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BPI Personal Loan Application: What to Prepare and How to Apply

Venus Zoleta

Venus Zoleta

Last updated March 15, 2023

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 from one of the leading and most trusted banks in the country can help you. Take a look at the BPI Personal Loan.

This article outlines everything you need to know about BPI Personal Loan application, as well as benefits, features, and repayment process. 

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?

bpi personal loan application - personal loan purposes

The BPI Personal Loan can be used for a variety of purposes. Here are some of them:  

👉 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.  

👉 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.

👉 Business

Need additional funding for starting or growing your business? Want to grow your freelance career with a brand-new laptop? With the help of a BPI Personal Loan, you'll get the cash you need to cover your business expenses.

👉 Dream Vacation

Raring to go on a much-deserved vacation? Start planning your trip with some 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.

👉 Wedding

Your big day should be memorable. To make that happen, you need to work with reliable suppliers. You can cover wedding-related expenses once your BPI Personal Loan application is approved.

👉 Major Life Changes 

Whether you’re mourning a familial loss or moving to a new city, you need some money to support yourself. The money from the BPI Personal Loan can certainly help. 

👉 Emergencies

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 get your car fixed in case it breaks down. 

Why Should I Get a BPI Personal Loan?

bpi personal loan application - why should i get a bpi personal loan

Below are the top reasons a BPI Personal Loan may be right for you: 

✔️ Large Loan Amount

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.

✔️ Flexible Payment Terms 

Loan repayments can be split into 12, 18, 24, 30, or 36 monthly installments. This allows you to settle for lower monthly payments over an extended period of time in case you can’t afford bigger repayments right away. 

✔️ Low Interest Rate 

With a monthly add-on rate of 1.2%, a BPI Personal Loan offers one of the lowest interest rates in the personal loan industry. This feature comes in handy for debt consolidation. Plus, instead of paying multiple lenders’ varying interest rates, you’ll only need to cover a single interest rate. Also, you’ll only have to remember one due date every month. 

✔️ No Collateral Required

As mentioned, a BPI Personal Loan doesn’t require any collateral. This means that you won’t have to surrender your assets, such as your car, jewelry, or luxury goods, to get extra cash. 

✔️ Easy Payment 

You can conveniently pay your BPI Personal loan through the bank’s online facilities (web and app). This means you won’t have to take trips to the bank or any payment center. Also, you can say goodbye to missed due dates by enabling your online account’s automatic debit feature. 

BPI Personal Loan Key Features

Here's a quick rundown of the BPI Personal Loan features, how many days BPI Personal Loan approval takes, how long it takes to process a BPI personal loan, and more:

  • 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 five to seven working days upon submission of complete requirements
  • Disbursement time: Within one to two 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

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?

bpi personal loan application - requirements

If you want to proceed with your BPI Personal Loan application, here are the documents that you need to submit. 

📌 Eligibility 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
  • If employed: must have a minimum gross monthly income of ₱20,000.
  • If self-employed: must be the owner or a majority owner with at least 40% stake in the business and a minimum gross monthly income of ₱50,000. The business must also be operating profitably for at least two years with at least one trade reference. 

📌 Required Documents for BPI Personal Loan Application

The requirements vary for employees/professionals, self-employed individuals, and OFWs. Make sure to submit authentic documents with accurate details to avoid getting rejected. 

For Employees/Professionals

  • Duly accomplished and signed application form 
  • 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)

For Self-Employed Individuals

  • Duly accomplished and signed application form 
  • One government-issued ID bearing your picture
  • Latest audited financial statements
  • DTI Business Registration or SEC Registration Certificate

For Overseas Filipino Workers (OFWs)

  • Duly accomplished and signed application form 
  • One government-issued ID bearing your picture
  • For agency hires: POEA contract or an employment contract with boarding date 
  • For direct hires: Proof of remittance for the last three months, latest and unexpired POEA validated information sheet or latest POEA Overseas Employment Certificate (OEC), employment contract, and consularized Certificate of Employment (if the remitter is a permanent resident in the country)

For Allottees (Individuals Whose Income Come From Remittance)

  • Duly accomplished and signed application form 
  • One government-issued ID bearing your picture
  • Proof of remittance or latest bank statement where remittance is sent
  • Latest and unexpired POEA validated information sheet or latest employment contract or consularized COE (if the remitter is a permanent resident in the country)

How to Start Your BPI Personal Loan Application

Borrowers have two options when it comes to their BPI Personal Loan application: through the bank’s official website or in person at any BPI branch.

Here's a walkthrough of the BPI loan application process for each option.

👉 Online BPI Personal Loan Application Steps

The online BPI application process has only three steps:

Step 1. Complete the Loan Application Form

bpi personal loan application - application form

  • Go to BPI's online facility for personal loan applications.[1]
  • Complete the pre-qualification form to see if you’re eligible for the loan. 
  • If you’re eligible, fill out the online BPI Personal Loan application form with your loan details and personal data.

Step 2. Submit the BPI Personal Loan Requirements

Send a copy of your documents via email to plviaonlinemailbox1@bpi.com.ph.

Step 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 a BPI Personal Loan application, you may call the bank’s hotline at 8891-0000.

If you have an existing BPI Online account and your application has been approved, your personal loan account will automatically appear on the Portfolio page. 

