Rizal Commercial Banking Corporation or RCBC is one among the banks where I get the additional funds for the business of my parents. Since we do not have an ITR for the business, we apply for a loan thru my husband's name. It started with an offer sent to my husband's office 7 years ago but that time we do not have financial requirement yet. We got the loan after learning about my parents' financial needs. Processing the loan is not that complicated. We just faxed the needed documents like Application form, ITR, 2 valid IDs, Certificate of Employment, 1 month payslip, our water bill to confirm the address and statement of account of one of our credit cards. After completing the needed documents we just waited for 5-7 days to know the status. A bank representative called up in the house to inform us of the approval, the details of the loan if approved and the documents needed in claiming the loan proceeds. There is always a processing fee of 1, 500.00 pesos. It is a collateral-free loan and the loan proceeds can be spent at borrower's discretion.
We started at 1.50% interest rate per month and this year is our third loan renewal and they charged us at 1.2% interest per month. I guess it depends on our records as borrower and since we do not have any bad record they give us consideration by charging us with a much lower interest rate every renewal.