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.

Own Your New Car through Auto Loan (and Find Out the Best Bank For You!)

Raise your hand if you don’t want a car of your own. Aside from your dream home, you also wanted a nice car for your family to avoid commute and abusive drivers. Apparently, all good things come with a cost, including a car.

Don’t worry. Banks are always there to save the day in the form of Auto or Car Loan. Before you submit your application to all the banks you can think of, make sure to read this post to help you determine the right lender that will finance your car needs.

BDO’s Auto Loan 

Purpose: Acquisition of brand-new or pre-owned vehicles or reimbursement of brand-new units, whether for personal or business use (except for pre-owned vehicles).

Downpayment: For brand-new, minimum 20% and 30% of the vehicle purchase price for personal and business, respectively. For pre-owned vehicles, minimum amount is 30% and 40% of the vehicle’s appraised value for personal and business use, respectively.

Loanable amount: Minimum of P100,000, regardless if it is personal or business use. On the other hand, maximum loan amount for brand-new vehicles is 80% and 70% of the vehicle purchase price for personal and business use, respectively; and 70% and 60% of the vehicles’s appraised value for personal and business respectively for pre-owned vehicle.

Loan term: Minimum of one year and maximum of 60 months for brand-new cars and 48 months for pre-owned vehicles.

Payment options: Automatic debit arrangement (ADA), post-dated checks, over-the-counter, fund transfer via SWIFT code through corresponding banks overseas, and BDO Remit

Bonus: All-in financing, which includes chattel mortgage fees, three-year LTO registration, and first year car insurance premium; earn reward points through BDO Rewards and redeemable at all SM stores; fast loan processing, with approval within 24 hours

Additional requirements for OFWs: 2 years consecutive contract for skilled workers and 3 years consecutive contract for household workers

BPI Family Auto Loan 

Purpose: Purchase of brand-new or previously-owned vehicles for personal or business use

Downpayment: 20% for brand-new vehicle and 30% for pre-owned units and brand new truck

Loanable amount: Minimum is P200,000

Loan term: Up to three years for brand-new truck, up to five years for second-hand units, and up to six years for brand new vehicles

Payment options: Automatic debit arrangement (ADA), through BPI Express Online, Express Teller ATMs, BPI Express Phone, and over-the-counter

Bonus: Qualified for a BPI-Petron Mastercard with free annual membership fee for the first year; loan approval within three to eight hours (provided that all documents are submitted); online loan application

Additional requirements for OFWs: At least P30,000 monthly family income, Contract or Certificate of Employment, Crew Contract and Exit Pass validated by POEA for seafarers, notarized or authenticated Special Power of Attorney (SPA) to allow someone to process the loan on your behalf, and proof of monthly remittances

Metrobank’s Car Loan

Purpose: Purchase of brand-new vehicles only for personal or business use

Downpayment: 20% of the net selling price

Loanable amount: Minimum amount of P250,000 and maximum amount of 80% of the vehicle’s net selling price

Loan term: Equal monthly amortization in 12, 18, 24, 36, 48, or 60 months

Payment options: Automatic debit arrangement or post-dated checks

Bonus: Pre-termination of loan is allowed but must be approved first, choose between paying your first monthly amortization 30 days after loan approval (in Arrears) OR pay first monthly amortization upon release of the unit and enjoy lower rates (one-month advance or OMA); must secure a comprehensive insurance policy that includes Acts of Nature coverage with Metrobank-accredited insurance providers; online loan application; approval within one banking day

Additional requirements for OFWs: Valid government-issued ID with signature, Certificate of Employment Contract with email address of employer (land-based), latest POEA contract (seafarers), bank statement or latest Income Tax Return (ITR), and at least P35,000 gross monthly income

PNB’s Sure Wheels Auto Loan 

Purpose:  Purchase of brand new or previously-owned vehicles

Downpayment: No information available on the website

Loanable amount: Mimimum of P300,000 up to 80% of the purchase price for brand-new vehicles and minimum of P150,000 to 75% of the appraised value for second-hand cars

Loan term: Maximum of 60 months for brand new vehicles. For previously-owned cars, maximum loan term is 48 months if the car is one to three years old, 36 months for four-year old vehicles, 24 months for cars aged five to six years, and 12 months if the car is seven years old and above.

Payment options: Automatic debit arrangement and post-dated checks

Bonus: Low interest rate, quick approval, easy to comply loan requirements

Additional requirements for OFWs: Latest contract of employment and proof of remittance

Bank of Commerce Auto Loan 

Purpose: Purchase of a new car

Downpayment: No information is provided in the website

Loanable Amount: Minimum of P100,000

Loan term: 12 to 60 months

Payment options: No information is provided in the bank’s website

Bonus: Limited information available

Additional requirements for OFWs: Original Certificate of Employment indicating your position, income, and length of stay in the company

Take note that this post is for information purposes only and subject to change without prior notice. Inquire directly to your preferred bank to determine the exact requirements needed in the loan application.

Building Your Dream Home: Comparing Housing Loans Offered by Banks for OFWs

There are many reasons why you decide to seek greener pastures and work overseas. Aside from providing a better future for your family, you wanted to have a house you can call not just your home but also your own.

