Several banks and financial institutions in the Philippines offer OFW loan. There are different types of OFW loan that cater the various needs of Filipinos working abroad including personal, house, car, and business loan. Each type of loan has specific terms and conditions that fit the needs of the OFWs and their families.
BPI is one of the banks in the Philippines that offer several types of OFW loans.
Who are qualified for BPI OFW Loan?
OFWs having proper work documents are qualified to apply for BPI OFW loans. Filipinos currently working abroad can apply for loan if they need additional funds to enjoy a vacation.
Some of the eligibility requirements include the following:
- Must have an active BPI account
- Must present proof of income (original or photocopy)
- Government-issued ID with photo (SSS, PRC, Driver’s license, passport, etc)
- Active employment contract and latest OFW Information Sheet or POEA Overseas Employment Certificate
- Duly completed application form
Additional documents may be requested during the credit evaluation.
To qualify with the OFW loan, the income must be 50% of the monthly loan repayment. The approval rate of the OFW loan depends on the evaluation of the bank. The bank representative will evaluate if the monthly income of the OFW is enough to pay the monthly loan repayments without compromising other financial obligations.
The interest rate of OFW loans depends on the type of loan to apply for. The lowest interest rate is for the BPI OFW personal or cash loan that carries 2% interest rate. The ceiling for a personal loan is Php1 million that is payable for 3 years. Land-based overseas Filipino workers can apply for this type of loan.
BPI also offers other types of loans and if you are interested, all you have to do is visit the nearest BPI branch in your area for further details.