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Terms and Conditions for Loans

 

1. Fees and Charges – Albany Bank, Inc. shall charge fees for Loans, Credit Line Registration and Loan Drawdown that is disclosed in its brochures or pamphlets or will be disclosed to the applicant upon approval of the loan.

2. Interest, Charges and Penalties – Albany Bank, Inc. shall charge interest on loans within the prescribed limit allowed by Bangko Sentral ng Pilipinas that is disclosed in Albany Bank, Inc.’s brochures or pamphlets or will be disclosed to the applicant upon approval of the loan. A penalty for late payment will be charged to the Borrower at the rate specified by the bank in its brochures or pamphlets or to be disclosed upon approval of the loan.

3. Credit Limit – It is the option of Albany Bank, Inc. to set the maximum credit limit to the Borrower which shall be established by the bank upon approval of the loan. Borrower hereby agrees that the loan is availed and the promissory note is digitally signed by the Borrower by using mobile phone and encoding the MPIN, and that loans proceeds credited to Borrower’s savings or other deposit accounts are considered actual availment/drawdown of the loan.

4. Amortization/Payment – Loan amortization shall be based on approved payment schedules disclosed in Albany Bank, Inc.’s pamphlets or brochures or will be disclosed to the applicant upon approval of the loan.

5. Loan Disclosure – Loan disclosure statement issued to the loan Borrower electronically shall be the evidence that the Depositor/Borrower agrees to the terms and conditions of the loan including the effective interest rate stated therein. Disclosure of Effective Interest Rate contained Albany Bank Inc.’s brochures or pamphlets or text message constitutes acceptance by the Borrower of the disclosure of the Effective Interest Rate as required by law.

6. Payment Default – For this purpose, the Borrower agrees to, authorize, appoint and irrevocably constitute, Albany Bank, Inc. as ATTORNEY-IN-FACT with full power and authority to inquire about and deduct the unpaid loan balance, regular amortizations due or any other obligation/s by the Borrower due the bank from such Depositor’s deposit accounts, which are now or may hereafter be in the possession, custody or control of Albany Bank.