- Interest rate (p.a.)
23.40% - 36.00%
- Loan Tenure
1 - 3 years
- Approval Duration
2 to 3 business days
- Min. monthly income
What's so great about Welcome Bank Business Loan?
- High loanable amount for your business needs
|Min. financing amount||₱50,000|
|Max.financing amount|| ₱1,000,000|
|Min. loan tenure||1 year|
|Max. loan tenure||3 years|
|Interest rate||23.4% - 36% per annum|
|Approval duration||2 to 3 business days|
Fees & Charges
|One time set up|
|Processing fee||3.00% of approved loan amount|
|Stamp duty||₱400 (includes notarial fee)|
|Age requirement||Age 21 - 60|
|Employment eligibility||Must have existed for 3 years for businesses or 1 year for professional practices|
|Min. salary requirement||₱40,000 gross per month|
|Guarantor / Collateral requirement||No|
|Need to open linked banked account?||No|
|Other details||Loan repayments may be done through PDCs only.|
Product Review by
Welcome Bank is a subsidiary of Welcome Financial Group, a specialized retail banking provider from Korea established in 2002. They offer a wide range of financial solutions to retail consumers from credit lines and loans, to banking products such as savings accounts, to digital banking services.
One of their offerings to the retail market in the Philippines is their Business Loan. This loan option caters to small and medium business owners in the country, offering them access to financial services that can enable them to expand their businesses. It comes with a fairly reasonable eligibility requirement, one that shouldn’t give our local entrepreneurs a hard time to qualify for.
Welcome Bank Business Loan FAQ
How can I apply for a Welcome Bank Business Loan?
You can apply for a Welcome Bank Business Loan by simply using our online application form. Once we receive your application, our friendly Customer Care Agent will contact and guide you through the application process.
How much can I borrow?
Welcome Bank's Business Loan offers PHP50,000 up to PHP1,000,000 loanable amount.
What are Welcome Bank Business Loan's Requirements?
Welcome Bank requires their loan applicants to meet certain eligibility requirements and provide the following documents.
- Filipino citizen at least 21-65 years of age.
- Registered business must be operating for 3 years; for professionals such as doctors - 1 year in practice.
- With a minimum net monthly income of PHP40,000.00 a month.
- Must have a valid landline or postpaid number.
- Fully accomplished loan application form.
- Two (2) Valid Government IDs
- Three (3) months Bank Statement
- DTI Permit / SEC Registration
- Latest Mayor’s Permit
- Latest ITR with Audited Financial Statements (optional)
- Utility Bill (under your residential address)
- 3 Trade Reference / List of Suppliers
*Additional documents may be required during credit evaluation.
What is Welcome Bank Business Loan’s interest rate?
The estimated monthly interest rate for Welcome Bank’s Business Loan is 3%.
What is the loan tenure for Welcome Bank Business Loan?
Repayment options are from 12 to 36 months.
Are there any other applicable fees and charges?
The following fees will be deducted from your loan amount:
- Processing Fee - 3% of Approved Loan Amount
- Notarial Fee - PHP400
- Documentary Stamp Tax - Approval Loan Amount / 200 * 1.5
How does the Welcome Bank Business Loan Calculator work?
Their Business Loan calculator provides you with a rough estimate of how much your monthly amortization will be based on your desired loan amount and payment term (tenure). You only need to fill in the amount of loan you’re applying for and your preferred tenure.
How can I know the status of my loan application?
You may check your Business Loan application status through the 'My Page' section on Welcome Bank's homepage.
How will I know if my business loan application is approved?
You will receive a phone call from a Welcome Bank sales associate to schedule you for loan release.
When repaying the loan, what is the mode of payment?
Loan repayments may be done through PDCs only.
What if I want to pay my loan immediately and do not want to finish the terms?
You can repay all your outstanding loan anytime with a corresponding pre-termination fee.
I finished my loan repayment, can I apply again for renewal?
Yes. You can apply for renewal once you finish repaying half of your terms or upon reaching 6 months (whichever comes first). However, the loan balance of your existing loan will be deducted from your new loan disbursement.
I have an online business, can I apply under Business Loan?
Yes, as long as your business is registered and can comply with the Business Loan requirements.
I am employed but also with a business, can I apply for a Welcome Bank Business Loan?
It depends on your preference whether to apply for a personal/salary loan or a business Loan, as long as it matches your financial requirements and you pass through the qualifications.
Is Welcome Bank Business Loan the right one for me?
This loan option is for thriving entrepreneurs who need extra funds for their businesses. If you meet the eligibility requirements of at least 3 years running your business or one year if you’re a professional running your own firm (or clinic for doctors), this loan is made just for you.
Check out these other business loan options that are also worth considering:
Taking pride as a fully Filipino-owned financial services company, Radiowealth Finance Corporation (RFC) has been in service for more than 50 years. With the RFC Business Loan, you can borrow additional funds for your business starting from ₱100,000 up to ₱1,000,000 with flexible loan tenure of 3 to 12 months. Interest rate ranges from 3.5% - 4% per month with loan approval in just 3 - 5 working days. You are eligible to apply for a low minimum monthly income of just ₱7,000.
A relative newcomer in the lending services industry, Esquire Financing has been in operation since 2011. Focusing on SMEs, the Esquire business loan lets you borrow from ₱100,000 up to ₱10,000,000. The interest rate is 3.5% per month with approval duration up to 7 working days. Loan tenure is 3 to 6 months via issuance of post-dated checks (PDCs). You are eligible to apply if you have at least ₱300,000 minimum monthly income.
First Circle is also new to the financial lending industry having been in operations starting 2016. They offer high loanable amount of up to ₱2,500,000 for first time borrowers with interest rate for as low 1.74% per month. You can get approved in as quick as 5 working days with no require minimum monthly income. Loan tenure starts from 15 days up to 6 months.
You can also consider other similar products on our list of business loan providers available on our site. Check eligibility details and compare other providers to help you decide which one is best for your needs.