How to Apply Owwa Loan for OFW Philippines Online (2024)?

What is Owwa ofw loan? Foreigners who are working in the Philippines and need capital to develop business ventures can apply for credit at Owwa.

Retailasiaonline.com will guide people on eligibility, procedures and how to apply for Owwa Cash Loan for OFW Philippines in the article below.

What is Owwa ofw loan?

Owwa ofw loan is a loan for foreign workers in the Philippines provided by The Overseas Workers Welfare Administration (Owwa). The loan has a limit from 2000 to a maximum of 10 million pesos, giving the borrower the money to invest in the business. Loan terms can be up to 10 years with interest rates from 6 to 8% / year.

Who is qualified for owwa lending for ofw Philippines?

Owwa loan for ofw provides financial support to Owwa members from the age of 21 and not older than 60 years of age when the loan is settled. Borrowers are required to have a stable job for at least 2 to 3 years, an average income of 40,000 to 50,000 pesos and have relatives living in the Philippines.

Owwa ofw loan calculator

Owwa ofw loan Philippines approved 100,000 pesos for 24 months at an interest rate of 6% per annum (equivalent to 0.5% per month).

• The principal amount payable in 1 is 100000 : 24 = 4166.67 pesos.
• The amount of interest payable in 1 month is 100000 x 0.5% = 500 pesos.
• The total amount payable in 1 month is 4666.67 pesos.

Owwa ofw loan requirements 2024

Owwa loan for ofw 2024 requirements has the following types of documents:

• Loan application form for workers in the Philippines.
• At least 2 valid personal IDs.
• Documents verifying residence.
• Business plan proposal.
• Owwa Certification
• The employment certificate is certified by the Philippine Consulate.
• Copy of visa.

How to apply ofw loan in owwa 2024

The steps to apply for an Owwa ofw loan are simple:

Step 1: Take Enterprise Development Training (EDT)

To apply for an Owwa cash loan for ofw, borrowers must complete Enterprise Development Training (EDT). This is a workshop jointly organized by Landbank, Owwa and DTI to help participants learn about business activities, guide to complete business plans.

Step 2: Prepare Owwa loan application documents

Overseas Filipino Workers need to prepare all the paperwork required by Owwa ofw loan program to complete loan application documents. Then send the application to Owwa’s office.

Step 3: Submit Landbank’s business plan

The borrower submits the business plan to Landbank. The plan will have to show details of the business idea of the project. The bank will assess the development possibilities of the project and propose the loan to the credit institution.

Step 4: Owwa loan appraisal

Owwa will appraise, approve and disburse the loan within a maximum period of 45 days from the date of receipt of the loan application.

Ofw disorder 1 day process

Borrowers who can apply for Owwa loan for ofw for good and receive fast disbursements in 1 day can refer to online loan finance companies. The loan process is as follows:

• Step 1: Search for a reputable loan online.
• Step 2: Visit the homepage of the financial company, apply for a loan account.
• Step 3: Fill in personal information, take a photo of the ID to verify the information.
• Step 4: Wait for approval and quick disbursement in just a few hours.

Owwa ofw loan assistance

Owwa emergency loan for ofw assists borrowers via:

• Trunk line- 8917601-24 local 5516/5517
• Fax Number- (+632) 804-06-38
• Email: owwa_opcenter247@yahoo.com
• Website: www.owwa.gov.ph

Read more:

• LANDBANK OFW Loan: Requirement, Interest calculator
• BPI OFW Loan Review

FAQs

Is owwa required for ofw?

Ofw stands for Overseas Filipino Worker, a foreigner who is working in the Philippines. Owwa is the Overseas Workers Welfare Administration. Foreigners who are working in the Philippines should enroll in Owwa for life insurance and social welfare services.

How to avail owwa loan for ofw?

• Attend orientation and eligibility screening at the nearest OWWA Office, completing essential training if required.
• Obtain the necessary OWWA certification for submission to LANDBANK.
• Approach the LANDBANK Lending Center or Lending Unit closest to your residence or business location for further guidance and assessment of your project proposal.

Conclusion

Owwa of loan is supported by Overseas Workers Welfare Administration (OWWA) corporated with Landbank, stands as a beacon of hope and support for the Filipino migrant workforce, offering not just financial assistance but also the tools and resources needed to turn their entrepreneurial dreams into reality.