Business Loan Terms and Conditions

Please carefully read the following terms and conditions before applying for a business loan with Kanegosyo Center. These terms govern the loan agreement between you (the borrower) and Kanegosyo Center – MicrobizLoan. By applying for and accepting a loan, you agree to abide by these terms.

1. Loan Amount and Interest Rate:

1.1 The loan amount shall be determined based on the borrower’s application and creditworthiness.

1.2 The annual interest rate for the loan will range from 1.2% to 3%, depending on the loan amount and the borrower’s credit history.

2. Loan Duration:

2.1 The loan term can be selected by the borrower, ranging from a minimum of 6 months to a maximum of 24 months.

3. Upfront Fee:

3.1 An upfront fee is required to be paid by the borrower before the loan can be released.

3.2 The upfront fee amount will be communicated to the borrower upon pre approval of the loan application.

3.3 The upfront fee is non-refundable and covers administrative costs associated with processing the loan.

3.4 Unvalidated/Wrong/Late/Expired – Upfront fee payment is subjected for refund automatically upon completion of the Loan Disbursement 7 business days.

3.5 Inactive/Cancelled/Incomplete Loan Disbursement; Upfront fee will be forfeited, no refund will be process.

4. Loan Repayment:

4.1 The borrower agrees to make regular monthly payments as per the agreed-upon repayment schedule.

4.2 Payments are to be made on or before the due date each month.

4.3 Late payments may incur additional fees and could negatively impact the borrower’s credit score.

5. Early Repayment:

5.1 The borrower has the option to repay the loan amount in full before the end of the agreed-upon term without incurring any prepayment penalties.

6. Default:

6.1 If the borrower fails to make payments as per the agreed-upon schedule and remains in default for a specified period, the lender reserves the right to take legal action to recover the outstanding amount.

7. Change in Terms:

7.1 Kanegosyo Center reserves the right to modify the terms and conditions of the loan agreement with prior notice to the borrower.

8. Confidentiality:

8.1 All information provided by the borrower during the loan application process will be treated with strict confidentiality.

9. Governing Law:

9.1 This loan agreement is governed by the laws of  jurisdiction in the Philipines

By applying for MicroBiz Loan, the borrower acknowledges that they have read, understood, and agreed to the terms and conditions outlined above in the beginning of the Loan Application.