What is Salary Loans?

It is a salary-deductible, non-collateral, multi-purpose credit line facility
for employees of accredited companies.


With RCBC Salary Loans, you can provide additional benefits to your employees by giving them access to cash loans for as low as Php 20,000 to as high as Php 1 million, at affordable interest rates, and payable at flexible payment terms of 6, 12, 18, 24, 30, 36, 48 and 60 months.

What’s in it for you?

  • As an employer:

    • More working capital

      More working capital

       

    • Better employee productivity and retention

      Better employee productivity and retention

    • No Company Guarantee

      No Company Guarantee

  • For your employees:

    • Instant access to cash funds

      Instant access to cash funds

       

    • Affordable rate and flexible payment terms

      Affordable rate and flexible payment terms

    • Hassle-free repayment through salary deduction

      Hassle-free repayment through salary deduction

  • Who are eligible to apply?

    As an employer:

    • Private, SEC-registered and in operation for at least 5 years
    • Profitable in the last 3 years
    • With at least 50 regular employees


    For your employees:

    • Regular employees with  at least 2 years tenure
    • Filipino or permanent resident alien, 21 to 65 years old upon loan maturity
    • With minimum gross monthly income of P10,000
    • Amortization  should not be more than 30% of Gross Monthly Income
  • You only need to prepare:

    As an employer:

    • Company Accreditation
    • Application Form
    • SEC Certificate of Registration
    • Articles of Incorporation and By-Laws
    • Latest General Information Sheet
    • Latest 3 years audited financial statements
    • Latest 3 years Income
    • Tax Returns
    • Company Profile


    For your employees:

    • Completely filled out and signed Salary Loan application form
    • Signed 3 copies of Promissory Note and Disclosure Statement
    • Photocopy of company ID and valid photo-bearing government-issued ID with birthdate and signature
    • Photocopy of latest one-month payslip
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Get your company accredited!

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Frequently Asked Questions

  • Our Company is interested to partner with RCBC for our employees’ Salary Loans, what is the first step?

    If you are new to RCBC, you can access our Request A Call page and expect a call from an RCBC Business Development Officer within 1-3 business days to discuss your requirements for RCBC Salary Loans. If you are an existing RCBC client, you may approach your RCBC Branch Relationship Manager or Corporate Relationship Manager for the submission of pre-accreditation documents to start the application process.

  • How will our company benefit from the RCBC Salary Loans facility?

    With RCBC Salary Loans, (1) Your company can outsource the funding of your employees’ Salary Loans to RCBC which will enable you to allocate more funds in operations, expansion or other aspects of the business. (2) It shall improve employee retention as this may also be considered as an added benefit for your employees. (3) Funds are readily available for your employees’ financial needs. (4) It shall save your employees from loan sharks and “ATM Sangla” with overly high interest rates.

  • Will the company be liable for its employees’ Salary Loans?

    No. RCBC generally offers a non-guaranteed facility unless specifically asked by the client.

  • We have an existing Salary Loan provider in the company, is that okay?

    Yes. You have the option to maintain 1 or more Salary Loan providers but we assure you RCBC alone can cater to all your needs, so make the switch now!

  • Why should I choose RCBC?

    RCBC is one of the largest private domestic banks in the country serving our clients with over 60 years of financial expertise. As a pioneer in financial services, RCBC has received numerous Awards and citations from various institutions and publications making us your best partners through generations.

Terms and Conditions
  1. Opening of Account. RCBC, at its option, may require the Loan Applicant to open an account with any RCBC Business Center as one of the conditions of the loan.

  2. Application Requirements. A Loan Applicant intending to avail of the salary loan under the Program shall submit to RCBC, the following application requirements:

    1. Duly accomplished/completely filled-out salary loan application form, signed by the Loan Applicant; and

    2. Such other documents as may be required by RCBC.

      The loan application and documents shall be subject to RCBC’s evaluation and policies. This Agreement notwithstanding, RCBC shall conduct individual credit evaluation on the Loan Applicant and approval of individual loan applications shall be based on the result of such credit evaluations.

  3. No loan, however, shall be approved without prior recommendation or endorsement by THE COMPANY who shall only endorse to RCBC Loan Applicants in good standing. A Loan Applicant is considered in good standing if he/she has no pending case with THE COMPANY that may lead to his/her separation from or termination of employment and he has no overdue and unpaid financial obligations.

  4. Repayment. Loan payments shall be in equal monthly amortizations representing principal and interest payments.

    THE COMPANY, upon written authorization from the Loan Applicants, shall deduct from the salary of said Loan Applicants the amount of the amortization stipulated in the promissory notes executed by the said Loan Applicants, including the applicable interests, penalties and other bank charges on or before clearing cut-off of due date of the Loan Applicant’s monthly amortization under the Program. The authorization shall include the authorization, in case of resignation, retirement or any other form of separation of employment from THE COMPANY to deduct from the monetary benefits the total outstanding loan obligation due to RCBC.

