RCBC Salary Loan NOW

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

1. The RCBC RCBC Salary Loan NOW program allows select and pre-qualified RCBC Payroll depositors to borrow cash to be paid in installments.
2. RCBC, through RCBC Bankard Services Corporation (RBSC), shall 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 Pulz app, shall be understood to mean:
• Client - rerefers to the RCBC Payroll depositor who avails of the RCBC Salary Loan NOW.
• 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 comprise the principal amount and interest payment.
• Fee - refers to the sum of fees that will be charged to the 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.
• 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.
• 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.
• No. of Payroll Deductions - refers to the frequency of payroll deductions in a month.
• 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.
• Total Repayment - refers to the sum of all scheduled monthly amortization payments that the Client agrees to pay over the loan term.
• 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.
• 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.
• Amount Due - refers to the total amount due from the client, which comprises of the unpaid amortization and late penalty fees, if applicable.
4. Purpose - By availing of the RCBC Salary Loan NOW, I confirm 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 I confirm and agree 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, through RBSC 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. RBSC 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, through RBSC shall credit the loan proceeds to my payroll account and provide a status via the RCBC Pulz for real-time crediting. Should there be a delay in crediting, RBSC shall send an SMS notification to me upon crediting.

6. Payments - Payments on Salary Loan NOW amortizations and late penalty fees (if applicable) shall immediately be deducted on my actual or scheduled Payroll Credit Dates after date of my request, and shall be subject to the following:
• Payroll deduction - I authorize RCBC and RBSC to debit my 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 for the payment due, RCBC and RBSC shall debit the remaining available balance in my payroll account. I authorize RCBC and RBSC to debit the remaining unpaid amount, plus charges, in my following salary crediting day. If the balance in my payroll account is not sufficient to cover for the payment due, RCBC and RBSC shall hold the unpaid amount against my RCBC Payroll Account for 30 days from the last due date. In the event of credits to my account, whether Payroll or non-Payroll, RCBC and RBSC shall continue to debit my account until the full unpaid amount is collected.
• In cases where I will receive insufficient or no credits from my employer on salary crediting day, I shall be obliged to fund my payroll account to meet the amount due on or before my scheduled due dates. Failure to do so shall not prevent RCBC and RBSC from applying payments via payroll deduction with corresponding penalty charges. I likewise assign, transfer, convey and set over unto RCBC and RBSC, its successors and/or assigns, my salaries and wages including the proceeds of my salary that may be credited to my payroll account and all benefits arising from or accruing to me pursuant to my employment, including my separation pay, retirement benefit, convertible vacation leaves, and other benefits that may be collected from my employer for the satisfaction of my obligations to RCBC and RBSC.
• Application of Payment. - Any and all payments for my account under Salary Loan NOW shall be applied on the following items in the order they are listed:
  • Late payment fees
  • Unpaid Monthly Amortization

7. Late Penalty Fee - I understand that should I be unable to pay my monthly amortization or outstanding balance in full, I agree to pay the Late Penalty Fee where I will be charged with a late penalty fee equivalent to 5% of my 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 - I understand that should I 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. I acknowledge that I shall be considered in default in the event that (i) I fail to pay my obligations on my RCBC Salary Loan NOW account, and by extension any RCBC Personal Loan, RCBC Salary Loan NOW, RCBC Bankard credit card if applicable, (ii) I fail to observe any of the terms and conditions governing the issuance of my RCBC Salary Loan NOW account, (iii) I fail 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 my favor by RCBC/RCBC Bankard Services Corporation or another financial institution, (iv) any information, documentation, representation or warranty made by me in my application form that proves to have been fraudulent, untrue, incorrect or misleading at the time it was made.
10. In case I default:
    1. The entire unpaid obligation (including unbilled balances) and all other fees and amounts payable under this Agreement shall become immediately due and payable without demand, protest, or further notice of any kind, all of which I hereby expressly and willingly waive.
    2. I agree to pay late penalty fees as applicable. If RCBC/RBSC needs to refer my case to a collection agency or through an Attorney-at-Law, I shall be liable to pay the cost of collection and/or attorney's fee equivalent to twenty-five percent (25%) of the amount claimed and the expenses of litigation and judicial costs as applicable.
    3. In the event that my account shall be referred to a collection agency or an attorney-at-law for collection, I acknowledge that RCBC/RBSC shall notify me in writing of the endorsement of the collection of my account, or the endorsement of the collection of my account to a collections agency or attorney prior to actual endorsement. The notification shall include the full name of the collection agency and its contact details to which my account will be offset.

11. The above-mentioned Terms and Conditions for the implementation of the RCBC Salary Loan NOW program may be amended and supplemented by RCBC or RCBC Bankard Services Corporation from time to time, as may be deemed necessary.