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Monday, August 27, 2018

Where to Apply for A Personal Loan If You're a Sea-based or Land-based OFW?






In spite of earning big while working abroad, there are times that Overseas Filipino Workers (OFWs) fall short financially due to the many expenses they need to paid or provide for family back home. With Personal Loan from different banks in the Philippines, OFWs may have additional support for the financial needs of the family aside from their monthly salary.



In spite of earning big while working abroad, there are times that Overseas Filipino Workers (OFWs) fall short financially due to the many expenses they need to paid or provide for family back home. With Personal Loan from different banks in the Philippines, OFWs may have additional support for the financial needs of the family aside from their monthly salary. OFW's personal loan may serve many purposes in life. It is a big help if you are doing some upgrades or home renovation. You can also use the money to pay for your children's tuition or education. Other's apply personal loan for a family's dream vacation or for a medical emergency. Whatever your purpose in applying, here are five best bank in the Philippines that offers a personal loan for OFWs including seafarers. 1. BDO OFWs can apply for BDO personal loan thru its Asenso Kabayan Program. Qualifications: At least 25 years old but not more than 65 years old upon the maturity of the loan At least 2 years employed abroad for skilled workers (3 years for domestic helpers/seaman/unskilled workers) Gross monthly income must be P20,000 or its US$ equivalent Loanable Amount — P10,000 Loan Term: Minimum of 6 months Maximum of 36 months Requirements: Photocopy of the latest BIR Form 2316 Original Certificate of Employment and Income (COEI) issued in the last three (3) months indicating status, length of service and breakdown of compensation Photocopy of last full month payslip Photocopy of at least two (2) valid IDs How to Apply: You may submit your application at any of BDO branches nationwide. For OFWs abroad, you may download the forms from bdo.com.ph 2. Bank of the Philippine Island (BPI) If you are an OFW, BPI has a Personal Loan for you! Qualification: Must be 21 years old and above to apply and not more than 60 years old upon loan maturity Working abroad for at least two years and earning a minimum of P30,000 per month Loanable Amount — P20,000 to P2 million Loan Term: Minimum of 12 months Maximum of 36 months Requirements: 1. Two (2) valid government-issued photo-bearing IDs 2. Proof of income documents: Agency-based: - Latest and unexpired signed POEA contract; OR - Employment contract with boarding date For Direct Hire - Latest 3 months Proof of remittance - Latest and Unexpired POEA Validated Information Sheet; OR - Latest POEA Overseas Employment Certificate (OEC) AND latest Employment Contract (In lieu of OEC print-out: OEC Exemption Screenshot with OEC BM Online Profile); OR - Consularized COE (If remitter is a permanent resident in the country) How to Apply Completely fill out the application form Scan and email your documents to personal_loan@bpi.com.ph Wait for the email verification that the bank receives your application

OFW's personal loan may serve many purposes in life. It is a big help if you are doing some upgrades or home renovation. You can also use the money to pay for your children's tuition or education. Other's apply personal loan for a family's dream vacation or for a medical emergency.



Whatever your purpose in applying, Banco de Oro (BDO) and Bank of the Philippine Island (BPI) offers a personal loan for OFWs, including seafarers!

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1. BDO

OFWs can apply for BDO personal loan thru its Asenso Kabayan Program.



Qualifications:

  • At least 25 years old but not more than 65 years old upon the maturity of the loan
  • At least 2 years employed abroad for skilled workers (3 years for domestic helpers/seaman/unskilled workers)
  • Gross monthly income must be P20,000 or its US$ equivalent



Loan Term:
  • Minimum of 6 months
  • Maximum of 36 months


  • Photocopy of the latest BIR Form 2316
  • Original Certificate of Employment and Income (COEI) issued in the last three (3) months indicating status, length of service and breakdown of compensation
  • Photocopy of last full month payslip
  • Photocopy of at least two (2) valid IDs

How to Apply:



You may submit your application at any of BDO branches nationwide.

For OFWs abroad, you may download the forms from  bdo.com.ph

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2. Bank of the Philippine Island (BPI)



If you are an OFW, BPI has a Personal Loan for you!



Qualification:

  • Must be 21 years old and above to apply and not more than 60 years old upon loan maturity
  • Working abroad for at least two years and earning a minimum of P30,000 per month

Loanable Amount — P20,000 to P2 million


  • Minimum of 12 months
  • Maximum of 36 months
Requirements:
  • Two (2) valid government-issued photo-bearing IDs 
  • Proof of income documents: 
Agency-based: 
— Latest and unexpired signed POEA contract; OR
— Employment contract with boarding date 

For Direct Hire
—Latest 3 months Proof of remittance 
—Latest and Unexpired POEA Validated Information Sheet; OR 
—Latest POEA Overseas Employment Certificate (OEC) AND latest Employment Contract
(In lieu of OEC print-out: OEC Exemption Screenshot with OEC BM Online Profile); OR
—Consularized COE (If remitter is a permanent resident in the country)


 How to Apply

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This article is filed under personal loan, OFW loan, banks loan, saving account, financial needs, best bank, home loan, car loan, salary loan and loan.

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