Quick Guide To Consumer Loans
Why Is It Good to Apply For a Consumer Loan?
Applying for a consumer loan could be one of the best short-term and long-term decisions you’ll make for your financial needs.
In the present, here’s how a consumer loan can benefit you.
- With a car loan, housing loan, or motorcycle loan, you can secure money to address specific needs of yours. Maybe it’s time to find a permanent living space for yourself and your family instead of moving from place to place and paying rental. Maybe your new job requires you to be more mobile, and thus a new car or motorcycle will be a better alternative to commuting. Whichever it is, a consumer loan can help you meet those needs.
- A consumer loan could also drastically improve your quality of life. Even before you complete all your loan payments, you can already start enjoying your life in your new home. It also won’t be long before you get to travel on the road at your leisure, never worrying about being late or dealing with crowds.
- The loan will help you allot dedicated funds for the purchase of a big item so that you don’t have to get the money from your savings. This money can also be available to you in a much shorter time than if you depended on your savings. Say goodbye to waiting years, maybe even decades, just to pay for a house or a vehicle on your own money.
- The housing loan, car loan, or motorcycle loan will free up part of your cashflow and make you more financially flexible. You won’t have to skimp on other important purchases—like tuition, monthly medicines, and others—just because you want to buy a vehicle or house. It will be much more sustainable to manage these day-to-day needs with smaller, spread-out payments for a consumer loan.
If you’re diligent about your monthly payments and manage to pay off the loan within the agreed time, it will reward you in the future. Here’s what you will come away with once you pay off your loan for a house, car, or motorbike.
- You’ll have learned to be responsible with your finances and better at financial planning for the long term.
- You’ll increase your creditworthiness to your home bank or to other lending institutions. They will see you as a dependable, trustworthy borrower who makes good on promises.
You’ll be eligible for other loans and financial opportunities. Your lenders may trust you with larger amounts of money and give you better interest rates if you complete all your loan payments on time.
Why Apply for a Consumer Loan at Robinsons Bank?
If you’re new to applying for loans, always consider the reputation, the credibility, and the integrity of your lender.
For the best possible experience of financing a large purchase and managing your borrowed money, it’s always a good idea to apply at a bank. Unlike those of informal lenders, a bank’s financial resources are guaranteed. You can also trust a bank like Robinsons Bank to be upfront 100% of the time about loan terms, required down payments, and interest rates.
Here’s why Robinsons Bank is your ideal partner for either a housing loan, a car loan, or a motorcycle loan.
- Robinsons Bank offers lots of options. Our consumer loan programs allow you to borrow money for brand-new items or refinance existing ones. You can simply check the particulars of what you can loan and what portion of the item’s value can be financed by your loan.
- Robinsons Bank will assist you through every step of the process. If you have any questions for us, be they about the loan application process or how much your monthly amortization will be, just ask. Our staff will be happy to handle any of your queries about our car loan, motorcycle loan, and housing loan programs.
- You’ll find the best terms at Robinsons Bank. We offer our Filipino customers the most reasonable terms for full loan payment, as well as competitive interest rates. Compare our car loan or motorcycle loan programs with those of dealerships, for example. You’ll find that you’ll be paying less out of pocket during the loan period with Robinsons Bank.
- We’re an excellent one-stop provider for your other banking needs. Robinsons Bank is a great home bank for other services as well as consumer loan programs. You can go to us to open a savings account, get a credit card like the Robinsons Bank DOS MasterCard, or do foreign currency exchange. Manage all your current financial goals—including loan payments for a car, motorbike, or home—from one place with Robinsons Bank.
What Types of Consumer Loan Can I Apply For at Robinsons Bank?
There are three types of consumer loan that you can apply for at Robinsons Bank.
Here’s an introduction to each of them.
- Robinsons Bank’s Go! Housing Loan is the key for unlocking the doors of your dream home. Our housing loan program allows you to borrow money for the purchase of a house and lot, vacant lot, condominium unit, or townhouse. You also have the option of loaning money for your current home’s construction or renovation, refinancing it, or achieving home equity.
