| Fees/Charges |
Description |
| Annual Contractual Rate (applies to Ready Credit Loan) |
Annual contractual rate is from 26.9% to 37.9% (whichever is indicated in the Disclosure Statement);
| • |
Effective interest rate (EIR) which includes Loan Processing Fee, Loan Disbursement Fee and DST is from 31.5% to 46.4% using a sample loan amount of Php250,000 at a 24 month loan period (exact EIR is indicated in the Disclosure Statement) |
| • |
EIR is computed as: (Total Interest + Loan Processing Fee + Loan Disbursement Fee + DST) / (Total outstanding balance/12) |
|
|
| Monthly Interest Rate1 |
2.4% will be applied to any or all of the following:
(1) revolving interest on fees and charges if I opt to pay the Minimum Amount Due per month; (2) revolving interest rate on the Total Amount Due (less the interest component of the unpaid billed installment amounts)
when my Ready Credit Loan account is in default at 60 days past due. |
| Monthly Late Charge |
Php 500 or 6% of Minimum Amount Due,
whichever is higher
Minimum Amount Due computation: Php 500 or 1% of your current billed balance will be charged, while interest charges and late charges indicated on your current statement will be billed in full together with unpaid monthly installments due and other overdue amounts. The total amount due will become your minimum amount due upon closure of account or if account becomes delinquent (under the Bank's applicable criteria). The total amount due will be billed and will be used as basis for the
computation of any late charges. |
| Account Maintenance Fee |
In case of any remaining overpayments on closed RC accounts, a monthly Account
Maintenance Fee of Php 200 or the amount equivalent to the credit balance,
whichever is lower, shall be charged to the account until the credit balance is
zeroed out. |
| Documentary Stamp Tax (DST) as required by local law and regulations |
Php1 for every Php200 of the installment loan approved that pass the criteria based on local regulations |
| Bounced PDC Fee |
Php 1,500 will be charged for every post dated check (PDC) returned due to
reasons such as insufficient funds, uncollected deposits, stop payment order or
closed account. |
| Loan Processing Fee |
Php 500 for each installment loan approved |
| Loan Disbursement Fee |
Php 120 for disbursement or release of loan proceeds for each installment loan
approved |
| Loan Closure
Handling Fee |
4% of unbilled principal component of the installment loan |
| PDC Deferment Fee |
Php1,000 will be charged for every post-dated
check (PDC) that you request to defer/delay for
deposit as payment to your account. |
| PDC Replacement Fee |
Php750 will be charged for every post-dated check
(PDC) that you request to pull-out and replace with
another post-dated check(s) as payment to your
account |
| Attorney's Fees & Liquidated Damages |
In case of default in payment, the primary account
holder is liable to pay in addition to Late and Interest
Charges, the cost of collection and/or attorney's fees
and the litigation and judicial expenses as applicable. |
