Security Bank Personal Loan: A Bank Loan For The Mass Market?

© Provided by iMoney loan application form with approved stamp and a calculator

What is a Security Bank Personal Loan?

Security Bank was established on June 18, 1951, and is the first private, Filipino-controlled bank in the post-World War II era. It’s one of the longest operating homegrown banks in the Philippines. 

What sets Security Bank apart from the rest of the competition are the more lenient policies they offer for their personal loan. Particularly because there is no credit card ownership requirement to qualify for a loan, making it a personal loan that’s accessible to more Filipinos. 

Feature highlights

  • Maximum loan amount of ₱2,000,000
  • Payment terms up to 36 months
  • Approval within five business days

Criteria to be eligible for Security Bank Personal Loan

If employed:

  • Regular and permanent with current employer and with total employment of at least one year.
  • For call centers, the minimum employment tenure is three years.
  • Minimum gross monthly income of ₱15,000.00 (for Metro Manila) or ₱12,000.00 (outside Metro Manila).

If self-employed:

  • With at least two continuous years of profitable operations in the same line of business.
  • Minimum gross monthly income of ₱30,000.00 (for Metro Manila) or ₱25,000.00 (outside Metro Manila).


Fully employed applicants

  • Photocopy of company ID with clear photo and signature.
  • Photocopy of one (1) valid government-issued photo ID with three (3) specimen signatures.
  • Latest one (1) month payslip.
  • Latest BIR Form 2316 or latest certificate of employment.

Self-Employed applicants

  • Two (2) valid government-issued IDs
  • Latest ITR with BIR stamp
  • Latest 2 years Audited Financial Statements
  • SEC Registration/DTI
  • Business Permit/Mayor’s Permit
  • Latest six (6) months bank statements
  • List of 3 suppliers and 3 customers with contact details
  • Latest GIS (for corporations)

Interest rate

1.39% monthly add-on interest rate.

Loan term and repayment

One to three years.


Processing fee ₱2,000.00.00 to be deducted from loan amount upon loan booking
Stamp duty ₱1.00 for every ₱200.00 in excess of ₱250,000.00 of the loan amount
Disbursement & misc. fee Notarial fee from ₱125.00 to ₱400.00 depending on the loan amount

What makes Security Bank Personal Loan different from other loans?

The Security Bank Personal Loan may seem like a typical bank loan on the surface, but upon further scrutiny, you’ll find that this is probably the most consumer-friendly loan from a bank in the Philippines. 

While it offers regular interest rates, loan amounts, payment terms, fees, and penalties like every other bank, its eligibility requirements aren’t as stringent. It’s fair to say that with a reasonable interest rate and terms, this personal loan product is already a good deal, considering you can loan as much as ₱2,000,0000. Loan products from other providers may be lower by a small margin in terms of interest rates, but you may also need to overcome the hurdle of qualifying for a credit card first in order to get those better rates. While it may not be an issue for those that already own credit cards, it could become a substantial obstacle if you don’t want the extra hassle.

Additionally, Security Bank also offers some of the highest personal loan amounts in the Philippines.

Bank Annual interest rates Maximum Loan Amount
Welcome Bank Personal Loan 1.6% ₱500,000
CIMB Personal Loan 13.47% ₱1,000,000
BPI Personal Loan 14.4% ₱1,000,000
Security Bank Personal Loan 15% ₱2,000,000
Eastwest Bank Personal Loan 22.68% ₱2,000,000

In fact, their requirements are similar to non-bank lenders, minus the guarantor or collateral. Probably the only big requirement here is an active deposit account with Security Bank that’s at least a year old. It isn’t necessarily a big deal, but if you don’t have a deposit account with them, your application may not see the same success rate as those with existing accounts. 

What we like about Security Bank Personal Loan (advantages)

First of all, the credit card requirement – it’s basically non-existent in this loan. You will not be required to have an existing credit card of at least six months to be eligible for their loan. Removing that requirement makes this loan more accessible to the general public. Not to mention, their income requirements are fairly low and BPO employees are even allowed to apply (unlike most banks).

The Security Bank Personal Loan is among the more inclusive financial products in the market today, and that alone makes this stand out from the rest. 

Things to consider before applying for this loan

All things considered, probably the only roadblock you’d probably encounter applying for this loan is the deposit account. While Security Bank doesn’t explicitly state that it is a requirement, it is implied that in order to boost your chances of getting approved you must have one. 

One thing to note is that if if you don’t have an account with Security Bank, you will be required to open one and link it to your personal loan after your loan is approved. 


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