Are you wondering about BPI OFW loan online in the Philippines about requirements, interstate rate, customer service hotline? This loan can help you navigate the financial landscape as an Overseas Filipino Worker (OFW).
In this article at retailasiaonline.com, We’ll also talk about this loan’s calculator and ultimate ways to apply for it 2024.
Keeping this article to get more knowledge!
Contents
Summary of BPI OFW loan
| ✅ BPI OFW loan Review | ⭐ 4.1 star |
| ✅ Guide to | ⭐ Register to BPI OFW loan |
| ✅ Loan amount | ⭐ Up to PHP 2,000,000 |
| ✅ Age | ⭐ 18 – 65 years old |
| ✅ Term | ⭐ 3 – 12 months |
| ✅ Interest rate | ⭐ 1.20% per month |
| ✅ Pros | ⭐ Online loan monthly payments in Philippines |
| ✅ Cons | ⭐ No Online loan guaranteed approval |
| ✅ Evaluate the effectiveness | ⭐ Good |
| ✅ Bad credit | ⭐ Allow |
| ✅ Feedback | ⭐ Read more in this article |
| ✅ BPI OFW Personal loan online application | ⭐ Link Here |
What is BPI OFW loan?
BPI OFW loan is an abbreviation for Bank of the Philippine Islands Overseas Foreign Worker Loan. This is a sort of loan offered by BPI to Filipino foreign workers operating abroad. The loan is intended to assist OFWs in obtaining quick and easy finance for a variety of purposes such as paying for housing, schooling.
Who is qualified for BPI lending for OFW Philippines?
For BPI personal loan for OFW, they must meet the following requirements: Between 21 and 60 years old when the loan is due. Have a job for at least two years. Applicants must make at least ₱25,000 a month.
OFWs can get personal loans, car loans, and home loans from PI, among other types of loans. Work-from-home (OFW) people can apply for BPI loans at any store or online through the bank’s website.
BPI OFW loan interest rate
You can borrow up to three times your gross monthly pay, or PHP 2,000,000, with a BPI personal loan.
The monthly interest rate on a BPI online loan for OFW is 1.2%, and payments can be spread out over 12, 18, 24, 48, 30, or 36 months. The payments are automatically taken out of the BPI account you pick when you apply.
Finally, borrowers can pay early without being charged extra. On the other hand, there is a 5% fee for payments that are late.
BPI OFW loan calculator
If you use the reducing amount method, you can use a general formula to find out how much interest you will pay each month on a loan. This method is often used to figure out loans:
Monthly Interest = Remaining Loan Amount × Monthly Interest Rate
Here’s a breakdown of the terms:
- Remaining Loan Amount: The amount of the loan that is still owed after each payment. The amount starts at the original loan amount and goes down with each payment.
- Monthly Interest Rate: How much interest you pay each year divided by 12 (the number of months in a year).
Loan handling times are usually short, between 3 and 7 banking days. However, processing times may be longer than normal because of the unusual circumstances caused by the epidemic.
BPI says that once your loan is approved, you will be contacted by phone or email at the number or address you provided.
Keep in mind that BPI OFW loan may use a different method or have additional factors in their calculations.
BPI OFW loan requirements 2024
Here are some requirement when applying for BPI OFW loan for borrowers:
- Proof of Income: Employment contract, Certificate of Employment with Compensation, Overseas Employment Certificate (OEC)
- Proof of Identity: Passport, Any government-issued ID
- Proof of Residence: Bills for utilities or anything else that proves your present address
- Collateral Documents: Depending on the type of loan, you might need specific documents related to the collateral (e.g., property documents for a home loan).
- Loan Application Form: Complete the application form provided by BPI.
- Direct-hire OFWs: A valid and up-to-date POEA OR an OEC and a recent employment contract (instead of an OEC printout, an OEC exemption screenshot with an OEC BM online profile) OR a consularized COE (if the sender lives in the country permanently) and proof of remittance from the last three months.
- Direct-hire Allottee: The most recent and valid POEA information sheet, an employment contract, or a consularized COE (if the sender lives in the country permanently), along with proof of payment for the last three months.
Read more: How to apply Owwa loan for OFW?
How to apply loan in BPI for OFW
Here are some steps to apply for BPI OFW loan:
Step #1. Check Eligibility
Ensure that you meet the eligibility criteria for the specific loan you intend to apply for.
Different loans may have different requirements based on factors such as income, employment status, and credit history.
You can choose to visit a BPI branch in person to initiate the loan application process.
Alternatively, BPI may offer online application options. Check the BPI website or contact their customer service for details on online application procedures.
Step #3. Gather Required Documents
Collect all necessary documents, including proof of income, proof of identity, proof of residence, and any other documents specified by BPI.
Documents may include your employment contract, Certificate of Employment, Overseas Employment Certificate (OEC), passport, and utility bills.
Step #4. Consult with BPI Representative
Speak with a BPI representative to discuss your loan requirements, clarify any queries, and get guidance on the appropriate loan product for your needs.
Step #5. Submit Application
Submit the loan application form, together with all relevant documentation. If you want to apply in person, you can do so at any BPI branch. Follow the guidelines on the BPI website for online applications.
Step #6. Wait for Approval and Disbursement
After you send in your application, BPI will look over your papers and decide if you are eligible. After approval, the specified amount will be transferred to your chosen account.
This process may take some time, so be patient and stay in touch with your BPI representative for updates.
Read more: Landbank loan for OFW
BPI OFW loan assistance
Here are some ways to contact with BPI OFW personal loan online application:
BPI Personal Loan
- Address: Dela Rosa St. cor. Paseo de Roxas, Makati City
- Email: personal_loan@bpi.com.ph
- Telephone Numbers: 8891-0000; 0917-891000
BPI Auto Loan
- Address: Dela Rosa St. cor. Paseo de Roxas, Makati City
- Email: autoloan@bpi.com.ph
- Telephone Numbers: (02) 669 10000, option 4-3-2
BPI Housing Loan Contact
- Head Office Address: Dela Rosa St. cor. Paseo de Roxas, Makati City
- Email: housingloan@bpi.com.ph
- Telephone Numbers: (02) 669 10000, option 4-3-2
FAQs
Is there a BPI OFW loan in the Philippines?
Yes, the Philippines does have a BPI OFW loan for People Working Abroad. If you are a Filipino worker abroad and want to borrow money to pay for things like a house, school, or consolidating your bills and BPI OFW loan requirements,this is the perfect loan for you.
How to avail BPI loan for OFW?
To get a BPI loan, OFWs must first fill out an application form and send it in with necessary papers, such as a passport, proof of income, and proof of work or BPI OFW loan processing time. BPI also lets you apply for loans online, which makes the process easier.
Conclusion
Finally, obtaining a BPI OFW loan online in the Philippines offers an easy financial solution for Overseas Filipino Workers.
With the right paperwork, research, and meeting the right criteria, OFWs can acquire individualized financial aid.
Understanding the particular interest rates linked with the loan of choice and following the application process provides a seamless and transparent borrowing experience with the Bank of the Philippine Island.
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