How are you coming along when it comes to achieving your goals? Whether it's renovating your home, starting a business, or finally pushing through your international travel plans, funding—or the lack of it—shouldn't hold you back.
Need extra cash to fulfill your goal this year? A personal loan with low interest rate, like the BPI Personal Loan, comes very useful.
Here’s what you need to know about the BPI Personal Loan. We’ve also come up with a BPI Personal Loan application guide in case you want to apply.
What is BPI Personal Loan?
The BPI Personal Loan is a non-collateral cash loan that you can avail of for your cash needs. And because it doesn’t require any collateral, you won’t have to pledge anything valuable as a form of repayment.
What Can I Use a BPI Personal Loan For?
The BPI Personal Loan can be used for a variety of purposes. Here are some of them:
1. Your Child’s Education
Avoid promissory notes by paying your child’s tuition on time. You can use the proceeds of your BPI personal loan to cover education-related expenses, from matriculation to school supplies and even gadgets.
2. Home Renovation
Maybe you’ve been dreaming of turning your home into a Scandinavian-inspired space or converting one of your properties into an Airbnb rental. You can cover the costs of renovation by borrowing money from BPI. Moreover, a BPI Personal Loan can be used for massive repairs after your property has been hit by a disaster.
Need additional funding for starting or growing your business? With the help of a BPI Personal Loan, you'll get the cash you need to cover your business expenses.
4. Dream Vacation
Raring to go on a much-deserved vacation? Start planning your trip and initiate the plan by having early funding. The money you’ll receive from your successful BPI Personal Loan application can be used for booking plane tickets and hotel rooms or buying travel essentials, such as luggage or shoes.
In case one of your family members gets sick and hospitalized, you can use the loan’s proceeds to pay for hospital expenses. Likewise, you can use the money to buy yourself a new laptop for freelance work in case your old one is already broken.
Why Should I Get a BPI Personal Loan?
BPI’s personal loan allows you to borrow up to three times your gross monthly income. Remember, though, that the actual loan amount is subject to BPI’s approval.
Apart from this, loan repayments can be split into 12, 18, 24, 30, or 36 monthly installments at a fixed monthly add-on rate of 1.20%.
Lastly, borrowers can make payments in advance with no fees involved. If you miss paying on your due date, however, there will be a BPI Personal Loan late payment charge of 5%.
BPI Personal Loan Key Features
Here's a quick rundown of the features to expect when you borrow cash through a BPI Personal Loan:
- Loan amount: ₱20,000 to ₱2 million
- Annual contractual rate/Effective interest rate: 25.03% to 25.60%
- Monthly interest rate: 1.20%
- Loan terms: 12 to 36 months
- BPI Personal Loan processing time: Within 5 to 7 working days upon submission of complete requirements
- Disbursement time: Within 1 to 2 banking days from the date of signing the loan documents
- Processing fee: ₱1,500 (deducted from the loan proceeds)
- Documentary stamp tax: ₱1.50 per ₱200 of the loan amount (applicable to BPI loans above ₱250,000 or those for business purposes)
- Late payment penalty fee: 5% of the amount due
- No collateral required
- No pre-termination fee
Exploring loan options from other banks? Check out these providers that offer low interest rates on personal loans like BPI:
What are the BPI Personal Loan Requirements?
You can apply for a personal loan from BPI if you meet all these qualifying criteria:
- Filipino citizen
- At least 21 years old and not more than 60 years old when the loan matures
- Living or working within 30 km from the nearest BPI branch
Required Documents for BPI Personal Loan Application
The requirements vary for employees/professionals, self-employed individuals, and OFWs. Note that you're not required to submit income documents if you have a credit card.
For Employees/Professionals, BPI requires the following documents:
- One government-issued ID bearing your picture
- Three months’ worth of pay slips (original copy) and/or your latest Income Tax Return (BIR Form 2316)
Self-Employed Individuals, on the other hand, should prepare the following:
- One government-issued ID bearing your picture
- Latest audited financial statements
- Latest Income Tax Return (BIR Form 1700 / 1701)
- DTI Business Registration or SEC Registration Certificate
And for Overseas Filipino Workers:
- One government-issued ID bearing your picture
- POEA contract or an employment contract with boarding date (for agency hires)
- Proof of remittance, POEA OFW Information Sheet or POEA Overseas Employment Certificate, employment contract, and consularized Certificate of Employment (for direct hires)
Make sure to secure all the requirements to avoid having your loan rejected.
Below is a list of other best personal loan companies and their loan features. Compare your options and apply through Moneymax!
How to Apply for a BPI Personal Loan
Borrowers have three ways to avail of a personal loan from BPI: through the BPI Personal Loan website, a phone call with a sales agent, or in person at any BPI branch.
Here's a walkthrough of the BPI loan application procedures through each channel.
Online BPI Personal Loan Application Steps
The online BPI Personal Loan application takes only three steps.
