Terms and Conditions (KITA loan)

TERMS AND CONDITIONS
General Provisions – Microfinance KITA Loan

 In consideration of the loan that I applied for from Cantilan Bank, Inc, I hereby agree:

GENERAL AGREEMENTS:

1. The borrower agrees to avail of and pay the credit life insurance premium for every loan availment and to designate Cantilan Bank as a beneficiary of the insurance policy.
2. The borrower shall not secure additional loans from other financial institutions or lending entities that may compromise the repayment capacity to Cantilan Bank. Any violation of this condition shall render the entire loan obligation due and demandable.
3. Cantilan Bank is authorized to use the borrower’s loan documents for rediscounting purposes as necessary.
4. Cantilan Bank is granted the authority to verify whether the borrower has existing loans with other financial institutions or lenders.
5. Loan records may be submitted to the Credit Information Corporation of the Philippines (CIC) as mandated by Philippine law and to the Negative File Information System (NFIS) of the Bankers Association of the Philippines Credit Bureau (BAP-CB) in case of failure to meet loan obligations.
6. Any misrepresentation or violation of these agreements will render the entire loan obligation due and demandable and may serve as grounds for legal action.
7. In case of conflict between the Loan Agreement and other supporting documents, the provisions of the Loan Agreement shall prevail.
8. Loan details reflected in Cantilan Bank’s core banking system, including loan amount, maturity date, interest rate, and repayment schedule, are deemed confirmed upon acceptance of this agreement.

DEDUCTIONS AND NET PROCEEDS

9. All applicable deductions, including fees, charges, and taxes, shall be deducted from the loan proceeds prior to disbursement.
10. The loan proceeds shall be credited to the borrower’s savings account with Cantilan Ban

PAYMENT OF LOAN

11. To pay the loan following the terms and the loan principal, interest, and any penalties shall be paid and shall ensure that there are sufficient funds in the account to cover the loan payments on the due date or any payments to be made which are voluntary in nature to satisfy the payment requirements of my loan provided that such payments are under the loan payments schedule;
12. To pay the weekly amortization completely and not miss any amortization or delay based on the amortization schedule. Any excess in the payment shall be deposited to my savings account with Cantilan Ban

DEFAULT

13. The loan shall be considered past due if any installment or amortization is not fully and promptly paid on the scheduled date. In such cases, Cantilan Bank may pursue collection and demand payment of the entire outstanding loan balance.
14. Cantilan Bank is authorized, without prior notice, to deduct any unpaid loan obligations, including surcharges, from deposit accounts maintained by the borrower within the bank, and to fully assign funds in any Hold-Out Deposit account to settle outstanding balances.
15. In the event of continued failure to settle a past-due account, Cantilan Bank may resort to all legal remedies, including the filing of legal action for collection of the unpaid loan, interest, and penalties. Legal fees incurred by the bank for enforcement shall be charged to the borrower.
16. A penalty of two percent (2%) per month shall apply to missed amortizations. If the loan remains past due upon maturity, an additional penalty of twenty-four percent (24%) per annum on the past-due amount, in addition to accrued interest, will be imposed.
17. In situations requiring remedial action, the borrower commits to comply with Cantilan Bank’s prescribed measures to update the loan to current status.
18. Any violation of these conditions constitutes an intention to commit fraud, making the entire loan obligation immediately due and demandable. Cantilan Bank may initiate legal action for recovery, including penalties, damages, and attorney’s fees.

GOVERNING LAW

19. That if legal action would arise relative to the loan, the same shall be filed exclusively in the courts of Cantilan, Surigao del Sur, or in the courts that have jurisdiction over the place where Cantilan Bank has a branch office.

UNDERTAKING GRANTING CONSENT

RELATED TO DATA PRIVACY

In compliance with the requirements of Republic Act no. 10173 or the Data Privacy Act (DPA) of 2012, I authorize the general use, sharing, and profiling of information obtained from me in the course of my transaction/s with Cantilan Bank, Inc., ( A Rural Bank ) and affiliates, and their respective and agents, or from third parties. The data, which include my personal information or sensitive personal information that may or continually be collected, processed, stored, updated, disclosed, or profiled by Cantilan Bank, Inc. and/or shared for five (5) years from the conclusion of my transaction with Cantilan Bank, Inc. and/or until the expiration of retention limits set by applicable law, whichever comes later, (i) for legitimate purposes, (ii) to implement transactions which I request, allow, or authorize, (iii) to offer and provide new or related products and services of Cantilan Bank, Inc. and/or third parties, and. (iv) to comply with Cantilan Bank, Inc. internal policies, and its reporting obligations to governmental authorities under applicable laws, including without limitation the Bangko Sentral ng Pilipinas (BSP), the Anti-Money Laundering Council (AMLC), the Securities and Exchange Commission (SEC), and the Credit Information Corporation (CIC) defined in R.A. No. 9510, and to any third party (local or overseas) who acquires or will acquire the rights and obligations of Cantilan Bank, Inc.; who is in negotiations with Cantilan Bank, Inc., and in connection with the possible sale, acquisition or restructuring of Cantilan Bank, Inc. and who process information, transactions, services, or accounts, on behalf of Cantilan Bank, Inc. and (including but not limited to courier agencies; telecommunication information technology companies, payment, payroll, collection, training, and storage agencies; entities providing customer support, and other similar entities).

I am fully aware that I can access, update, or correct certain personal information, or withdraw consent to the use of any of the information obtained from me in the course of my transaction/s with Cantilan Bank, Inc. and their respective representatives and agents, or from third parties, Further, I am fully aware that I can communicate with Cantilan Bank, Inc. Data Protection Officer through email at dpo@cantilanbank.com or call +63 212 5050 to 56 or at Orozco Street, Barangay Magosilom, Cantilan, Surigao Del Sur and I may file complaints with, and/or seek assistance from the National Privacy Commission.

I have read understand and consent to be bound by all the terms and conditions stated above.