Can I request for a different due date & payment term for my Big Loan?

Hi there, luv! Unfortunately, you cannot change your due date and loan terms until you have finished repaying the full amount of your Big Loan. XOXO

When will my repayments for Big Loan be debited?

Hi there, luv! The payments for your Big Loan will be debited from your Tonik Account on the date you selected as your preferred due date. XOXO

Can I pay my Big Loan monthly payment in advance?

Hi there, luv! Unfortunately, advance payments for Big Loan are not yet allowed at this time. XOXO

Can I pre-terminate my Big Loan? (Early full settlement)

Hi there, luv! If you want to settle in full, please advise our Customer Care hotline +63253222645 ASAP and we will notify you of the amount to be paid to close your existing Loan. This may include a late payment fee of Php 2,500, if applicable. Hope this helps! XOXO

Can I re-avail a Big Loan?

Hi there, luv! This Feature is not available now but maybe you may want to have a look at our other loan products . XOXO

How does Big Loan repayment work on the due date?

Hi there, luv! We will debit the monthly repayment from your Tonik Account on your due date. You will receive an SMS notification once the debit is a success or if it fails due to various reasons.

Make sure to top up your Tonik Account through the following channels in the app before the due date ends to avoid late fee charges:

  • Local Bank Debit Card (Minimum amount Php 500)
  • PESONet (Posting of payment will be next Banking Day; Minimum transfer amount and cut offs depend on Issuing Bank)

XOXO

Is there a fee if I top-up my Tonik account?

Hi there, luv! Yes. Unfortunately, there will be top-up fees based on some channels you will select on top of your monthly repayments for Big Loan.

You can see the latest fees here:

https://tonikbank.com/fees-and-charges/

Is my Big Loan subject for any insurance?

Yes, luv! Your Big Loan is subject to Mortgage Redemption Insurance, as well as Property Insurance. Insurance Premiums are to be paid by the Borrower. XOXO

What is MRI?

Hi there, luv! Mortgage Redemption Insurance (MRI) is a term insurance coverage for the loan borrower with the Bank as the beneficiary. Banks typically require borrowers to have an MRI when granting loans with a property collateral. For example: in case of death of the borrower, having an MRI avoids foreclosure of the mortgaged property at a time when financial support is needed most. XOXO

What is Property Insurance?

Hi there, luv!

Property Insurance is a form of insurance, the benefits of which, when payable, are used to pay the outstanding loan of the insured, and/or to cover the expenses in case of partial damage/loss of the property used as collateral to the loan. Our property insurance is different from the existing Property Insurance provided by the condo developer, which is for the structure and standard deliverables of the developer. Our insurance is not a duplication of that, but rather it is on the content and improvements the owner has added to the unit. To keep things simple, your unit is covered based on the amount of the loan. In case of complete damage/loss of the property, having Property Insurance will secure full payment of the outstanding loan.

XOXO

Who are your insurance partners?

Hi there, luv!

Tonik is partnered with Manulife Philippines for Life/Mortgage Redemption Insurance and Mercantile Insurance for Property Insurance.

XOXO

Am I allowed to endorse an insurance policy from different insurance companies?

No, luv. 
For now, we don’t accept any endorsed life or non-life policies from other insurance companies apart from the accredited insurance partners of the bank.
XOXO

 

How long should I be covered with the Insurances?

Hi there, luv! 
 
Your initial insurance coverage/s is for one year and is renewable every year until your loan is fully paid. Upon renewal, the amount of your insurance coverage will change based on your updated loan balance at the time when the renewal notice is prepared.
 
XOXO
 

 

What will be the proof of my insurance coverage?

Hi there, luv. 
 
As proof of your insurance coverage/s, you shall be provided a Certificate of Insurance which contains details of your insurance coverages upon release of the loan.
 
XOXO
 

 

What's my policy status?

Hi there, luv! Kindly contact our Customer Care hotline +63 253222645 to inquire about your current policy status. XOXO

What will be the basis of my insurance renewal?

Hi there, luv! 
Your insurance renewal coverage will be based on your Outstanding Loan Balance.

Will I get notifications regarding the renewal of the Insurances?

Hi there, luv!

Yes, Tonik and/or our insurance partner will send you a renewal notice by post and e-mail, 30 and 60 days prior to your renewal month. This notice contains your premium amount due, coverage amount and other details relating to your insurances. We may also send premium due reminders through SMS and/or call to your Tonik-registered number. Upon payment of your renewal premiums, Tonik and/or our insurance partner will send you a new Certificate of Insurance, which contains details of your renewed insurance coverages.

XOXO

How to settle my Insurance Premiums?

Hi there, luv! 
 
The initial premiums for your first year of insurance coverages are deducted to the loan proceeds when loan is granted. For the renewal, the premium amount shall be automatically debited from your Tonik Account on its due date.
 
 XOXO

 

I was not able to pay my policy's renewal premium on its due date. Can I still pay?

Yes, luv! 
 
Your Insurance Renewal Premiums have a 31-day grace period, so you can still pay your premium within 31 days from the due date of your premium renewal.
 
 XOXO

 

What will happen if I fail to settle my premium and my grace period already ended?

Hi there, luv.
 
Your mortgage redemption insurance and property insurance will cover your loan balance. Please note that your loan agreement with Tonik requires you to secure a mortgage redemption insurance and property insurance, so in case you miss your renewal premium payments, Tonik may pay your insurance premium. However, please note that this will be subject to additional interest charges.
 
XOXO