At first I thought applying for a personal loan from quite a new bank would be hard. When a certain agent gave me a call and asked if we are interested to apply for a loan thru Sterling Bank of Asia, I had a second thought if it will only be a waste of time. Despite of it and the reality that I need to produce money to serve as additional capital for my parents' business I gave it a try.
Processing started in faxing bunch of documents to my agent who will coordinate with the bank. After one week, a bank representative gave me a visit at home for the background check. I think it was after two or three weeks when we received a text message from the bank informing us of the approval of the loan. We got approved for a five digits loan at a rate of 1.49% per month payable in 24 months. Proceeds of the loan was issued in the main branch of the bank located in Greenhills San Juan and in return we issued 24 post dated checks for the amortizations.
My agent told me to pay the obligations on time so that renewals will be easy and that the loanable amount will be higher.