Salary Loan - Fees & Charges
Applicable to Installment Loan Availments
|MAIN FEES AND CHARGES|
|Annual Contractual Rate||
The Annual Contractual Rate (ACR) is the interest that will be charged on the loan, based on a 360-day period, computed on a monthly basis wherein each month consists of 30 days (except for the 1st month which is equal to the number of calendar days from the approval date to the next billing date).
Exact ACR will be indicated in the Disclosure Statement.
P1,750 for each disbursement
|Documentary Stamp Tax (DST)||
P1.50 for every P200 of the amount, subject to applicable laws and regulations
|Effective Interest Rate||
In accordance with the Philippine Accounting Standards definition, effective interest rate (EIR) is the rate that exactly discounts estimated future cash flows through the life of the loan to the net amount of loan proceeds (BSP Circular No. 730, S2011).
The EIR which includes the monthly interest, the Disbursement Fee and DST, is dependent on the final negotiation rate as indicated in the Citi Salary Loan Program Memorandum of Agreement between my Employer and the Bank.
|Closure Handling Fee||
4% of the unbilled principal component of the loan that is prepaid.
|Returned Check Fee||
P1,500 will be charged for every check that is returned or that bounces due to insufficiency of funds, uncollected deposits, stop payment order, alterations or erasure, among others.
|Monthly Interest Charge||
“Monthly Interest Charge” or “Interest Charge” means the interest, computed using the monthly revolving interest of 2.42% (“Monthly Interest Rate”), applied on any or all of the following: (1) on any unpaid fees and charges, and (2) on the Total Amount Due, when my Citi Personal Loan is in default at 60 days past due, in which case, the Total Amount Due will include any unpaid fees and charges, the past due monthly principal installment amounts and the remaining principal balance. Such interest shall be compounded monthly and will continue to be charged until full payment of Total Amount Due plus accrued interest.
|Attorney's Fees & Other Judicial Expenses||
In case of default in payment, in addition to late and interest charges, the cost of collection and/or attorney's fees and the litigation and judicial expenses as applicable.
*All loans are subject to Credit Standards, Terms and Conditions.
For any concerns, you may call us at (632) 8995-9999 or send us a message through www.citibank.com.ph.
Citibank, N.A. Philippine Branch is supervised by Bangko Sentral ng Pilipinas with telephone number (632) 8708-7087.