The Customer Credit Agreement serves as the primary contractual document between financial institutions and borrowers in the Philippines, establishing the legal framework for credit facilities ranging from personal loans to credit cards. This document is essential when any financial institution extends credit to individual customers, requiring careful adherence to Philippine banking regulations, particularly the Truth in Lending Act and Consumer Act. It must include mandatory disclosures about interest rates, fees, and terms, while also incorporating requirements from the Bangko Sentral ng Pilipinas regarding consumer protection and risk management. The agreement typically covers credit amount, repayment terms, security requirements, events of default, and data privacy considerations, ensuring both parties' rights and obligations are clearly defined under Philippine law.
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1. Parties: Identification of the credit provider and the customer, including complete legal names and addresses
2. Background: Context of the agreement and brief description of the credit facility being provided
3. Definitions: Definitions of key terms used throughout the agreement
4. Credit Facility: Details of the credit amount, purpose, and terms of availability
5. Interest Rate and Charges: Specification of interest rates, calculation methods, and all applicable fees
6. Repayment Terms: Payment schedule, methods of payment, and consequences of late or missed payments
7. Security: Details of any collateral or security required for the credit facility
8. Representations and Warranties: Customer's confirmations regarding their financial status and ability to repay
9. Covenants: Ongoing obligations of the customer during the term of the agreement
10. Events of Default: Circumstances constituting default and consequences thereof
11. Termination: Conditions and process for ending the agreement
12. Data Privacy and Consent: Terms regarding the collection, use, and protection of customer data
13. Governing Law: Specification of Philippine law as governing law and jurisdiction details
1. Insurance Requirements: Required when credit facility requires life, property, or other insurance coverage
2. Electronic Communications: Include when agreement allows for electronic notices and statements
3. Co-Borrower Provisions: Required when there are co-borrowers or guarantors
4. Automatic Debit Authorization: Include when payments will be automatically debited from customer's account
5. Prepayment Terms: Include when early repayment is allowed with specific terms
6. Credit Card Specific Terms: Required for credit card agreements specifically
7. Foreign Currency Provisions: Include when credit facility involves foreign currency
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Fee Schedule: Comprehensive list of all fees and charges
3. Schedule 3 - Interest Rate Calculation: Detailed explanation of interest calculation methods
4. Schedule 4 - Security Details: Detailed description of any collateral or security provided
5. Appendix A - Truth in Lending Disclosure: Mandatory disclosure statement as required by Philippine law
6. Appendix B - Personal Information Collection Statement: Detailed privacy notice and consent form
7. Appendix C - Terms and Conditions for Electronic Services: Details of electronic banking services if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking
Consumer Finance
Retail Banking
Financial Services
Consumer Lending
Credit Card Services
Microfinance
Financial Technology
Consumer Services
Relevant Teams
Legal
Compliance
Risk Management
Credit Operations
Consumer Banking
Retail Banking
Customer Service
Collections
Document Management
Underwriting
Account Management
Relevant Roles
Credit Officer
Loan Officer
Risk Manager
Compliance Officer
Legal Counsel
Banking Operations Manager
Customer Service Manager
Credit Risk Analyst
Branch Manager
Account Manager
Financial Services Representative
Collections Manager
Underwriting Manager
Consumer Banking Officer
Document Control Officer
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