MOBILE LOAN SAVER

For Institutional/Corporate Clients

FREQUENTLY ASKED QUESTIONS

 1.    Which institutions may avail of the LANDBANK Mobile Loan Saver?

  • The LANDBANK Mobile Loan Saver is available to:
    • Private entities, and
    • Government entities, including national government agencies, government-owned and controlled corporations, and local government units, except barangays.

2.    How can private and government entities make the LANDBANK Mobile LoanSaver available to their employees?

  • In availing the LANDBANK Mobile LoanSaver, a Memorandum of Agreement should be executed between LANDBANK and the government or private entity. For agencies with regional or district offices, they should execute a separate MOA with their LANDBANK servicing branch.

 

  • Pre-processing requirements should then be submitted to the servicing branch. These are composed of:
    1. “White List” of pre-selected employees in hard and soft copies
    2. A certification on the accuracy and veracity of the white list signed by the head of Human Resource or authorized personnel of the agency or private entity.

3.    What is a white list?

  • A white list is a list of pre-selected qualified employees. It should be submitted to LANDBANK in hard and soft copies. It contains information on individual employees and includes only those qualified to avail of the LANDBANK Mobile Loan Saver.

4.    What are the criteria for a private entity to become eligible for the program?

  • To be eligible for the program, a private entity must:

1. Be operating profitably for the last three years

2. Maintain a reciprocal business with LANDBANK through:

a) Maintenance of Peso or Dollar Deposit (Current, Savings or Time) 

b) Availment of Loan Products

c) Other equivalent reciprocal business

3. Have at least 10 permanent/regular employees

4. Have ATM Payroll Tie-up with LANDBANK

5. Have no adverse credit findings with other institutions

5.    What are the criteria for a government entity to become eligible for the program?

  • To be eligible for the program, a government entity must:

1.  Maintain a reciprocal business with LANDBANK through any of the following:

  1. Maintenance of Peso or Dollar Deposit (Current, Savings or Time)
  2. Maintenance of MDS Accounts
  3. Availment of Loan Products
  4. Other equivalent reciprocal business

2.  Have no adverse credit findings with other institutions.

3. Have ATM Payroll tie-up with LANDBANK

6.    What are the criteria for an individual to be eligible to avail of the LANDBANK Mobile LoanSaver?

  • The employee must be employed by the entity with which LANDBANK has a LANDBANK Mobile LoanSaver tie-up. He or she must be included in the white list of the agency. The facility is open to users of Smart, Talk ‘N’ Text and Sun-enabled mobile phones.

7.    What are the requirements for an individual to be included in his/her agency’s white list?

  • Employees of private entities must:
  1. Be regular/permanent in status and has been in the service for at least one year
  2. Meet the required monthly net take home pay** set by LANDBANK after considering all statutory deductions and amortizations of all existing loans, including the loan applied for under the LANDBANK Mobile LoanSaver; **(at least Three Thousand Pesos (P3,000.00)
  3. Have an ATM Payroll account with the LANDBANK servicing branch
  4. Be 18 to 64 years old
  5. Have no pending administrative/criminal case
  6. Have no pending application for retirement or must not be due for retirement within the term of the loan
  7. Have his/her existing livelihood loan, if any, in current status
  8. Comply with other eligibility requirements as may be imposed by LANDBANK
  • Employees of government entities must:
  1. Be a regular/permanent employee of the agency concerned and has been in the service for at least one year. 

Note: Service requirement is waived for elected officials and their co-terminus appointees.

  1. Meet the required monthly net take home pay set by LANDBANK and applicable laws. 

Note: For government employees/officials, the required Monthly Net Take Home Pay shall be the amount set in accordance with General Appropriations Act at the time of loan application.

  1. Have an ATM Payroll account with the LANDBANK servicing branch
  2. Be 18 to 64 years old 

Note: For elected officials and their co-terminus appointees with age above 64 years old, loan application maybe accommodated provided the following are satisfied:

a. With approved/facilitated Special Insurance Coverage through  LANDBANK Insurance and Brokerage, Inc. and paid special premium coverage for the whole term of the loan

b. Term of loan shall be within the remaining period of the elected official’s term of service 

  1. Have no pending administrative/criminal case
  2. Have no pending application for retirement or must not be due for retirement within the term of the loan
  3. Have his/her existing livelihood loan, if any, in current status

8.    How will the qualified employees apply for the LANDBANK Mobile LoanSaver program?

  • The qualified employees shall initiate mobile loan application using Smart, Talk n’ Text or Sun-enabled mobile by typing the following keyword:

LOAN <space> EMPLOYEE NUMBER <space> AGENCY CODE then send to 5363

The qualified employees shall complete the loan application online by accessing the link emailed to his/her nominated personal email address.  The online application provides employees the option to choose the loan amount, loan term and auto-savings amount. To fully complete the online application, the employees shall affirm agreement on the electronic Terms and Conditions, Deed of Assignment, Authority to Deduct from the Payroll Account, Auto-saving Clause, Promissory Note and Disclosure Statement, and affix signature by ticking the electronic signature.

9.    How many days will it take for the loan proceeds to be released after the loan approval?

  • The loan proceeds shall be released within three banking days after loan approval. 

10. How will the employees be informed that the loan proceeds are credited to his/her ATM Payroll Account and available for withdrawal?

  • The employees shall receive an SMS notification that his /her loan proceeds have been credited to his/her ATM Payroll Account and available for withdrawal.

11. With whom should we get in touch, so our institution may avail of the LANDBANK Mobile LoanSaver program for our employees?

  • Please contact your LANDBANK Servicing Branch. We will be very happy to assist you and discuss how we can be partners in bringing the LANDBANK Mobile LoanSaver to your employees.

 

For more information, dial *89507  for SMART, Talk 'N Text, or SunCellular subscribers.