Bank personal loans in the Philippines are the one’s bank gives without any asset as security. These loans are taken for special purposes like to improve your homes, child’s education fees, car, etc. Various financial institutions are available to avail these kinds of loans in the Philippines. It’s easier for OWF to avail this kind of loans and enjoy special privileges.
Details of Personal Loans
In the Philippines, you can apply for personal loans ranging from PHP 30,000 to PHP 1000,000 depending on your credit score. You can pay back the loans in terms ranging from 12, 18, 24, and 36 months. The interest amount increases as your payment months’ increases. Also, a certain amount of processing fees is levied, which is deducted from the loan amount.
Availing, Paying Back and Cancellation of Loans
Approved loans can be availed in the form of credit from the financial institution you have applied for. One can pre-terminate their loans however there is a processing fee levied on the remaining amount (principal and interest). Also, a person can apply for re-evaluation for another loan amount, but only after he had paid previous loan installments continuously for six months.
Personal Loan Eligibility
A person must be at least 21 years of age at the time of application and should not exceed the age of 65 years at the time of loan maturity. He must be a citizen of Philippine and should possess a valid address proof. Employed personnel must have worked for at least for one year before applying for the loan with a monthly gross salary of PHP 15,000.
Self-employed personnel must have had at least two profitable years of operation before applying for the loan with a monthly gross salary of PHP 30,000.
Tips to get your Loans Approved
It is difficult to get the loans approved in the Philippines; however, if you exercise the below steps while applying for the loan, then it is more likely for approval.
- For approval, you must have a good credit history, i.e. on-time previous loan payments history without any trouble caused to the bank.
- You should possess a savings bank account with a continuous flow of funds to
- A person with a continuous source of income is more likely to get their loans approved.
- While applying one must apply for loan amounts which are feasible for their social stature or else it is most likely to be rejected.
- You should provide genuine information while filling up the form for your loan approval since it undergoes various background checks. It is likely to get approved if all details are found true.
OFW loans are available for Philippine’s citizens who are settled and working abroad. They enjoy special privileges as an overseas worker and can avail low-interest credits. There are various institutes providing OFW loan assistance starting from filling out forms to formalize the whole process. To avail OFW loans you must have a salary not less than PHP 35,000.