Get Quick Cash with the Help of Personal Loan (And Find Out What Banks Have to Offer)

It can be home renovation, purchase of big appliances, payment for tuition fee, or medical emergencies. Regardless of the purpose, there will come a time when you need to finance certain expenses and unfortunately, funds are not enough as of the moment. What will you do?

You can ask help from friends or family, but there is no guarantee that they are willing to extend extra hand (and cash). There are tons of private lenders everywhere, but the challenge is finding not just the right but also the legitimate ones. In that case, you turn to banks for help.

Below is a list of banks that offer personal loan for OFWs:

BDO Asenso Kabayan Personal Loan 

This loan facility can either be:

  • Unsecured – OFW must have fixed income
  • Secured – This is guaranteed by your peso/dollar savings account or time deposit account with at least P15,000 (or dollar equivalent) deposit.

Benefits of BDO Personal Loan 

  • Minimum amount is P10,000 while maximum amount is P1Mn
  • Fixed monthly payment with flexible payment term for up to 36 months
  • Loan proceeds will be credited to your BDO account
  • Can be subject to Top Up Loan Feature where you can get a higher amount than your previous loan, but subject to submission of additional income documents
  • Convenient application and submission of requirements at the BDO branch near you

BPI Personal Loan

Loan Features:

  • Loan amount between P20,000 and P1Mn
  • Choose a loan term more convenient for you – 12, 18, 24, 30, and 36 months
  • Easy payment method through automatic debit on your BPI account
  • Loan monitoring through BPI Express Online or BPI Express Phone

Benefits of BPI Personal Loan 

  • Fixed interest rate, which also means fixed monthly installment for the duration of the loan
  • Fixed term throughout the loan
  • Big discounts on products and services if you pay in cash

PSBank Flexi Personal Loan with Prime Rebate

Loan Features:

  • Choose between revolving credit line and fixed term loan for your loan option
  • Loan amount between P25,000 and P250,000
  • Loan payment option is dependent on your chosen loan option
  • Choose between 24 or 36 months (for fixed term loan)
  • Competitive interest rate
  • Various modes available for loan payment
  • Comes with PSBank Flexi ATM card
  • Five to nine working days processing of loan application

Benefits of PSBank Flexi Personal Loan

  • Lower interest rate than credit card
  • Interest is applied on the amount used and not the entire credit line
  • Allows you to earn rebates or savings when you make advance payment on your loan

Chinabank Easi-Funds Personal Loan

Loan Features:

  • Non-collateral multi-purpose loan facility
  • Payable in equal monthly amortization
  • Loan amount starting at P20,000 to P1Mn
  • Fixed term repayment for 12, 18, 24, 36, or 48 months
  • Repayment via post-dated checks
  • Can apply at any Chinabank branches nationwide

Benefits of Chinabank Easi-Funds Personal Loan

  • Minimal documentation
  • No collateral needed
  • Flexible purpose
  • Quick disbursal of funds
  • Loan application process within five working days

EastWest Personal Loan 

Loan Features

  • Versatile loan facility to suit your specific needs
  • Available in 12, 18, 24, and 36 months
  • Borrow with minimum amount of P25,000 to P2Mn
  • Competitive interest rate
  • Gross monthly income of at least P15,000

Benefits of EastWest Personal Loan

  • No co-maker and no-collateral requirement
  • Convenient and fast processing, allowing you to apply while you’re in your office or at the comfort of your home
  • Three to five working days loan application processing

Security Bank Personal Loan

Loan Features

  • Minimum loan amount of P30,000 to a maximum of P1Mn
  • Choose among 12, 18, 24, and 36 months loan term
  • Payment via post-dated checks
  • Must have at least P15,000 gross monthly income

Benefits of Security Bank Personal Loan 

  • Re-availment of loan is allowed as long as you paid at least half of your original loan amount
  • Processing of loan application is up to five working days

AUB Seafarer’s Loan

Loan Features

  • Must have completed at least one employment contract at the time of loan application
  • Existing account with Asia United Bank (AUB)
  • Minimum gross salary of USD 1,000
  • Borrow up to P500,000

Benefits of AUB Seafarer’s Loan

  • Specifically designed for seafarers

Regardless of where you plan to borrow money, make sure you prepare at least one government-issued ID with your picture, and any of the following documents required by your lender: POEA contract, Employment contract with boarding date, POEA Overseas Employment Certificate, Work Contract, POEA OFW Information Sheet, or proof of remittance.

Further, some banks may require you to pay fees such as processing fee, notarial fee, and documentary stamp tax. Make sure to ask about these fees and other charges to help you prepare for your loan application.

