RCBC Salary Loan NOW

The following terms and conditions shall apply to the availment of RCBC's Salary Loan NOW program.

1. The RCBC Salary Loan NOW program allows select and pre-qualified RCBC Payroll depositors to borrow cash to be paid in installments.
2. RCBCshall facilitate the availment, processing of loan proceeds and payment and collections of the RCBC Salary Loan NOW program.
3. Definition of Terms. - The following terms, as used herein and in the RCBC Mobile App, shall be understood to mean:

• Amount Due - refers to the total amount due from the CLIENT, which comprises of the unpaid amortization and late penalty fees, if applicable.
• Client - refers to the RCBC Payroll depositor who avails of the RCBC Salary Loan NOW.
• Deductions per Payroll - refers to the amount to be paid and debited from the customer's RCBC Payroll Account which is computed as the total Payroll Advance amount availed, divided by the number of Payroll Deductions.
• Documentary Stamp Tax - refers to the tax to be collected for loan documents that greater than or equal to Php 250,000 and computed as Php 1.50 for every Php 200, or a fraction of the loan amount availed.
• Due Date - refers to the indicative dates on when the Payroll Deduction will happen. This coincides with the actual or scheduled Payroll Credit Dates, as defined.
• Fee - refers to sum of fees that will be charged to CLIENT based on the RCBC Salary Loan NOW availed. Fees include the following:
• Processing fee - refers to a fixed amount or percentage to be computed against the RCBC Salary Loan NOW amount availed.
• Documentary Stamp Tax - refers to the tax to be collected for loan documents that greater than or equal to Php 250,000 and computed as Php 1.50 for every Php 200, or a fraction of the loan amount availed.
• Monthly add-on rate - refers to the interest rate that determines the interest payable at the beginning of the loan, added per month to the principal.
• Monthly Amortization - refers to the fixed amount for monthly payments that comprises the principal amount and interest payment.
• Net Proceeds - refers to the amount that will be credited to the RCBC Payroll account after availment of RCBC Salary Loan NOW. This is the RCBC Salary Loan NOW amount, net of fees. For example, if availing of Php 100,000 and Php 1,000 is the fee, the net proceeds will be Php 99,000.
• No. of Payroll Deductions in a month - refers to the frequency of payroll deductions in a month.
• Payroll Credit Dates - refers to the actual date when Payroll is credited or the past 6-month average historical payroll credit dates that will be the basis for payroll deduction.
• Payroll Deduction - refers to the payment mode for the RCBC Loan NOW program where payments for the RCBC Salary Loan NOW availment shall be debited from the customer's RCBC Payroll account. The Payroll Deduction shall coincide with the actual Payroll Credit date or shall be based on the past 6-month payroll credit dates, whichever comes first.
• Total Repayment - refers to the sum of all scheduled monthly amortization payments that the Client agrees to pay over the loan term.

4. Purpose - By availing of the RCBC Salary Loan NOW, CLIENT confirms that the purpose of the loans is for personal consumption or family use.
5. The availment of RCBC Salary Loan NOW is subject to the following where CLIENT confirms and agrees that:

• Fees and monthly add-on rates are based on the prevailing rates and may vary per RCBC Payroll customer. In addition, Fees will be deducted upfront from the RCBC Salary Loan NOW amount to be availed; therefore the credited amount will be net of fees.
• RCBC reserves the right to approve or reject RCBC Salary Loan NOW applications and has no obligation to disclose reasons for the rejection or disapproval of RCBC Salary Loan NOW requests. RCBC has the sole discretion on the loan amount that can be availed for RCBC Salary Loan NOW.
• The RCBC Salary Loan NOW availment can no longer be cancelled once approved.
• RCBC shall credit the loan proceeds to CLIENT’s payroll account and provide a status via the RCBC Mobile App for real-time crediting. Should there be a delay in crediting, RCBC shall send an SMS notification to CLIENT upon crediting.

