Special Installment Plan (SIP) Loan Terms and Conditions
ELIGIBILITY - A credit cardholder (the “Cardholder”) of Bank of the Philippine Islands (the “Bank”) for at least six (6) months and of good standing is qualified to avail of BPI Special Installment Plan (S.I.P.) Loan (the “Loan”) for a minimum loan amount of PHP3,000.
The Loan is available to a Cardholder of: BPI Blue MasterCard, BPI Gold MasterCard, Petron-BPI MasterCard, BPI-WorldPerks MasterCard, BPI-Skymiles MasterCard, BPI-Skymiles Platinum MasterCard, BPI-Edge MasterCard, BPI Amore Visa, and BPI Visa Platinum (the “Card”).
APPROVAL - The Loan shall be subject to appropriate approval. The Bank may perform additional verification for Cardholder’s security. The Bank reserves the right to terminate processing of the Loan application and / or deny the same in the event that the Cardholder fails to submit documentary requirements or it becomes aware of any misrepresentation or any circumstances which will disqualify the Cardholder from availing of the Loan.
BALANCE CONVERSION - Only new retail and online transactions worth at least P5,000 per transaction billed in the latest Statement of Account can be converted to installment. Interest, installment, cash advance and transactions that form part of the revolving balance are not eligible. Application must be submitted at least five (5) days prior to the due date indicated in the latest Statement of Account.
SUPPORTING DOCUMENTS – For applications that require submission of supporting documents, date reflected in said documents should not be more than three (3) months prior to date of application.
METHOD OF PAYMENT - The Loan amount granted shall be paid in equal and successive monthly installments, as indicated in the Bank’s SIP Loan Charge Form, which shall commence on the Cardholder's next billing date until the Loan is fully paid.
LOAN RATE - Existing Loan rates at the time of receipt of loan application will apply. The monthly installment due from the Loan is computed using the following formula:
Total Loan Amount x Factor Rate of Chosen Term = Monthly Installment Amount
DEFAULT OR BREACH OF CONTRACT - In case of default or failure to pay on time, any installment or any outstanding balance set forth in the Cardholder's Statement of Account (SOA) or breach in any of the terms and conditions hereof, Cardholder agrees:
- That the Bank shall have the right to suspend, cancel or refuse to renew the Card.
- That the Card's outstanding balance including the Loan balance plus interest, penalties, fees and charges (the "Total Outstanding Balance" or "TOB") shall immediately become due and payable, without notice or demand.
- That failure to pay shall constitute an automatic default.
CARD RENEWAL - If for any reason, the Cardholder fails to renew the Card or the Card is not renewed by the Bank, the Cardholder's TOB shall immediately become due and demandable.
APPOINTMENT OF THE BANK AS ATTORNEY-IN-FACT - Upon the occurrence of an event of default or any breach of the terms and conditions hereof, the Bank is appointed and shall act as attorney-in-fact with full power and authority to do all acts and deeds in addition to and other than those as herein granted. Cardholder hereby ratifies and confirms all acts and deeds as may be done or performed by the Bank under this authority.
PROCESSING FEE - Loan availment via Straight charge will be subject to a 4% processing fee.
DISCREPANCY - If the account number provided for crediting of proceeds is invalid or with name discrepancy, the Loan application will not be processed.
LOAN RESTRICTION - A single installment Loan transaction requires only one approval. Splitting into smaller Loan transaction sizes and requiring multiple Loan transaction approvals will not be allowed.
CREDIT LIMIT - If total Loan amount applied is more than the available credit limit, application will be processed and approved based on the available credit limit.
PRE-TERMINATION BY CARDHOLDER - If Cardholder decides to pre-terminate his Loan application prior to the first billing, the Bank will charge a pre-termination fee of PHP 550 plus additional 2% interest on the Loan principal amount. If pre-termination is done after the first billing, monthly payment shall be applied to the applicable interest then to the Loan principal using the diminishing balance method plus a pre-termination fee of PHP 550.
OTHER TERMS AND CONDITIONS - The terms and conditions governing the issuance of the Card as indicated in the card application form and BPI website including CONSENT TO PROCESSING AND DISCLOSURE OF INFORMATION, and the reminders and other provisions contained in the card carrier, statement of account, charge slips and other Card documents or instruments, which are made an integral part hereof by reference, shall likewise be resorted to in instances where they are applicable.
Effective November 16, 2016For any concerns, you may contact Bank of the Philippine Islands at (02) 89-100 for Metro Manila; 1-800-188-89100 for domestic toll-free calls (available to PLDT subscribers); 63 + 2 + 89-10000 for mobile phone and international access; and International Toll-Free Numbers (refer to www.bpiexpressonline.com at Contact Us link for details) or email firstname.lastname@example.org.
Bank of the Philippine Islands is supervised by the Bangko Sentral ng Pilipinas with telephone number (02) 708-7087 and email address: email@example.com.