Rizal Microbank (A Thrift Bank of RCBC) - Pitaka Microenterprise Loan - MFTransparency.org Truth In Lending Tables

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Institution

Rizal Microbank (A Thrift Bank of RCBC) 2/F EDES 2 Building Acacia SectionJ.P. Laurel AvenueDavao City, Davao del Sur/Region XI8000

Data approved: 2011-11-15

Data version: 1

Age of data: 160 months

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Product

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Product Details

Key Statistics

Outstanding portfolio (PHP)	PHP 7,264,101
Portfolio (USD)	USD 173,782.32
Active Clients with Loans	137
Approximate % Female Clients	60% - 80%
Approximate % Urban Clients	80% - 100%

Methodology

Individual	x
Solidarity group
Village banking
Self help group
Other

Description

The Pitaka Microenterprise Loan is for business operators who have a need for additional working capital of up to PhP150,000. This ME Loan is granted to individual clients based on character and capacity to pay.

Loan Purpose

Any purpose
Income generation	x
Mortgage/housing
Consumer loan
Agriculture
Education
Other household finance
Other
Other (2)

Included Services

Credit education
Group meetings
Credit insurance	x
Workplace visits
Business training
Other training
Other
Other (2)
No other services

Eligibility

Men	x
Women	x
Must run a business	x
Must own a home or land
Must be a salaried worker
Must be specific age group
Other
Other (2)

# Borrowers by Product

Portfolio Size by Product

Geographic Coverage

# Regions for this institution	N/A
# Regions for this product	N/A
Regions Active

Loan Conditions

Loan Amount

Currency	PHP
Minimum loan size	PHP 5,000
Maximum loan size	150,000

Loan Term and Grace Period

Shortest loan term	2.0 months
Longest loan term	6.0 months
Approx average	3.0 months

Grace Period

Grace period usage	0
Average grace period	0

Repayment Frequency

Daily
Weekly	x
Every 2 weeks	x
Every 4 weeks
Monthly	x
Every 2 months
Quarterly
Every 6 months
Every 12 months
Single end payment
Irregular payments

Pricing Information

Interest

Lowest quoted nominal interest	1.75%
Highest quoted nominal interest	1.75%
Interest rate period	Monthly
Interest Rate Calculation Method	Flat
Subsidized by funder request?
Is rate fixed for entire loan term	Yes

Upfront Fees

	Fee 1	Fee 2
Description	Service Fee	Notarial Fee
% of loan amount - min	2.50%	0
% of loan amount - max	2.50%	0
OR, Fixed amount - min	0	100
Fixed amount - max	0	100
Reason for variation		N/A
Appears on Repayment Sched?	No	No

Ongoing Fees

This product has no ongoing fees

Upfront Insurance Fees

This product has no upfront insurance fees

Ongoing Insurance Fees

	Ins 1
Description	Micro-Insurance (Credit, AD & D, Health)
% of loan amount - min	0
% of loan amount - max	0
OR, Fixed amount - min	22.50
Fixed amount - max	675
Reason for variation	N/A
Appears on Repayment Sched?	No

Compulsory Deposit

Required for	All
Criteria	N/A
Is deposit indicated on the repayment schedule?	Yes
Do borrowers control deposit in their group?

Deposit BEFORE or AT Disbursement

% loan amount deposited	0
or, Fixed-amount deposited	PHP 100

Deposits DURING period payments

% loan amount deposited	10.00%
or, Fixed-amount deposited	0
Conditions on access to deposit	Access During

Interest Paid on Deposit

Minimum interest rate paid	2.00%
Maximum interest rate paid	2.00%
Interest payment frequency	Monthly

Taxes

Are taxes charged on this product?	Yes
Percentage of fees	0
All or some fees taxed	N/A

Full Pricing Data

Pitaka Microenterprise Loan samples

	Sample 1	Sample 2	Sample 3	Sample 4	Sample 5	Sample 6
Loan Amount	PHP 8,000	PHP 15,000	PHP 30,000	PHP 60,000	PHP 85,000	PHP 130,000
Loan Cycle (1, 2, 3, etc)	Not Known	Not Known	Not Known	Not Known	2	1
Disbursement Date	2011-03-04	2011-01-26	2011-04-07	2011-03-03	2011-04-15	2011-04-28
Loan Term (Months)	2.8 months	4.0 months	2.8 months	2.8 months	2.8 months	2.8 months
Grace Period (Months)	0.0 months	0.0 months	0.0 months	0.0 months	0.0 months	0.0 months
Total Cost of Credit	Not Known	Not Known	Not Known	Not Known	Not Known	Not Known
True Price by Comp
Interest and Fee Component	73.1%	59.1%	62.4%	63.8%	59.4%	58.8%
Insurance Component	3.9%	3.8%	3.8%	3.9%	3.6%	3.6%
Tax Component	1.1%	1.0%	1.1%	0.0%	1.0%	1.0%
Deposit Component	2.1%	3.3%	-0.5%	-0.7%	-1.0%	-7.9%
Full APR (int fee ins tax dep)	80.2%	67.1%	66.8%	67.0%	63.0%	55.4%
Transparency Index	26	31	31	31	33	38

Original Repayment Schedule	PDF	PDF	PDF	PDF	PDF	PDF
MFT Pricing Calculation	PDF	PDF	PDF	PDF	PDF	PDF

Pitaka Microenterprise Loan Price Graphs

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Key Statistics
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# Countries
# Borrowers
Loan Portfolio (USD)
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% Products with one or more insurances
% Products with compulsory deposits

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