1. Complete the Loan Application Form
a. Go to BPI's online facility for personal loan applications.
b. Fill out the online BPI Personal Loan application form with your loan details and personal data. Make sure to provide all the required information. Otherwise, the system won't allow you to proceed to the next step.
c. Click the Submit button.
2. Submit the BPI Personal Loan Requirements
Send a copy of your documents via email to firstname.lastname@example.org.
3. Wait for the Results of your BPI Personal Loan Application
How to know if your BPI Personal Loan is approved? You'll be notified about your loan application status via SMS within five to seven banking days. To follow up on your application, you may also call the BPI hotline at 8891-0000.
BPI Personal Loan Application via Sales Agent Steps
This is an alternative application method for borrowers who don't have internet access and don't want to go to the bank. Qualified clients with a BPI or BPI Family Savings Bank account may apply for a personal loan through BPI's inbound or outbound channels.
To use the inbound channel to apply for a BPI loan, simply call any of the following numbers:
- (0918) 891-1000
- (02) 8-89100-55
A sales representative will assist you with your BPI Personal Loan application.
On the other hand, qualified BPI clients receive an outbound call from a sales agent with an offer to facilitate their personal loan application with the bank.
If you get a call from any of these numbers, it means the agent is a legitimate caller that represents BPI:
- (02) 7795-2500
- (02) 8459-2200
In-Branch BPI Personal Loan Application Steps
If the other two application methods don't work for you, your last resort is to visit the nearest BPI branch to apply for a personal loan. Fill out the BPI Personal Loan Application Form and submit it with the other BPI loan requirements when you file your application at the nearest branch.
FAQs on BPI Personal Loan Application and Payment
1. How will I know if I’m ready to apply for a personal loan?
BPI employs a test to make sure that you can actually carry the responsibility of loan repayment. If you choose to apply online, you’ll have to take the BPI Loan Readiness Test.
You'll be asked about your lifestyle and how you’re going to use the loan proceeds. The result of the test will give you an overview of how much your monthly payment will be based on your chosen loan tenor.
A similar tool that you can find on BPI’s Personal Loan website is the loan calculator. Use this to estimate your monthly installment and to get an idea of how you should manage your finances in case your BPI Personal Loan application is approved.
2. I don’t have a BPI account. Will my BPI Personal Loan application be accepted?
Yes, you can push through with your BPI Personal Loan application! Once your application is queued for approval, the bank will ask you to open a BPI account. That way, the loan proceeds will be easily directed to this account. Your monthly installment will also be deducted from the same account.
3. When is the due date of my monthly installment?
If you’re wondering how to pay your BPI Personal Loan, you need to know your due date first. Your monthly due date will be equivalent to the date of your loan’s booking. For instance, if your loan was booked on May 10, the due date will be every 10th of the month.
BPI also informs regular personal loan clients that the first installment will start 30 days after the loan’s booking date. On the other hand, seafarer loan clients will start paying the installment 60 days after the loan is booked.
4. How do I pay for my BPI Personal Loan online?
An automatic debit arrangement (ADA) is the only way to pay the monthly installments of your BPI Personal Loan.
Once you get approved for a loan, you’ll be asked to open a BPI deposit account (if you don’t have one yet) where your loan amount will be credited and your monthly repayment will be deducted. You’ll then be required to enroll in the ADA facility. Afterward, your monthly payment will be automatically debited from your BPI account on your due date.
So no need to pay online or over the counter or issue post-dated checks. You just have to ensure that your BPI deposit account has a sufficient balance before the due date.
However, when you want to pay off your BPI loan, you’ll have to do your early repayment personally at a BPI branch. Before you make full repayment, inquire through the BPI hotline 8891-0000 about the exact amount you have to pay.
5. How do I pay off my loan?
That’s great! You’re actually shortening the payment period of your interest. Early loan repayment can be done at a BPI branch. Check your pay-off amount via your Personal Loan Account through the BPI Online account or BPI Online Mobile App. You may also contact 8891-0000 to get the details that you need.
Remember that your loan’s interest is computed daily. This means that your pay-off amount is valid for the same day only.
6. I’m planning to apply for another BPI Personal Loan. Is this allowed?
Yes, you may apply for a second loan account even if you have an existing personal loan. However, BPI highly recommends that you apply only if you’ve already paid at least half of your outstanding personal loan.
7. Can I make a BPI Personal Loan renewal?
Yes, but BPI doesn't renew personal loans automatically. You'll have to reapply for a new account. The documents that you'll submit must also be updated. Moreover, the application will still undergo regular credit assessment.
Because BPI is one of the most established banks in the country, you can easily count on its personal loan products. If you want to increase your application’s chances of getting approved, prepare and complete the requirements and know the ins and outs of its screening process.
If you need to look for another personal loan online, you can browse and compare through Moneymax. Feel free to browse our articles, too, to enrich yourself with useful and practical financial knowledge.