Deposit Pledge Loan

Deposit pledge is a type of secured loan wherein you assign or pledge funds from your time deposit accounts, to the Bank as security collateral for a loan. 

With this, you may convert your time deposit placements into liquid funds and gain financial flexibility without having to pre-terminate your existing placements.

Features

Description & Benefits to Client

Currencies

Loan and time deposit currency shall be in PHP.

Minimum Loan Amount

PHP500,000.00 

Maximum Loan Amount

PHP15,000,000.00

Loan-To-Value

Up to 100% of pledged PHP collateral.

Loan Purpose

Loan purpose must be for personal consumption and is not allowed for speculative investments.

Terms/Tenor

Fixed term loan of 1 month up to 12 months

Note:

The maximum loan term should not be longer than the placement term. For placements with shorter terms, time deposit shall continue to be rolled over until the end of the loan term. Client shall not be able to pre-terminate their time deposit during the term of the loan.

For foreigners: The tenor to be availed by the client should not be later than the clients visa expiry date.

Fees and Charges

Note: Interest payments, Processing Fee, and Documentary Stamps and Notarial Fee shall be deducted from the loan proceeds upon loan drawdown.

 

Item

Fee

Processing Fee

Php1,000.00

Documentary stamps

Php 1.5 per Php200 of the loan amount

Notarial Fee

Php 600

Late principal payment fee

3% per month of the amount due

Prepayment Processing fee

Php 3,000 or 4% of outstanding balance whichever is higher.

Certificate of Full Payment

Php150

Certified True Copy of Loan Documents

Php 500

 

Eligibility

1.       Must be a minimum of 21 years old at the start of the loan tenure and a maximum of 65 years old upon loan maturity

2.       A Philippine Citizen or Foreigner with a local government issued ID.

For foreigner clients, client’s must submit relevant proof of their residence status, i.e. ACR, AEP, SIRV, SRRV. The bank may also require the client to submit a comfort letter from the client’s employer to determine the client’s length of stay in the Philippines.

3.       Client must have a Time Deposit under his/her name with BOC Manila. For joint accounts, all named in the time deposit must also be borrowers and sign in all the loan documents.

4.       Client must be an existing client with good standing with the bank, i.e. no cases of bounced checks.

5.       Bank employees and/or their relatives may choose to avail of this facility, and shall follow the same process for individual accounts.

6.       Client should provide a copy of their latest BIR income tax return filing should the loan amount exceed PHP3M

 

Documentary Requirements

Application

Applicant should submit the following:

1.       Completely filled out Loan Application Form

2.       Signed printout of time deposit to be pledged

3.       Local government issued ID’s

4.       Comfort Letter (If needed)

5.       Proof of Income documents

6.       Latest ITR  and Conditions

 

Frequently Asked Questions 

Apply Now by filling out this form and submitting to our branch Customer relationship Officer when you visit our branch.