An Overview of Producers Bank

Producers Bank is a financial institution that was established in 1995 in Nueva Ecija. Through the years it has acquired and entered into mergers with other banks, thus paving the way for its growth and expansion to other parts of the country. Today, Producers Bank Savings Corporation or Producers Bank has more than 200 branches aimed at providing financial services primarily to farmers and entrepreneurs with small- and medium-sized businesses.

What Are the Products of Producers Bank?

Producers Bank offers both deposit and credit products. With regard to the latter, there are currently six offerings. These are the following:

·        Crop – A secured loan of up to Php 500,000 for farmers who need funding to acquire farming equipment or implements, or to cover the cost of preparing their land for crop production. The collateral is the farm land or the borrower’s house and lot.

·        Livestock – A secured loan of at least Php 1,000,000 payable in 5 years for hog and poultry raisers with a profitable business that has been in operation for at least two years. The loan proceeds should be used to operate or grow the borrower’s livestock business.

·        Go Negosyo – This is for entrepreneurs who own small and medium establishments who wish to add to their working capital. The amount that can be borrowed ranges from Php 500,000 to 1,000,000 (or more, but at the bank’s discretion), which can be paid within 6 months to a year.  The loan will be secured by a real estate mortgage.

·        SME – This product is similar to Go Negosyo, but the loanable amount is more than Php 1,000,000 and the repayment options can either be through monthly amortizations or a lump sum payment. It is also meant to help owners of SMEs or small- and medium-sized enterprises augment their capital or expand their business.

·        Car – This is for eligible individuals looking to purchase a vehicle. The loan amount and terms depend on the type of vehicle to be acquired:

o   New – Not more than 70% of the invoice price, payable in monthly installments for a maximum of 5 years

o   Pre-owned – Up to 50% or half of the appraised market value, to be paid monthly for a maximum of 2 years

·        Housing – Employees and business owners can take advantage of this loan to purchase land or acquire, construct, repair, or renovate a residential unit/building. The loan amount should at least be Php 1,000,000, payable monthly for up to 15 years.

Finding the Right Credit Product with UpFinance

Making a decision that will affect your finances and your future is a major undertaking. Hence, whether you’re already set on taking your business to Producers Bank or you’re still on the lookout for other loan offers, it pays to have UpFinance on your side. UpFinance is a convenient service that allows you to easily and quickly compare various financial products, particularly loans, through their website.  You can also learn more about numerous financial companies, from banks to private lenders, so you can be better informed before you take advantage of an offer. UpFinance likewise has consultants who can provide you with guidance and assistance, thus ensuring that you get the financial product that suits your situation best.

With UpFinance, Producers Bank and other financial institutions’ products and services become more accessible, making it easier for you to make the right decision that will help you achieve your financial goals.