Let’s face it. Owning a house in the Philippines can be expensive. Despite the savings and your hard work combined, they may not be enough to finance your dream home – yet. Thankfully, banks realized this demand and offered a Housing Loan specifically for OFWs.

Check out the terms and features of the Housing Loan offered by banks:

BDO’s Home Loan via Asenso Kabayan Program 

Interest Rate Loan Terms Payment Options Processing Time
Starting at 5.25% with annual interest rate repricing at 7% -Up to 80% of the property’s appraised value

-Term up to 20 years

60-day grace period payment or Interest only for the first 6 months Within 5 working days for Metro Manila and within 10 days for provincial areas

BDO is among the most stable banks in the country. It offers Housing Loan to help you buy your dream home, renovate your existing home, or to finance another property.

Requirements include:

  • At least 21 years old but not exceeding 65 years old at the maturity of the loan
  • Must be employed at least two years consecutive contract for skilled workers or three years consecutive contract for household workers
  • Assignment of Attorney in Fact as your Loan Administrator in case you are not physically present at the time of the loan application
  • At least P100 deposit in your Peso Account
  • Filled out and signed application form
  • One valid ID
  • Proof of Remittance for the last three months
  • Consularized Certificate of Employment with Salary of Employment Contract in case proof of remittance is not submitted
  • If seafarer, latest Crew Contract
  • Photocopies of land title and Tax Declaration

In case you are availing of Home Loan for construction purposes, the following documents must be submitted:

  • Building or Floor Plan of the proposed improvement
  • Specification of proposed finishes
  • Bill of Materials

BPI Family’s Housing Loan for OFWs 

Interest Rate Loan Terms Payment Options Processing Time
Starting at 5.25% with yearly repricing rate of 7.50% per annum -Minimum Loan Amt is P400,000

-Payable 10 (vacant lot / condo) to 25 (house and lot) years

-Up to 70% of appraised value of house and lot

-Up to 60% of appraised value of vacant lot or residential condo

-Auto Debit Arrangement (ADA)

-Over the counter

Within two weeks or less from the time all the documentary requirements are submitted

BPI offers two types of Housing Loan for OFWs: Housing Loan for land-based workers and Seafarers.

Here is a list of requirements needed when applying for a loan:

  • Duly accomplished Application Form
  • 2 valid IDs
  • Must have an existing Allottee Payroll Remittance Agreement with BPI
  • Must not be more than 60 years old at the time of the loan application
  • Has minimum monthly income of P40,000
  • Crew Contract and Exit Pass validated by POEA for seafarers
  • Contract or Certificate of Employment authenticated by the Philippine Consulate for Land-based workers
  • Proof of monthly remittances
  • Collateral documents such as but not limited to clear copy of the TCT/CCT, lot plan certified by licensed Geodetic Engineer, and photocopy of tax declaration, clearance, and receipts
  • Loan Administrator and/or Consularized Special Power of Attorney in case you are unable to personally appear to submit and sign documents.

Chinabank’s HomePlus for OFWs

Interest Rate Loan Terms Payment Options Processing Time
Limited info, but allows you to avail of fixed rate for one, five, or 10 years Up to 10 years for condominium units, 15 years for vacant lot, and 25 years for house and lot Automatic debit arrangement Limited information available

Chinabank also recognizes the need of OFWs for a place they can call their own; hence the HomePlus housing facility. You can use this for the purchase of your new home, home renovation, refinancing of an existing housing loan with other lenders, or construction of a residential property.

Requirements include:

  • Duly accomplished loan application
  • Must not be more than 65 years at the time of loan maturity
  • At least three years of employment
  • No adverse credit findings such as bounced checks or court cases
  • Deposit Statement of Accounts for at least six months
  • Valid ID
  • Certificate of Employment showing length of service and monthly compensation package
  • Payslip for the last six months
  • POEA Contract
  • Special Power of Attorney in case someone will transact on your behalf

Take note that the documents must be authenticated by the Philippine Embassy or Consul if the documents were issued abroad.

Land Bank’s Bahay Para Sa Bagong Bayani (3B)

Interest Rate Loan Terms Payment Options Processing Time
Depends on the prevailing market rate and subject to yearly repricing -15 years if w/o co-borrower and 20 years if there is a co-borrower

-Loan amount is OFW’s lowest paying capacity or 80% of the loan collateral

Limited information available Limited information available

Land Bank’s 3B is a special housing lending program designed for OFWs. The purpose of this facility is to allow OFWs to buy, build, or renovate your home, whether residential, townhouse, or condominium unit – with more flexible terms.

