Are you interested on availing an OFW Loan from BDO?
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.
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
Beneficiary Information Form
This article is filed under: Small Personal Loans Low Interest Rate, Refinance Loan, College Loans, Jumbo Loan, Get A Personal Loan
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©2016 THOUGHTSKOTO
©2016 THOUGHTSKOTO