ABOUT INSTACASHKO LOAN
Q : What is InstaCashKo Loan?
A:InstaCashKo Personal Loan is a multi-purpose unsecured loan to aid you financially with a loan up to Php 250,000 and pay in installments. It is also the first online and digital loan product of BanKo – from application to loan disbursement, without the hassle of going to a BanKo branch / agent to apply.
Q : How is InstaCashKo Loan different from other products?
A : InstaCashKo Loan is BanKo’s loan product for Salaried individuals that grants a loan up to Php 250,000 and pay in flexible installments to help you, in you financially, whether it is for your sudden or emergency expenses, or for your purchase that you have been aspiring for. InstaCashKo loan offers you with a flexible repayment terms that suits your capacity to pay – whether you want it short term, or long-term repayment.
NegosyoKo Loan is a loan product for Self-Employed Microentrepreneurs that grants you a loan up to Php 500,000 and pay in flexible installments that suits the need to grow your business
InstaCashKo Credit Line is a 12-month credit line granted to Self-Employed Microentrepreneurs up to Php 25,000 to help with the sudden or emergency expenses of your business. You may avail of the loan in portion anytime within the 12-month duration and repay monthly with no interest.
Q : What are the loan payment terms of InstaCashKo Loan?
A : With InstaCashKo Loan, you can pay in Weekly, Bi-Monthly and Monthly installments that goes up to 36 months.
For loans <= Php 10,000, you can pay either 7, 14, 21 Days or up to 3 months.
For loans > 10,000, you can pay up to 36 months.
Q : What are the benefits of InstaCashKo Loan?
A : With InstaCashKo Personal Loan, you can:
- Loan up to Php 250,000 up to 36 monthly installments
- Apply via BanKo Mobile App. No hassle of going to any BanKo branch / agent.
- Apply for a loan with no extra paperwork, collateral or guarantor required
- Get approved and receive your loan faster
- Manage and monitor your loan via BanKo Mobile App
- Spend the money within the BanKo Mobile app or send the money to other banks free of charge (via Instapay)
Q : Am I qualified to apply for InstaCashKo Loan?
A : InstaCashKo Personal loan is available to all applicants who will meet all the following criteria:
- Salaried Individuals
- 18 to 60 years old (not more than 60 years old at the time of loan maturity)
- Filipino Citizen and residing in the Philippines
- Gross Monthly income of Php 12,000
- At least 6 months work tenure
Q : What are the documents required to submit to apply for a loan?
A : During the loan application, you will be required to submit the following:
- 1 Government Issued ID
- 1 Month latest payslip or
- Income Tax Return or
- Certificate of Employment with compensation details
- Billing Statement or other documents to verify your address
- Nominate a contact references for further verification
Q : How do I apply for InstaCashKo Loan?
A : You can apply for InstaCashKo Loan by following these simple steps:
- Download the BanKo Mobile App
- Tap ‘Apply for Loan’ and select InstaCashKo Personal Loan
- Enter your desired loan amount, loan term, repayment frequency
- Agree to the Terms and Conditions, and Data Privacy Policy
- Submit the required docs and input your details to complete the account registration.
- Review your loan details and information, then tap submit
- Once the application and approved, you will need to nominate the BanKo account to disburse the loan, then tap Okay.
Q : I have an active loan with BanKo, can I apply for InstaCashKo Loan?
A : No, you must be free from any BanKo loan to apply.
Q : Can I choose a different account to disburse my approved loan?
A : No, all InstaCashKo Loan will be disbursed to your BanKo Deposit account. Thus, a deposit account will be opened for you during the loan application process. The same deposit account will be your disbursement account for succeeding approved InstaCashKo Loan applications.
Q : How long will it take to approve my loan?
A : Once you have successfully submitted your loan application with complete details, loan approval will take up to 24 hours. You will receive a notification once your loan application is approved or rejected.
Q : When and how will I receive my approved loan?
A : Once the loan has been approved and you have successfully nominated your BanKo deposit account, the loan will be disbursed to your nominated BanKo deposit account within 24 hours.
Q : How does BanKo approve my loan?
A : Your loan is assessed by several factors, such as your submitted information, credit history and others. Maintain a good credit standing by repaying your loans on time and keep transacting with your BanKo account to get a higher loan next time.
Q : I got approved, but it is not what I originally applied for, Can I request to change it?
A: The approved loan is based on the credit assessment and underwriting that was performed using the different details you submitted. Thus, you cannot request to change it.
We highly suggest to maintain a good credit standing with BanKo to get higher loan amount on your next loan availment.
Q : Are there any fees and charges when applying for the loan?
A: A processing fee of 5% of the principal loan amount will be charged one-time and will be paid during the amortization or due date.
However, as an introductory offer, Documentary Stamp Tax (DST) is waived so you can make the most of your loan.
Q : What is the interest rate?
A :5% Monthly Add-on Rate (Corresponds to an indicative monthly Effective Interest Rate (EIR) ranging from 5% to 8.09% depending on the loan tenor)
Q : Are there any penalties if I fail to pay my loan on time?
A : 5% of the unpaid loan amount due will be charged per month as a late payment fee if there will be any unpaid loan amount after your due date.
If payment has been made on your due date, but you paid on channels with up to 48 hours processing / posting time, don’t worry! We will not charge you with any late payment fee.
Q : Where can I see my amount due and due date?
A : You may view your payment schedule and amount due via the BanKo Mobile app.
Q : How can I repay my loan?
A : You may select from any of the following repayment methods:
- BanKo Mobile App
- Over-the-Counter Repayment Channels (BanKo is Accepted)
- GCash, Maya, Bayad Center App
- Automatic Debit Arrangement (ADA) via BanKo Deposit Account
Q : Can I repay my loan amount due before due date?
A : Yes, the payment will be treated as an advance payment to your upcoming due date.
If you partially paid your loan amount due before due date, we would deduct the advance payment to the current amount due and make sure to pay the remaining amount due on your due date.
Q : Can I repay my loan in full?
A : Yes, but this will be applicable to loans with principal amount of >= Php 20,000 and more than 30 days before due date.
A termination fee will be charged amounting to 5% of Outstanding Balance or Php 2,500; whichever is higher.
Q : Is there a fee to repay my loan?
A : Repayment made via BanKo Mobile app or via BanKo Deposit account is free of charge. Fees and charges may apply on other repayment channels.
Q : How long will it take to process my payment and update my loan account?
A : Repayment made will be processed and will reflect on your loan account up to 2 business days.
Q : What happens if I pay more than my amount due?
A : Any excess amount paid will be treated as an advance payment on your next installment or due date. If there is an excess amount paid and the loan has been fully paid, the excess amount will be credited to your BanKo Deposit Account.
Q : Can I request to change my due date?
A : No, due date is determined X days after booking date depending on the loan term you selected when you applied for a loan.
Q : Can I cancel my loan anytime?
A : Yes, you may cancel it after approval and before disbursement of the loan proceeds. Since you will be the one to disburse your own loan proceeds through the BanKo mobile app.
