Easy Guide to Applying for a BPI Personal Loan

Published: September 17, 2018 | Updated: October 14, 2020 | Posted by: Mayee Gonzales | Personal Loan

BPI Personal Loan Application | MoneyMax.ph

There are plenty of reasons to get a personal loan and just as many places to apply for one.

The Bank of the Philippine Islands or BPI is a good option when choosing a loan provider. BPI offers a personal loan package that can fit various needs plus potential borrowers can apply online.

How to Apply for a BPI Personal Loan

Visit the nearest BPI branch or go to the BPI Personal Loan website[1] to start. If you choose to apply for BPI personal loan online, you would need to go through loan assessment[2] to gauge whether you are ready to take a BPI personal loan or not.

BPI Personal Loan Requirements

The requirements vary for employees/professionals, self-employed individuals, and overseas workers.
For Employees/Professionals, BPI requires the following:

  • Government-issued photo ID
  • Three (3) months’ worth of payslips (original copy) and/or your latest Income Tax Return or bank stamp (BIR Form 2316)

Self-Employed Individuals, on the other hand, should prepare for the following:

  • Government-issued photo ID
  • Audited financial statements from the last three years
  • Latest Income Tax Return (BIR Form 1700 / 1701)
  • A copy of your DTI Business Permit or SEC Registration

BPI Personal Loan Requirements
And for Overseas Filipino Workers:

  • Government-issued photo ID
  • POEA contract or an employment contract with boarding date (for agency hires)
  • Proof of remittance, POEA OFW Information Sheet or POEA Overseas Employment Certificate, and employment contract (for direct hires)

Make sure to secure all the requirements to avoid having your loan rejected. After this, download and fill out the BPI personal loan application form[3], which you can do online or in a BPI branch.

Why Should I Get a BPI Personal Loan?

BPI’s personal loan offers the ability to take out a loan up to three times of your gross monthly income, starting as low as PHP 20,000 up to PHP 1,000,000.

Apart from this, monthly installments can be split into two, 24, 48, 30, or 36 months and at a fixed interest rate of 1.20%. Monthly repayments are automatically subtracted from the BPI account you nominate upon application.

Lastly, borrowers can make payments in advance with no fees involved. Late payments, however, are subject to a 5% late payment charge.

Read more: How to Get a Low-Interest Personal Loan in the Philippines

Compare Other Personal Loan Options

Below is a list of other best personal loan companies and their loan features. Compare your options and apply through Moneymax!

Personal Loan ProviderFeatures
Citibank Personal Loan
Get a Citibank Personal Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • Loan amount of up to P2 million
  • Flexible payment terms of up to five (5) years
EasyRFC Multi-Purpose Loan
Get EasyRFC Multi-Purpose Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • High loan amount of up to P150,000
  • Payment term of up to 12 months
SB Finance Personal Loan
Get SB Finance Personal Loan with Moneymax
  • Get approved within five banking days
  • High loan amount of up to P2 million
  • Flexible payment terms of up to 36 months
TALA Personal Loan
Get TALA Personal Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • Quick cash loan up to P15,000
  • 24/7 application using an Android phone

Final Thoughts

Before applying for a BPI personal loan, make sure you can afford it and can commit to the bank’s repayment terms. Doing this helps you avoid debt in the future.

For more information on BPI personal loan, visit the nearest BPI branch or check out their website.