👉 In-Branch BPI Personal Loan Application Steps

If you prefer face-to-face transactions, you can 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 personal loan requirements.

FAQs on BPI Personal Loan Application and Payment

Curious about how other aspects of the BPI Personal Loan work? The items below may offer some answers: 

1. 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.

2. Can I still submit my BPI Personal Loan application even if my monthly income doesn’t meet the bank’s minimum requirement? 

bpi personal loan application - monthly income doesn't meet minimum requirement

BPI reminds applicants that all personal loan applications are subject to credit evaluation and approval. You may try, but your application may be rejected. 

3. How much is my monthly installment?

Your monthly payment will depend on your chosen amount and term. If you choose to avail of a ₱200,000 loan with a 12-month installment term, the computation is as follows: 

  • First, get the simple interest.[2] ₱200,000 x 1.2% = ₱2,400
  • Then, get the monthly principal. ₱200,000 / 12 months = ₱16,666.66
  • Finally, add the interest and the principal. This will be your monthly payment: ₱2,400 + 16,667 = ₱19,066.66

4. 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.

5. How do I pay for my BPI Personal Loan online?

The only way to pay the monthly installments of your BPI Personal Loan is through automatic debit arrangement (ADA).

Once you get approved for a loan, you’ll be asked to open a BPI deposit account (if you don’t have one yet), from which 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.

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 sufficient balance before the due date.

6. How do I pay off my loan early?

That’s great! You’re actually shortening the payment period of your interest. You can make an early loan repayment 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.

7. My BPI Personal Account doesn’t have enough funds. What will happen if I fail to pay on time? 

If this happens, your unpaid amount will be charged with the BPI personal loan late payment charge of 5%. So if your monthly installment is ₱1,500, your penalty will be ₱75. The total amount due will be ₱1,575. 

8. I’ve fully paid off my personal loan. Is it possible to request a certificate of completion or full payment?

Yes! You can head to the nearest BPI branch or call 8891-0000 to request a Certificate of Full Payment. 

9. I’m planning to apply for another BPI Personal Loan. Is this allowed?

BPI highly recommends that you apply only if you’ve already paid at least half of your outstanding personal loan.

10. 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 loan. You must also update the documents that you'll submit. Moreover, the application will still undergo regular credit assessment.

You can also check out other personal loan companies and their loan features. Compare your options and apply through Moneymax!

Personal Loan 
Minimum Loan Amount
Maximum Loan Amount
Minimum Annual Income
Approval Time
Metrobank Personal Loan
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₱20,000 ₱1 million ₱350,000 7 days
Citibank Personal Loan  
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₱20,000 ₱2 million 250,000 As fast as 24 hours
Note: This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities.
BPI Personal Loan
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20,000  ₱2 million 300,000 5 to 7 banking days
EasyRFC Multi-Purpose Loan
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10,000  ₱150,000 120,000 As fast as 24 hours
Maybank Personal Loan
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50,000 ₱1 million 300,000 Apply online in just a few clicks
RCBC Bank Personal Loan
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50,000 ₱1 million 360,000 5 to 7 banking days
SB Finance Personal Loan

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₱30,000 ₱2 million ₱180,000 5 banking days
CIMB Personal Loan
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30,000 ₱1 million 180,000 24 hours
HSBC Personal Loan
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30,000 ₱500,000 or 3x gross monthly salary, whichever is lower 168,000 5 to 7 banking days
CTBC Bank Personal Loan
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₱20,000  ₱1 million 180,000 3 to 5 banking days

11. I need to update my personal loan account details. What should I do?  

If you need to update account information, such as address, contact information, due date, ADA account, or account name, you may do so at the nearest BPI branch. You may also call 8891-0000.

12. I’m a natural-born Filipino but have another citizenship. Am I still eligible for a BPI Personal Loan? 

Yes. However, you may continue to apply if you’re currently residing in the Philippines. On top of the general requirements, you will be asked to provide a valid government-issued Alien Certificate Registration (ACR) ID. As in the case of other borrowers, your application will undergo credit evaluation.

13. I’m an OFW currently working abroad. How to apply for a BPI Personal Loan? 

You can submit your application while you’re abroad via BPI’s online application facility. But take note that the bank will require you to be physically present once your application has been approved for the signing of the loan documents. You can sign these documents at any BPI branch in the Philippines. 

Also, remember the validity of loan availment is only within one month from the date of approval. 

14. I’m a foreigner with a Filipino spouse. Am I eligible to apply? 

Sadly, the BPI Personal Loan is only available to Filipino citizens residing in the Philippines. 

Final Thoughts

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 BPI Personal Loan application’s chances of approval, 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 to enrich yourself with useful and practical financial knowledge, too.

Personal loan in the Philippines


Venus leads the blog content strategy and optimization at Moneymax as the Head of Editorial Content. She has 15+ years of experience in content marketing, corporate communications, and public relations. Venus graduated cum laude with a Journalism degree from the University of the Philippines Diliman. Before joining Moneymax, Venus had written informative guides and articles, specializing in personal finance and digital marketing. She also invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. A hardcore Hallyu Tita, she enjoys bingeing K-dramas on Netflix while bonding with her rescued cats. Follow Venus on LinkedIn.