Earn a Little Bit More than Your Savings Account with Peso Time Deposit for OFWs

One of the easiest and most convenient ways to keep your money is by opening a savings account. Unfortunately, you won’t be able to grow your money if you settle for this. Since you are not that familiar with other investment options such as stocks or UITF, your next option to grow your money that is higher than savings is time deposit.

Time deposit is an interest-bearing deposit account issued by banks, which is on hold for a fixed term and with no withdrawals allowed. When you apply for a time deposit, the bank will issue a certificate bearing the amount, term, interest rate, and maturity date. You have the option to withdraw the amount upon maturity or extend for another time with the earnings compounded.

Time deposit can be a good investment tool for OFWs, especially if you can’t decide where to invest money or you are still in the process of learning various investment options. To guide you on the best in the market, we listed the banks that offer time deposits with their corresponding rates per term.

BDO Time Deposit

  • Minimum initial placement of P1,000
  • 30, 60, 90, 180, and 360 days
  • With pre-termination penalty
  • Certificate of Deposit is issued as proof
Amount 30 days 60 days 90 days 180 days 360 days
1,000 to below 10,000 0.25% 0.25% 0.25% 0.5% 0.5%
10,000 to below 50,000 0.25% 0.25% 0.25% 0.5% 0.5%
50,000 to below 100,000 0.375% 0.375% 0.375% 0.625% 0.625%
100,000 to below 200,000 0.5% 0.5% 0.5% 0.75% 0.75%
200,000 to below 500,000 0.5% 0.5% 0.5% 0.75% 0.75%
500,000 to below 1,000,000 0.625% 0.625% 0.625% 0.875% 0.875%
1 million to below 3 million 0.75% 0.75% 0.75% 1% 1%
3 million to below 5 million 0.75% 0.75% 0.75% 1% 1%
5 million to below 10 million 0.875% 0.875% 0.875% 1.125% 1.125%
10 million to below 20 million 0.875% 0.875% 0.875% 1.125% 1.125%
More than 20 million 0.875% 0.875% 0.875% 1.125% 1.125%

BPI Time Deposit

  • Minimum initial placement of P50,000
  • Certificate of Deposit is issued as proof
  • Allowed in different currencies, although availability depends on the branch
Amount 35 days 63 days 91 days 182 days 364 days
1,000 to below 10,000  –
10,000 to below 50,000
50,000 to below 500,000 0.625% 0.625% 0.625% 0.875% 0.875%
500,000 to below 1,000,000 0.625% 0.625% 0.625% 0.875% 0.875%
1 million to below 5 million 0.75% 0.75% 0.75% 1% 1%
5 million and above 0.875% 0.875% 0.875% 1.125% 1.125%

BPI Family Time Deposit (terms similar to BPI Time Deposit)

Amount 35 days 63 days 91 days 182 days 364 days
1,000 to below 10,000  –
10,000 to below 50,000
50,000 to below 500,000 0.875% 0.875% 0.875% 1.125% 1.125%
500,000 to below 1,000,000 0.875% 0.875% 0.875% 1.125% 1.125%
1 million to below 5 million 1% 1% 1% 1.25% 1.25%
5 million and above 1.125% 1.125% 1.125% 1.375% 1.375%

PSBank Time Deposit 

  • Minimum initial placement is P10,000
  • Confirmation advice is issued as proof
  • Choose between current or savings account as settlement account
  • Can be enrolled in electronic banking facilities to allow you to check your account anytime
Amount Below 30 days 30 days 60 days 90 days 1 year 2 years
10,000 to 24,999 0.25% 0.25% 0.25% 0.25% 0.25%
25,000 to 49,999 0.25% 0.25% 0.25% 0.25% 0.25%
50,000 to 99,999 0.25% 0.25% 0.25% 0.25% 0.25%
100,000 to 499,999 0.25% 1.25% 1.25% 1.25% 1.25% 1.25%
500,000 to 999,999 0.75% 1.25% 1.25% 1.25% 1.25% 1.25%
1 million to 4,999,999 1% 1.5% 1.5% 1.625% 2% 2.25%
5 million to 9,999,999 1% 1.5% 1.5% 1.75% 2.25% 2.5%
Above 10 million 1% 1.75% 1.75% 2% 2.5% 2.75%

Metrobank Time Deposit

  • Minimum placement of P10,000
  • Certificate of Deposit will be issued as proof
  • Allowed in different currencies
Amount 1 day to 1 week 2 weeks 3 weeks 1 month 2 to 3 months 6 months to 1 year
10,000 to 49,999 0.25% 0.25% 0.5%
50,000 to 199,999 0.25% 0.5% 0.75%
200,000 to 499,999 0.375% 0.625% 0.875%
500,000 to 999,999 0.5% 0.75% 1%
1 million to 4,999,999 0.25% 0.25% 0.375% 0.5% 0.75% 1%
5 million to 9,999,999 0.25% 0.25% 0.375% 0.625% 0.875% 1.125%
10 million to 19,999,999 0.25% 0.5% 0.625% 0.75% 0.875% 1.125%
Above 20 million 0.25% 0.5% 0.625% 0.75% 0.875% 1.125%

