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Tuesday, February 09, 2016

OFW OR PERSONAL CASH LOAN: STEPS AND PROCESS, FORMS AND DETAILS OF BDO LOAN


For Overseas Filipinos, Skilled and Unskilled, Seaman and Kasambahay, BDO offers interest rates and easy payment terms on your financing needs such as Cash through Personal, House and Lot Loan or a Car/Auto Loans to Overseas Filipinos through its Asenso Kabayan Program. To learn more about the BDO AKP program, continue reading below. 
Those who are planning to make a loan at BDO should have the following initial requirements.
Age
25 years old minimum and should not be older that 60-65 years old. The bank has the discretion to approve or disapprove senior borrower.

Citizenship: 
  • Former Filipinos with or without dual citezenship
  • Filipinos married to foreigners
  • Filipinos based abroad/OFW and their Beneficiaries
Employment Status
Should be working at least 2 years abroad for skilled workers and at least 3 years for household service workers or kasambahay.
Salary Requirement
P10,000 minimum for PERSONAL and HOUSE/Property LOAN, and at least P50,000 monthly salary if you are opting for a CAR LOAN.

Contact Details Requirement:
Must have at least one (1) landline at either residence or employment/business

LOANABLE AMOUNT: 
P10,000 to P500,000


Loan Amount = 1.5 x GMI, if employed <3 years
Loan Amount = 2 x GMI, if employed <=3 years


PAYMENT METHOD:
6 months to 36 months (3 years)
For contract-based employees, loan must be co-terminus with contract
Open ended contracts, maximum term shall be 24 months only and subject to exception approval

BENEFICIARY REQUIREMENT:
Required only if proceeds will be released to any person other than the applicant him/herself 
Beneficiary must be residing/working within BDO serviceable areas (30km radius from any BDO branch)


Document Requirements – Pre-Approval:
  • Signed Automatic Debit Arrangement Form
  • Authorization Letter for Benefiaciary sign by OFW
  • Benificiary Information Form


OTHER LOANS AVAILABLE AT BDO:
Home Renovation / Upgrades 
Tuition / Education 
Furniture 
Appliances / Electronic Gadgets 
Vacation / Travel 
Balance Transfer / Debt Consolidation 
Special Events 
Health and Wellness 
Medical Emergencies

For Inquiries
Call BDO Customer Center at 631-8000
Text BDOLOANS to 2256




What is Asenso Kabayan Program?


There are two types of Asenso Kabayan Program

BDO Asenso Kabayan Personal Loan Unsecured


A multi - purpose and non collateral Personal Loan for OFWs with fixed income.

BDO Asenso Kabayan Personal Loan Secured

The Personal Loan for OFWs is offered against hold-out on Joint or Individual account deposits maintained with BDO as security.

The following are the type of deposits allowed for this facility:
Peso or Dollar Savings Account 
Peso or Dollar Time Deposit – at least co-terminous with the loan tenor 
The minimum deposit requirement is P15,000 or its dollar equivalent. Though, the loan proceeds will be in Pesos. 
Applicant should be the OFW only. However, if the deposit collateral is a joint account, beneficiary may apply as a principal borrower of the loan 

The following cannot be allowed to be held as collateral
“In Trust For” accounts 
Accounts with existing/ongoing hold-out arrangements


For Asenso Kabayan Personal Loan Secured
For Peso account, maximum of 90% of the deposit account balance 
For Dollar account , maximum of 80% of the deposit account balance; the prevailing buying rate shall be used to determine peso equivalent. 

Fixed monthly payments – pay the same amount every month with any of the following flexible payment terms:
3 months (for Unsecured) 
6 months 
12 months 
18 months 
24 months 
36 months 

Loan proceeds will be credited to BDO account

Top Up Loan Feature
Secure and additional Personal loan equal to or greater than the original Personal Loan (subject to submission of new income documents) 

For Asenso Kabayan Personal Loan (Secured and Unsecured)
Existing Personal Loan with good standing may qualify for re-availment or top-up plan 

Convenient Application

Submit your application at any of our BDO branches nationwide or they can also submit their application to callcenter@bdo.com.ph. All forms can be downloaded at www.bdo.com.ph or check out the links below.

For Filipinos or Kabayans working abroad, you may use the Asenso Kabayan Application forms by clicking the following links:

Asenso Kabayan – Secured


Asenso Kabayan – Unsecured 
JUST FOR FUN
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