Commercial/Palengke Loan

Palengke Loan

 

  • Qualified Borrowers: Qualified borrowers are those individuals who run their business for at least one (1) year 

 

  • Purpose: 
  1. Additional working capital for business
  2. Expansion of existing business

 

  • Security: 
  1. Affidavit of Ownership and/or Inventory of Stocks duly notarized
  2. Motor vehicle not more than ten (10) years from date of acquisition (year model)
  3. Real Estate properties

 

  • Collateral Valuation: 
  1. 40% to 70% for motor vehicle
  2. 40% of the Appraised Value for Affidavit of Ownerships and/or Inventory of Stocks
  3. 70% of the appraised value of the titled property offered as collateral

 

  • Terms and Repayments: 
  1. Maximum of three (3) years maturity for motor vehicle offered as collateral
  2. Maximum of two (2) years for Affidavit of Ownerships and/or Inventory of Stocks

 

  • Loan Requirements: 
  1. Motor Vehicle as Security
    1. Certificate of Registration
    2. Official Receipt of registration (current)
    3. Comprehensive Insurance and/or TPL Insurance endorsed to the bank
    4. Pictures of the motor vehicle. (rear, front, side)
    5. Business Permits and licenses for the current year
    6. Income Tax Return (Latest)
    7. Residence Certificates or any valid ID of borrower, co-borrower and co-makers (current year)
    8. 2 x 2 ID Pictures of Borrower, Co-borrower and Co-maker
  2. Inventory of Stocks / Affidavit of Ownership
    1. Duly notarized Affidavit of Ownership and/or Inventory of stocks.
    2. Business Permits and licenses for the current year
    3. Income Tax Return (Latest)
    4. Residence Certificates or any valid ID of borrower, co-borrower and co-makers (current year)
    5. Fire Insurance Policy
    6. 2 x 2 ID Pictures of Borrower, Co-borrower and Co-maker
  3. Real Estate as Collateral
    1. Owner’s Duplicate Copy of Title/Tax Declaration of the property to be financed
    2. Real Estate Tax Receipt/Clearance for the current year
    3. Latest Copy of Tax Declaration (PRF & RPFAAS) of the property duly signed by Provincial/Municipal Assessor
    4. Fire Insurance and Earthquake Insurance Coverage on improvements, if any in favor of Rural Bank of Rosario (L.U.), Inc. with loan loss clause in favor of the bank upon approval of loan
    5. Deed of Acquisition (Deed of Sale/Donation/Extra-judicial Settlement)
    6. Blue Print(Sketch Plan) or Xerox Copy of the Cadastral Map issued by the DENR-LMS or the Municipal Assessor which shows vicinity location of the lot.
    7. Pictures of the property to be financed
    8. Residence Certificates or any valid ID of borrower, co-borrower and co-makers
    9. 2” x 2” ID pictures (borrower/co-borrowers)
    10. Latest Financial Statement / Annual Income Tax Return, if any

 

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