Back to back Loan

Back to Back Loan is a loan secured by assignment/hold-out on deposits covered by a deed of assignment signed by the depositor/s.

BORROWER’S ELIGIBILITY:

  • Existing depositor of the bank/branch
Loan Amount Up to 100% of the Amount of Deposit being assigned
Interest Rate Effective rate of Interest on Deposit plus margin
Payment Term To coincide with the maturity of the deposit being assigned
Repayment Principal – at maturity, monthly amortization
Interest – discounted in advance
Mode of Payment Over the counter, Post Dated Checks of Automatic Debit Arrangement
Charges
Service Fee Php200.00 – for the first Php50,000.00
Php100.00 – for the succeeding Php50,000.00
Php500.00 – Maximum Service Fee
Doc. Stamps Tax Php1.00 for every Php200.00 & fraction multiplied by the Term divided by 365 (No Doc. Stamps shall be collected if the loan does not exceed Php250,000.00, and the purpose of which is for personal consumption.
Notarial Fee Actual expenses
Payment Term To coincide with the maturity of the deposit being assigned
Mode of Payment : Principal – at maturity or monthly amortization
Interest – discounted in advance
Over-the-counter, Post Dated Checks or Automatic Debit Arrangement
Acceptable Collateral: Savings Deposit, Current Account, Special Savings Deposit or Certificate of Time Deposit Account in the Name of Treasurer-in-Trust (TIT) and In-Trust- For (ITF) Accounts are not assignable and therefore are not acceptable as security for loans

CUSTOMER’S BENEFITS:

  • Convenience – loans are processed at the earliest possible time
  • Affordability – interest rates are low and payment terms are comfortable and easy on the budget
  • Efficient and Personalized Service – efficient staff will promptly answer questions and offer assistance with a personalized touch

BASIC REQUIREMENTS:

  1. Individual & Sole Proprietorship
    • Income Tax Return or Certificate of Creditable Tax Withheld
    • Deed of Assignment signed by all the depositors
    • In case the hold-out is CTD, the original CTD duly endorsed by the depositor/s must be surrendered
  2. Partnership
    • Income tax return
    • Notarized Partnership Resolution
    • Deed of Assignment signed by all the depositors
    • In case the hold-out is CTD, the original CTD duly endorsed by the depositor/s must be surrendered
  3. Corporation
    • Income tax return
    • Deed of Assignment signed by the authorized signatories
    • Notarized Board Resolution or Notarized Secretary’s Certificate indicating the following:
      1. To avail loan at USB
      2. The type of loan to be availed
      3. The amount of loan
      4. The property to be used as collateral
      5. The name of the authorized signatories to the account
      6. The signature combination/s
    • In case the hold-out is CTD, the original CTD duly endorsed by the depositor/s must be surrendered