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Sunday, April 17, 2016

BPI Bank Personal Cash Loan For OFWs, 7-10 Days Approval, 3X Your Salary


So you need money? Here are the things you need to know to avail an OFW Loan from BPI. You need money for your kids enrollment and tuition fees, or to buy or down payment for a house and lot mortgage loan, o maybe, you're planning to put up a business.


So you need money? Here are the things you need to know to avail an OFW Loan from BPI.
You need money for your kid's enrollment and tuition fees, or to buy or down payment for a house and lot mortgage loan, o maybe, you're planning to put up a business. 
Quick Cash Loans for OFWs and Fast Cash Loans for Everyone
You are looking where to apply and get a loan.
There are many ways to have a loan, quick, fast and easy loan.
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CHECK OUT THIS POSTS BELOW ON 
If you are an OFW, it is very quick especially with BDO and BPI.
Today, we will give you the idea and the step-by-step process on how to apply for a BPI Bank Quick Cash Loan.


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PERSONAL LOAN
ELIGIBILITY REQUIREMENTS FOR A PERSONAL QUICK CASH BANK LOAN AT BPI BANK
  1. Must be a Filipino citizen 
  2. Between 21 and 60 years old upon loan maturity 
  3. Residing/working within the approved geographical lending area of BPI Personal Loan 
  4. OFWs with a local agency.


REQUIREMENTS
  1. Overseas Employment Certificate or OEC or latest POEA Customer Info sheet (OFW Information Sheet) 
  2. SALARY CERTIFICATE or Employment Contract (From your company abroad detailing your salary monthly)
  3. A plane ticket that you are returning abroad.
  4. Duly accomplished application form 
  5. Must have an active BPI or BPI Direct account (BFB account not included). If not, the client will be asked to open one. 
  6. Proof of income or Remittance: Can be Original or Photocopy (If photocopy, it should be readable) 
  7. Photo-bearing government-issued ID (e.g. Passport, Driver's License, SSS, PRC, etc.)

ITR will be waived but you will need to submit proof of income and should be present during the application process, which includes Promissory Note/Disclosure Statement signing once approved. 
Applicant should be present here in the Philippines, and able to visit any nearest BPI branch nationwide, during the application process. 

MAGKANO ANG PWEDENG QUICK CASH LOAN AMOUNT?

Loanable cash amount from Php 20,000 to Php 1,000,000
Your maximum loan amount, however, can only be up to 3 times your total monthly income as stated in your employment salary certificate
No collateral requirement for Personal Loan application especially for OFWs.
Processing and approval of the application will take 7-10 banking days upon receipt of complete requirements.
OFW needs to be physically present to sign the documents.


THIS Q AND A FROM BPI WEBSITE

1. Where do I apply for a BPI Personal Loan?
Apply at your convenience through this link or through your nearest branch. For the list of BPI Branches, click here.
For other inquiries, you may call 89-100 or email us at expressonline@bpi.com.ph.


2. What are the application requirements?

Submit a filled out application form, proof of your income and valid identification cards. Click here for the complete list of required documents.



3. How much can I borrow?

You may get as much as 3 times of your gross monthly income, with amounts ranging from PHP 20,000 up to PHP 1,000,000, subject to our approval.



4. How much will be my monthly installment?

Your monthly installment will depend on your chosen amount and term.   


Loan amount
12 months
18 months
24 months
30 months
36 months

20,000
1,907
1,351
1,073
907
796

30,000
2,860
2,027
1,610
1,360
1,193

50,000
4,767
3,378
2,683
2,267
1,989

80,000
7,627
5,404
4,293
3,627
3,182

100,000
9,533
6,756
5,367
4,533
3,978

150,000
14,300
10,133
8,050
6,800
5,967

300,000
28,600
20,267
16,100
13,600
11,933

500,000
47,667
33,778
26,833
22,667
19,889



5. How do I pay for my monthly installments?
Conveniently pay your monthly installments via automatic debit from your BPI deposit account.


6. What happens if I fail to pay my monthly installment?

Your unpaid amount will be charged a late payment penalty fee of 5%. For example, if you missed paying your monthly installment of PHP 1,000, you will be charged a late payment penalty of PHP 50. Your total amount due will now be PHP 1,050 if paid within the same month.



7. Can I pay my loan in advance?

You may prepay your loan anytime without any pre-termination penalty and fees.



8. Is there an application fee?

A minimal one-time processing fee of PHP 1,500 will be deducted from your loan proceeds once you avail the loan.



9. I currently don’t have a BPI account, can I apply for the personal loan?

Yes, you can apply for the loan. Once approved, you will then be prompted to open a BPI deposit account where we will credit your loan proceeds.



10. How long is the processing time of the application?

Approval Process is 5 to 7 working days; Booking Process or the crediting of loan proceeds is 1 to 3 working days from the signing of the loan documents.



11. Where/How do I follow up my application?

You will receive a system generated SMS advice on the status of the application or you may call 89100.



12. Where can I get the POEA OFW Information Sheet (for OFW applicants)?

You may get one directly from POEA.



13. When will the proceeds be credited?

Turn around time is 1 to 3 banking days after signing of loan documents in the branch.



14. When is my installment due?

Your first installment shall be due 1 month from the date your loan proceeds are credited to your account.



15. If I am abroad, can I apply for a personal loan?

You should be here in the Philippines during the application process and signing of loan documents if approved.



16. Can I renew my existing personal loan? I have an existing personal loan, can I apply for a new one?

Renewal of a loan is not possible. If you have an existing loan, you may re-apply for a new one, subject to credit approval.



17. Can I pay in the branch or through bills payment facility my monthly amortization?

No, since all Personal Loan accounts are enrolled in Automatic Debit Arrangement.



18. Can I pay via bills payment facility my past due balance?

No, payment should be in the branch.



19. Can I pay via bills payment facility my pay off amount?

No, payment should be in the branch.



20. Can I pay at any BPI/BFB branch?

No, OTC payment is accepted at BPI branches only.



21. When will the Automatic Debit Arrangement (ADA) take effect?

If the due date falls on a weekday, the deposit account will be debited same day. Funds to be considered is the deposit available balance as of 3PM only. Payment will be reflected in the loan account the next banking day after batch processing.



If the due date falls on a weekend or holiday, the deposit account will be debited on Monday or the first banking day after the due date. Funds to be considered is the deposit available balance as of 3PM only. Payment will be reflected in the loan account the next banking day after batch processing.



22. How do I request for change of address/contact information/due date/Automatic Debit Arrangement (ADA) account/Account name?

Please proceed to any BPI branch since you need to fill-up and sign LOI (Letter of instruction) and amendment form and this should be witnessed and signature verified by the branch officer.



23. Can I view my loan details online?

Yes, as long as you are enrolled in BPI Express Online.



24. I can view my account before in Express Online. Why can't I view it now?

Loan account holders with past due accounts will not be able to view their loan details online. If your account is current, you may call 89100 for assistance.




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