1. Fees and Charges – BPI Direct BanKo, 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 – BPI Direct BanKo, Inc. shall charge interest on loans within the prescribed limit allowed by Bangko Sentral ng Pilipinas that is disclosed in BPI Direct BanKo, 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 BPI Direct BanKo, 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 BPI Direct BanKo, 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 BPI Direct BanKo, 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, BPI Direct BanKo, 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 BPI Direct BanKo, Inc.
Provisions under the Revolving Credit Line Agreement:
The Borrower consents to the collection, processing (as this term is defined under the applicable confidentiality and data privacy laws of the Philippines and other jurisdictions, as the same may be amended, revised or supplemented from time to time (collectively, the “Applicable Laws”)), use, storage, updating, and disclosure, by the Bank, of all information (obtained from whatever source) relating to the Borrower or any of its accounts with the Bank, for the purpose of, or relative to, the Loan, or any credit accommodation now or hereinafter extended to the Borrower by the Bank, or any product or service offers of the Bank, or any other present or future transactions/dealings/arrangements/accounts that the Borrower may have with, or avail from, the Bank, its subsidiaries, affiliates and related interests (collectively, the “BPI Group”). The Borrower consents to the Bank’s transfer/sharing/disclosure/communication to any of the following (and, in turn, their collection, processing, use, storage, updating and disclosure), of such information, and, for this purpose, the Borrower expressly waive(s) its (their) rights under the Applicable Laws:
(i) to any members of the BPI Group, whether organized in the Philippines or in other jurisdictions, and their respective representatives and agents;
(ii) credit information/investigation companies, financial institutions, banks, credit bureaus, credit card companies, credit protection provider or guarantee institutions, consumer reporting or reference agencies,
brokers, insurers, underwriters, whether based in the Philippines or other jurisdictions, for reports on, among others, basic credit data, payment history and defaulting accounts
(iii) any public authority or government regulatory agencies/bodies, or as otherwise required by law or regulation, competent court/tribunal, or any legal processes;
(iv) any potential transferee or assignee of the Bank’s rights or obligations under this Agreement or any relevant credit and loan documents/agreements;
(v) partner outlets, loyalty program partners, service providers, collection agency, professional advisors and third persons, engaged by the Bank or by any member of the BPI Group, and,
(vi) such other persons or entities that the Bank, at its discretion, may deem necessary or appropriate as and when required by the circumstances.
The Borrower agrees to hold the Lender and the BPI Group free and harmless from any and all liability that may arise from, or in connection with, the collection, processing, use, storage, updating and transfer/disclosure/
sharing/communication, of information relating to the Borrower or any of its accounts, the Loan, or any other present or future transactions/ dealings/arrangements/accounts that the Borrower may have with, or avail from, the Lender or any members of the BPI Group, pursuant to, and in compliance with, the consent given by the Borrower under this Agreement.
The foregoing consent shall continue for the duration of, and shall survive the termination of this Agreement, or any other transactions/dealings/arrangements/accounts which the Borrower may have with, or avail from, the Bank.
