
*Terms and Conditions
Term: Up to 12 months only.
Frequency of Payment: Daily, Weekly, Semi-monthly and Monthly
*depending on business activity.