6. Payments - Payments on Salary Loan NOW amortizations and late penalty fees (if applicable) shall immediately be deducted from CLIENT’s actual or scheduled Payroll Credit Dates after date of his/her request, and shall be subject to the following:

• Payroll deduction - CLIENT authorizes RCBC to debit his/her payroll account in satisfaction of the amount due on every payment date.
• Insufficient payment - If the balance of or credits to the payroll account is not sufficient to cover the payment due, RCBC shall debit the remaining available balance in his/her payroll account. CLIENT authorizes RCBC to debit the remaining unpaid amount, plus charges, in his/her following salary crediting day. 
• Insufficient payment - If the balance in CLIENT’’s payroll account is not sufficient to cover for the payment due, RCBC shall hold the unpaid amount against his/her RCBC Payroll Account for 30 days from the last due date. In the event of credits to CLIENT’s account, whether Payroll or non-Payroll, RCBC shall continue to debit his/her account until the full unpaid amount is collected.
• In cases where CLIENT will receive insufficient or no credits from his/her employer on salary crediting day, CLIENT shall be obliged to fund his/her payroll account to meet the amount due on or before his/her scheduled due dates. Failure to do so shall not prevent RCBC from applying payments via payroll deduction with corresponding penalty charges. CLIENT likewise assigns, transfers, conveys and sets over unto RCBC , its successors and/or assigns, his/her salaries and wages including the proceeds of his/her salary that may be credited to his/her payroll account and all benefits arising from or accruing to CLIENT pursuant to his/her employment, including his/her separation pay, retirement benefit, convertible vacation leaves, and other benefits that may be collected from his/her employer for the satisfaction of his/her obligations to RCBC.
• Application of Payment. - Any and all payments for CLIENT’s account under Salary Loan NOW shall be applied on the following items in the order they are listed: 1) Late payment fees and 2) Unpaid Monthly Amortization\

7. Late Penalty Fee - CLIENT understands that should he/she be unable to pay his/her monthly amortization or outstanding balance in full, CLIENT agrees to pay the Late Penalty Fee where he/she will be charged with a late penalty fee equivalent to 5% of his/her unpaid outstanding balance, accrued on a daily basis starting from the statement date until the loan is fully paid. A late penalty fee will still be applied for partial payments.
8. Pre-termination Fee - CLIENT understands that should he/she decide to pre-terminate or pay the RCBC Salary Loan NOW in full before maturity, a pre-termination fee of Php 500 or 5% of the unpaid principal amount, whichever is higher will be charged.
9. CLIENT acknowledges that he/she shall be considered in default in the event that (i) he/she fails to pay his/her obligations on his/her RCBC Salary Loan NOW account, and by extension any RCBC Personal Loan, RCBC Salary Loan NOW, RCBC Bankard credit card if applicable, (ii) he/she fails to observe any of the terms and conditions governing the issuance of my RCBC Salary Loan NOW account, (iii) he/she fails to observe any of the terms and conditions of any contract/evidence of indebtedness and or related documents in connection with any credit facilities granted in his/her favor by RCBC or another financial institution, (iv) any information, documentation, representation or warranty made by CLIENT in his/her application form proves to have been fraudulent, untrue, incorrect or misleading at the time it was made.
10. In case CLIENT defaults: CLIENT agrees to pay late penalty fees as applicable. If RCBC needs to refer CLIENT’s case to a collection agency or through an Attorney-at-Law, CLIENT shall be liable to pay the cost of collection and/or attorney's fee equivalent to 25% of the amount claimed and the expenses of litigation and judicial costs as applicable.
11. The above mentioned Terms and Conditions for the implementation of the RCBC Salary Loan NOW program may be amended and supplemented by RCBC from time to time, as may be deemed necessary.
12. CLIENT understands and agrees that these terms and conditions are supplemental to and to be bound by RCBC’s omnibus general terms and conditions which can be found in [https://www.rcbc.com/uploads/media/Omnibus-General-T&Cs-as-of-Oct-28-2024.pdf]. In case of conflict between these terms and conditions and the omnibus terms and conditions, these terms and conditions will govern with respect to the availment of RCBC Salary Loan NOW.