Check out the requirements:

  • Duly accomplished Application Form with 1×1 photo
  • At least 21 years old but not more than 65 years of age at the time of loan maturity
  • Must hold a live contract from a reputable company
  • Title must be under the name of the OFW-lender
  • Copy of Employment Contract
  • Collateral documents such as TCT or CCT, tax declaration, latest tax receipts, lot plan, and location and vicinity map

PNB’s Sure Home Housing Loan 

Interest Rate Loan Terms Payment Options Processing Time
Starts at fixed interest rate of 5.75% to 10.75% -Min loan amt at P750K for purchase of house & lot, townhouse or condo in Metro Manila and 500K for areas outside MM

-Min loan amt at 500K for purchase of lot within MM and 200K outside MM

-Up to 20 years for purchase of house & lot, townhouse, or condo; or 10 years for lot purchase / home improvement

Automatic debit arrangement or post-dated checks Limited information available

Whether you are looking for ways to help you finance the purchase of a lot or condominium unit, PNB’s Sure Home Housing Loan is there to help. Just make sure you will meet and submit the following requirements:

  • Duly accomplished Housing Loan application form
  • Photocopy of 2 valid government IDs
  • Payment of non-refundable P3,500 appraisal fee
  • Photocopy of passport
  • POEA-approved Contract or Certificate of Employment and authenticated by the Philippine Embassy if direct-hired. If contract is not written in English language, a translation must be provided
  • Crew Contract and Exit Pass from POEA if seafarer
  • Proof of remittances through PNB or other banks

Unfortunately, this facility is only available for OFWs working in Japan, Singapore, New York, and Los Angeles.

PSBank’s Home Loan with Prime Rebate 

Interest Rate Loan Terms Payment Options Processing Time
Depends on the prevailing rate at the time of approval of loan -Loan amount between P500K to P25M

-Up to 80% of the appraised value

-Up to 10 years for residential lot purchase and 25 years for house & lot, townhouse, or condo

-Online payment using enrolled deposit account

-Post-dated checks

-Automatic Debit Arrangement

Five banking days, wherein you will be notified thereafter via SMS

PSBank is among the best in the market when it comes to home loan, which caters to the needs of both OFW and non-OFW borrowers.

Here is a list of the requirements needed to process your loan:

  • Payment of Appraisal Fee (P3,500) and Processing Fee (fixed at P4,000), payable via cash or check
  • Valid IDs with photo and signature
  • Consularized Certificate of Employment
  • Job Contract
  • Proof of remittance for at least three to six months, payslip for at least three months, or Income Tax Return, whichever is applicable

East West’s Home Loan 

Interest Rate Loan Terms Payment Options Processing Time
Starts at 5.5% to 11%, depending on the term of the loan Limited information available Offers the longest payment option, allowing you to pay your Home Loan up to 30 years Five banking days, wherein you will be notified thereafter via SMS

Make sure you will submit the following documents when applying for a Home Loan with East West:

  • Duly accomplished application form, which you can apply online
  • Minimum monthly income of P40,000
  • 2 valid government-issued IDs
  • Consularized Certificate of Employment with Compensation
  • Original six-month remittances or payslips, whichever is applicable
  • Crew contract validated by POEA for seafarers

Security Bank’s Housing Loan 

Interest Rate Loan Terms Payment Options Processing Time
Starts at 5.5% fixed for one year and up to 9%, depending on the term of the loan -Up to 80% of the appraised value for new house & lot, condo, or townhouse; or 70% of the appraised value for vacant lot or second home

-One to 25 years, depending on the property being financed

-Regular monthly amortization or Fantastic Elastic arrangement

-Automatic debit arrangement

-Monthly amortization will start one month after loan release

Limited information, although you will receive the status of your application via SMS

The requirements include:

  • Monthly income of at least P50,000
  • Employed for at least two years
  • Filled out and signed application form
  • One valid ID with clear photo and signature
  • Any of the income documents, whichever is applicable: Certificate of Employment with Compensation issued within the least six months, latest Crew Contract (seafarer) or Employment Contract (land-based OFW), Allotment Slip, or latest three-month payslip
  • Collateral documents (copy of TCT/CCT, tax declaration, latest tax receipts, and tax clearance among others)
  • Consularized Special Power of Attorney if OFW is abroad and assigned someone to transact on his/her behalf
  • Mortgage Redemption Insurance application form

What Security Bank is most proud of is its Fantastic Elastic feature. It is a flexible payment option that allows you to choose the repayment scheme for your housing loan. Aside from the fixed monthly amortization, you can avail of the Fantastic Elastic option wherein you can make over or underpayments on the loan. This can only be done through automatic debit arrangement on your tagged on your account specifically dedicated for payment of home loan.

RCBC’s My Home Housing Loan 

Interest Rate Loan Terms Payment Options Processing Time
Prevailing interest rate at the time of loan release -Up to 80% of the property’s appraised value for townhouse, house & lot, and condo; and 70% for vacant lot

-Min floor area of 50 sqm for land with improvement and min 25 sqm for condominium

Must open a checking or savings account where the amortization will be deducted Limited information, available

Whether it’s for the purchase of a house and lot, construction, renovation, or takeout of another existing home loan, RCBC can lend a helping hand.

Requirements are as follows:

  • Permanent employment of at least two years
  • Certificate of Employment and Compensation
  • Valid government-issued IDs
  • Photocopies of collateral documents such as TCT/CCT, tax declaration, and latest real estate tax receipts

Tons of banks offering Housing Loan for you. With this information in mind, do you have a lender in mind to help you finance the purchase of your new home?