Philippine Airlines pilot Policarpio “Pol” Hernandez could not hide his excitement whenever he pays his loan with PSBank.
This change of heart happened when he chanced upon an advertisement for PSBank Prime Rebate, the only loan rebate program in Philippine banking. “Before, I always waited for my due date. Ang iniisip ko, ‘Why will I give this money to the bank without benefiting from it?’ When I saw the Prime Rebate ad sa newspaper, I told my wife about how we can have rebates whenever we pay our loan in excess or in advance. That day, I made a payment three days in advance of my due date,” he says.
A month later, he was delighted to learn from PSBank Customer Service that the advance payment he made earned him P58. Not bad. I excitedly thought of experimenting some more in my next monthly payment to see how much rebates I can get,” he added.
The following month, he made a payment almost two weeks before the due date. He again called the PSBank Customer Service and got another piece of good news: this time, his rebate increased to P281.
Like a diligent lotto player, the pilot got into the habit of watching his rebates steadily increase. In April, he started to earn more than P1,000 in rebates and on September 21, he got his biggest rebate ever, at P1,699.
"I was not expecting anything like this. Sa PSBank Home Loan rate and term pa lang, happy na 'ko. Prime Rebate makes me happier. Ako lang yata ang may utang na happy magbayad. I’m paying but I’m gaining also. In December, when I got my bonus, naisip ko, 'Kaysa naman hawak ko lang ang pera, I might as well make a payment. Kikita pa," Policarpio says.
While he can track his rebates without leaving the comfort of his home through PSBank Remote Banking, a 24/7 online facility, he says part of the monthly thrill he gets from paying is excitedly waiting for the Customer Service Representative to tell him how much rebates he had earned.
Policarpio's story is even more surprising on account of the fact that it's his first loan. He used to be one of those people who were afraid of borrowing, he says, as he felt “cheated” by the interest rates that accompany them.
"I always paid in cash," he adds, "but my happy experience with PSBank changed all that. Happy naman ako sa naging outcome. Lakas lang ng loob ang kailangan"
In fact, he has applied for a reduction from the five-year term because he's already eyeing another home loan: for the construction of his and his wife's dream house once this loan is done.
Like Mr. Policarpio, you can also earn rebates when you make advance or excess payments on your monthly due. Dahil sa rebate, mababawasan ang babayaran mo towards the end of your loan, kaya may savings ka. This enables you to allocate your money for other important investments or purchases.
If you’re still shopping around for a term loan that suits your needs, better avail of PSBank Prime Rebate Home Loan, PSBank Auto Loan, PSBank Flexi Personal Loan or PSBank SME Term Loan with Prime Rebate. For more details, visit your nearest branch or call (02) 845-8888 anytime, any day.