  5. Remittance of Payment. THE COMPANY shall remit to RCBC all the amortization due from the Loan Applicant in reference to the Statement of Accounts provided by RCBC every month. The said amortization will automatically be deducted from the Loan Applicant’s monthly salary or from any other monetary source that will come to THE COMPANY’s lawful possession or which the latter is obliged to pay the Loan Applicant.

    If THE COMPANY fails to remit the amortization amount deducted from the Loan Applicants on the specified remittance date as reflected on the Statement of Account, THE COMPANY shall pay RCBC any late payment fees, interest and penalties that may have been incurred as a result of non-remittance. The COMPANY shall not pay when the delay or failure to remit is due to the insufficiency of the Loan applicant's salary.
    In the event that RCBC receives from THE COMPANY an amount less than that of what is reflected in the Statement of Account, and does not provide any payment instructions, RCBC shall have the right to allocate the remitted amounts among the outstanding salary loan of the Loan Applicants and shall not be held liable for such allocation.

    In the event of termination from employment of the availing Loan Applicant for whatever reason, THE COMPANY after deducting all accountabilities, undertakes to retain and/or remit directly to RCBC the amount in its possession belonging or due to the said Loan Applicant to the extent of his entire unpaid loan with RCBC, unless the outstanding balance is converted into a regular personal loan under the existing program by RCBC.

     

    In case of non-renewal or cancelation of line by RCBC or THE COMPANY, deduction of monthly amortization from the Loan Applicants salary and remittance of the same by THE COMPANY shall continue until the loans are fully paid.

  6. Notice. THE COMPANY shall within seven (7) days from knowledge provide RCBC a written list of Loan Applicants with outstanding loan balance who:

    1. Have or intend to resign or leave THE COMPANY whether permanently or temporarily;

    2. Have or intend to go on maternity leave or prolonged leave of absence;

    3. Have or will be transferred to other branches/sites/plants or affiliate companies;

    4. Have been or will be suspended or terminated from employment with THE COMPANY for whatever reasons;

    5. Have been declared absent without official leave (AWOL);

    6. Have been in a circumstance or condition that may result to the failure of the remittance of the monthly amortization due to RCBC.

  7. Suspension of Availment. No new loans may be availed of under the Program in the event that the outstanding balance of past due accounts exceeds five percent (5%) of the total outstanding balance of all loans.
    In such event, RCBC shall inform THE COMPANY of the suspension of the availment of new loans under the Program. Such suspension however shall not affect the authority to deduct payments from the salaries of the Loan Applicants.

  8. Non-waiver of Rights. No failure, omission or delay on the part of RCBC in exercising any of its rights or remedies under this Agreement shall operate as a waiver thereof. Neither shall any single or partial exercise thereof or the exercise of any other privilege, right or remedy be likewise deemed as a waiver of the other rights not so exercised. No modification or waiver of any provision shall in any event be effective unless the same shall be in writing and such waiver of consent shall be effective only in the specific instance and for the purpose for which consent was given.

  9. Amendments. Any amendment, modification, or revision of this Agreement shall be made in writing and signed by the parties. The terms and conditions of this Agreement shall be subject to periodic review by RCBC.

  10. Separability. If any provision of this Agreement should be held or rendered invalid, illegal or unenforceable, the other provisions or portions of this Agreement shall not be affected thereby, and shall remain valid, subsisting and enforceable.

  11. Corporate Authority. The parties hereby represent and warrant that they have all the necessary power and corporate authority to execute and deliver this Agreement and perform their obligations as incorporated herein and that such execution, delivery and performance do not and will not contravene any provision of their respective Articles of Incorporation, By-Laws, any agreements or instruments to which they are a party or any laws or regulations of any governmental authority.

  12. Binding Effect. THE COMPANY warrants that the terms of this Agreement shall be binding upon its officers, members and successors in interest, and continue to be honored and implemented in accordance with the terms hereof. Nothing herein shall be construed or understood to mean that the execution and delivery hereof by COMPANY makes the COMPANY a guarantor of the employee/borrower loan obligations, it being understood that the loan obligations are the exclusive obligations of the employee/borrower.

  13. Venue. Any court action arising from or in connection with this Agreement shall be brought and litigated in any proper court in Metropolitan Manila or in any province, city or municipality where RCBC holds office, at the sole option of RCBC.

  14. Termination of Agreement. This Agreement may be terminated by either Party by way of written notice to the other not less than thirty (30) business days from the intended date of termination, without prejudice to the effects of transactions occurring prior to the date of termination. Renewal shall be upon agreement of the parties.