What are the requirements for landbank salary loan?

What are the requirements for landbank salary loan

What are the requirements for landbank salary loan?

With so many loan options available in the Philippines, it can sometimes be confusing to figure out what kind of loan you need when looking for quick and affordable money on your salary day.

Landbank, one of the country’s leading financial institutions, has a huge variety of loan options available with different interest rates and terms—but how do you know which one is right for you?

This guide covers all the requirements for getting a landbank salary loan and recommends some of our favorite loans to inspire you.

The borrower must be 21 to 60 years old

To qualify for an SSS Salary Loan, applicants must be 21 to 60 years old and earn a monthly SSS contribution of at least P6,000. In addition, they must have a regular source of income or must be employed in government service. 

A guarantor is also required to qualify. The guarantor should either be an immediate relative who has already received a Salary Loan or is currently holding one.

The guarantor’s monthly SSS contribution should also match that of the borrower; this is not necessary if they’re already employed by a government agency or retired military member.

The borrower must have a regular source of income

A stream of income is necessary to qualify for a LandBank Salary Loan. This means applicants should have an SSS pension, monthly or quarterly salary, or a business that generates income regularly.

To secure your LandBank Salary Loan, you will need to provide documentation such as an employment contract or proof of payment.

The borrower must have a land bank account

To qualify for Salary Loan, you must have a valid account. This is because the funds will be withdrawn from your SSS account.

You can also use this account to repay your loan. A lender can check on their system if you have a valid SSS account.

The borrower’s net monthly income must be at least P15,000

When applying for a Landbank Salary Loan, you will first be asked to provide your monthly net income. To calculate this, subtract your expenses, like food and transportation, from your monthly earnings.

This number must be at least P15,000 (e.g., P12,000 – P3,000). You’ll also need to provide basic personal information, including your name, address, and contact number.

The borrower must not have any outstanding loans

Before getting a Landbank Salary Loan, you must ensure that you have no outstanding loans. This will be checked with your credit history, so before applying, it is important to check with your creditors to make sure that they won’t charge you any penalty charges.

The Landbank Salary Loan also requires that you have a current employment contract and at least six months of stable employment history.

You should also have an income of at least $2,000 per month and be either single or married without any child dependents.

Bio-data of borrowers with passport-size ID picture

Mary is a fresh graduate with a degree in Marketing and needs to start working immediately. Unfortunately, she has no work experience yet, so finding a job that pays enough is difficult.

She goes to her local SSS branch and tells them she wants to take out a Salary Loan, and they ask her if she has any collateral like stocks or property.

She doesn’t have any of those because she just graduated from college! The bank tells her that without collateral, they can’t issue her an SSS Salary Loan. But Mary is determined and does not give up easily!

Mayor’s Permit

To qualify for a Mayor’s Permit, you must have a job that pays at least $2,000 per month. You must also be 18 years of age or older.

The permit is valid for two years and will allow you to borrow up to $1,500 if your monthly income is less than $2,000.

It is important to note that this loan is meant to be repaid in full within six months of borrowing it. If you fail to repay it in six months, your permit will expire, and other restrictions could apply if you’re not employed.

How long is the process of LANDBANK salary loan?

The process of LANDBANK salary loan is simple. All you have to do is provide your employment information, contact number, and address.

The bank will verify your information and check if you qualify for a certain loan amount. They will release the funds to you if you qualify via GIRO or Payroll Deduction.

Otherwise, they may ask you to provide further documents or information they may need to decide whether or not they will grant your request.

How many percent is the salary loan in LANDBANK?

The LandBank of the Philippines offers employees an opportunity to borrow up to P500,000, with an interest rate of 7%.

The employee will be required to provide a certification from their employer that they’re already employed and earn at least P20,000 per month. 

Bottom Line

The Landbank Salary Loan is a collateralized, secured, unsecured loan. To qualify for this loan, you will need to meet certain criteria.

The minimum age requirement is 25 years old, and the maximum is 60 years old. You must have been employed in your current job for at least 1 year and have a monthly income of at least P5,000.

Those applying as individuals must have a net monthly income greater than P5,000; those applying as couples should have a combined net monthly income greater than P10,000.

Applicants must also be permanent residents or citizens of the Philippines with no outstanding loans from any government institution such as LandBank or Pag-IBIG Fund.

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