- Robinsons Bank’s Go! Auto Loan will help you enjoy the ride of your life with money for a brand-new or secondhand vehicle. You can also use this car loan to refinance the car you currently own. Thanks to Robinsons Bank’s Go! Auto Loan, you don’t have to save up for years and years just to pay for your own car. You can already drive around your city’s roads with a vehicle financed by the loan.
- Robinsons Bank’s Go! Motorsiklo Loan can fund a bike, scooter, or non-conventional vehicle so that you can beat the Philippines’ infamous traffic. Our motorcycle loan can help you finance a brand-new motorbike or acquire a secondhand one. This will come in handy if you need the vehicle for your livelihood, or if you want a transport option that’s cheaper than a car.
Am I Eligible For a Consumer Loan at Robinsons Bank?
Whether you are eligible for a consumer loan with Robinsons Bank largely depends on the conditions of the loan program.
But in general, here’s what will make you eligible for the Robinsons Bank Go! Housing Loan, Go! Auto Loan, or Go! Motorsiklo Loan.
- If you are between 21 years old and 65 years old. For our housing loan, you must not be older than 65 years old upon the loan’s maturity.
- If you’re a Filipino citizen or foreign citizen with an Alien Certificate of Registration.
- If you’re self-employed or you’re employed at a business for a certain number of years. This is how Robinsons Bank will determine your ability to pay off the loan on time.
Please check out the particulars of each individual consumer loan program to know more. If you are eligible, then you can start preparing your documents for your application!
What Steps Should I Follow When Applying For My Consumer Loan?
On the Go! Housing Loan, Go! Auto Loan, and Go! Motorsiklo Loan pages, you’ll find a list of documents that you need for your application. They include the following:
- Valid government-issued IDs
- Proof of your billing address
- Proof of your employment or ownership of a business
- Proof of your citizenship
- Proof of your income
- Your banking statements
Once you’ve compiled the needed documents, you can proceed to applying for a consumer loan at Robinsons Bank in three simple steps.
- Go to Robinsons Bank’s website and find the application form for your desired consumer loan. Fill it out and sign it.
- Submit all the documents required by your loan type alongside your filled-out application form.
- Wait for your application to be processed and approved by Robinsons Bank.
It will take between a few days to a couple of weeks to get an update on the status of your application. It depends on the type of loan and the level of activity the bank is currently seeing. But rest assured, Robinsons Bank has committed to streamlining the process and helping you achieve your dream purchase as soon as possible.
How Can I Increase My Chances of Getting Approved For My Consumer Loan at Robinsons Bank?
If you want good chances of approval for your housing loan, car loan, or motorcycle loan, make sure you check off on the following items.
- Prior to your application, make sure your banking history is healthy. This is what your creditor will look at when deciding whether to lend you money. They must see evidence that you have good financial habits that are easily improved.
- Have a stable source of income. Your income is what guarantees that you have a way to make regular, timely payments for your loan. Before you apply for one, make sure that your income is sufficient for the loan arrangement you want.
- Pay off all your current debts. It may hurt your chances of getting approved if you’re taking out multiple loans. So, if you have outstanding payments due from these, take care of them first before applying for a new consumer loan with the bank.
- Prepare a down payment for your loan that exceeds the minimum. Though you only need to put down the minimum prescribed by Robinsons Bank for the down payment, it’s good to prepare extra. This shows the bank that you are serious about saving money for your purchase. It also lessens the amount of money you will be charged interest on for the duration of the loan.
If you think that these criteria apply to you, then you have great chances for being approved for a consumer loan at Robinsons Bank!
How Long Can I Expect My Loan Terms to Be?
Your loan terms depend on which item you intend to get financed.
The minimum loan term for a new motorcycle, for example, is 6 months. But a home loan is another matter, and the terms could be in place for up to 20 years.
To be sure, check the individual pages for Robinsons Bank’s Go! Auto Loan, Go! Motorsiklo Loan, and Go! Housing Loan programs. These will give you a better idea of how long you can expect to set aside money for your monthly amortizations.
Here’s one tip for every applicant: use Robinsons Bank’s loan calculators to determine how much you need to pay over the duration of your loan. Note that the longer your loan terms are, the more interest you will have to pay as the months or years go by. It would be good on both your pocket and your creditworthiness to pay off the loan in the shortest time period possible. Speak with our Robinsons Bank staff to determine your ideal timeline for paying off the loan.