Landbank Time Deposit

  • Minimum initial placement of P1,000
  • Certificate of Time Deposit will be issued as proof
  • Open to individuals at least seven years of age
Amount 30 to 60 days 61 to 90 days 91 to 180 days 181 to 364 days
1,000 to 49,999 0.25% 0.375% 0.375% 0.5%
50,000 to 299,999 0.375% 0.5% 0.5% 0.625%
300,000 to 499,999 0.5% 0.625% 0.625% 0.75%
500,000 to 999,999 0.75% 0.875% 0.875% 1%
1 million and above 1% 1% 1.125% 1.25%

Chinabank Regular Time Deposit

  • Minimum initial placement is P5,000
  • Certificate of Time Deposit is issued as proof
Amount 90 days
5,000 to 49,999 0.575%
50,000 to 299,999 0.7%
300,000 to 499,999 0.825%
500,000 to 999,999 0.950%
1 million to 4,999,999 1.075%
5 million and above 1.2%

Security Bank Time Deposit

  • Minimum initial placement is P100,000
  • Certificate of Time Deposit is issued as proof
  • Can be used as a collateral with the bank
  • Longer placement terms for up to seven years
Amount 1 to 6 days 1 week 2 weeks 3 weeks 1 month 2 months 3 months 6 months 12 months
100,000 to 299,999 0.975% 1.175% 1.350% 1.610% 1.730%
300,000 to 999,999 1.1% 1.3% 1.475% 1.735% 1.855%
1 million to 2,999,999 0.2% 0.7% 0.7% 1% 1.3% 1.5% 1.6% 1.7% 1.925%
3 million to 4,999,999 0.3% 0.8% 0.8% 1.1% 1.4% 1.6% 1.7% 1.925% 2.040%
5 million and above 0.3% 0.8% 0.8% 1.1% 1.5% 1.7% 1.8% 2% 2.1%

East West Bank Time Deposit

  • Minimum initial placement of P10,000
  • Placement terms of 30, 60, 90, 180, 360 days and up to five years
  • Certificate of Deposit is issued as proof
  • Interest rate is based on the prevailing market rate

RCBC Time Deposit

  • Minimum initial placement of P5,000
  • Placement terms available up to five years
  • Time Deposit Placement Confirmation is issued as proof
  • Available in other foreign currencies
Amount 30 to 45 days 46 to 60 days 61 to 90 days 91 to 180 days 181 to 365 days 2 years 3 years 5 years + 1 day
5,000 to 9,999 0.25% 0.375% 0.5% 0.625% 0.625%
10,000 to 39,999 0.375% 0.5% 0.625% 0.625% 0.75%
40,000 to 99,999 0.5% 0.5% 0.625% 0.625% 0.875%
100,000 to 499,999 0.5% 0.5% 0.625% 0.625% 0.875% 1.375% 2% 3.25%
500,000 to 999,999 0.5% 0.5% 0.625% 0.625% 0.875% 1.375% 2% 3.25%
1 million to 2,499,999 1% 1% 1.125% 1.125% 1.375% 1.5% 2.5% 3.5%
2.5 million to 5 million 1% 1% 1.125% 1.125% 1.375% 1.875% 2.750% 3.5%
More than 5 million 1.250% 1.250% 1.375% 1.375% 1.5% 2% 3% 3.6%
More than 10 million 1.375% 1.375% 1.375% 1.375% 1.5% 2% 3% 3.6%

PNB Regular Time Deposit

  • Minimum initial placement of P10,000
  • Also available in Euro currency for up to 100,000
  • Certificate of Time Deposit is issued as proof
Amount 30 days 60 days 90 days 180 days 1 year and up
10,000 to 49,999 0.25% 0.25% 0.25% 0.25% 0.25%
50,000 to 249,000 0.375% 0.375% 0.375% 0.5% 0.5%
250,000 to 499,999 0.5% 0.5% 0.5% 0.625% 0.625%
500,000 to 999,999 0.625% 0.625% 0.625% 0.75% 0.75%
1 million to 4,999,999 0.75% 0.75% 0.75% 0.875% 0.875%
Above 5 million 0.875% 0.875% 0.875% 1% 1.125%

Note:

  • All rates are subject to 20% withholding tax and documentary stamp tax.
  • Rates may be subject to changes without prior notice from us, so make sure you inquire directly from the bank or check the bank’s website for the current rates offered.

Have you decided where to open a time deposit? We hope this post will help you choose the right bank for you to help you grow your money.