Easy Guide to Applying for a BPI Personal Loan
By: Venus Zoleta
Published on: December 3, 2020 . Last updated: December 28, 2020 Category: Personal Loan
There are plenty of reasons to get a personal loan and just as many places to apply for one. Borrowing money from a bank makes sense when you’re in a tough financial spot during the pandemic. For instance, when you’re out of a job, a personal loan can help you secure additional funds to open an online business from home or tide you over until things get back to normal.
The Bank of the Philippine Islands or BPI is a good option when choosing a loan provider. BPI has one of the lowest interest rates in the market, not to mention that it offers a reduced rate promo from time to time. The bank also provides a BPI personal loan package that fits various needs plus potential borrowers can apply online.
Table of Contents
- What is BPI Personal Loan?
- Why Should I Get a BPI Personal Loan?
- BPI Personal Loan Requirements
- How to Apply for a BPI Personal Loan
- How to Pay BPI Personal Loan
- BPI Personal Loan Promo Offers
- Final Thoughts
What is BPI Personal Loan?
The BPI personal loan is an affordable, no-collateral cash loan that Filipinos may secure to pay for a variety of purposes, including business, home improvement, education, medical expenses, and travel.
Why Should I Get a BPI Personal Loan?
BPI’s personal loan offers the ability to take out a loan up to three times your gross monthly income up to PHP 2,000,000.
Apart from this, monthly installments can be split into 12, 18, 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.
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: PHP 20,000 to PHP 2 million
- Annual contractual rate/Effective interest rate: 25.03% to 25.60%
- Monthly interest rate: 1.20%
- Loan terms: 12 to 36 months
- 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: PHP 1,500 (deducted from the loan proceeds)
- Documentary stamp tax: PHP 1.50 per PHP 200 of the loan amount (applicable to BPI loans above PHP 250,000 or those for business purposes)
- Late payment penalty fee: 5% of the amount due
- No-collateral loan
- No pre-termination fee
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 overseas workers.
For Employees/Professionals, BPI requires the following documents:
- Two valid government-issued photo IDs
- 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:
- Two valid government-issued photo IDs
- Audited financial statements for the last three years
- Latest Income Tax Return (BIR Form 1700 / 1701)
- A copy of your DTI Business Registration or SEC Registration Certificate
And for Overseas Filipino Workers:
- Two valid government-issued photo IDs
- 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.
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
If you choose to apply for BPI personal loan online, you’ll need to go through a loan assessment with a series of questions related to your finances. This helps you find out whether you are ready to get a BPI loan or not.
1. Complete your personal loan application online.
a. Go to the 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.
Check your email for a confirmation message from BPI that it has received your personal loan application. Updates on your BPI personal loan status will be sent to you through text messages. To follow up on your application, you may call the BPI hotline 8891-0000.
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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 your 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. Just download the BPI personal loan application form online and save it as a JPEG file. Fill out the form, print it out, and bring it along with the other BPI loan requirements when you file your application at the nearest branch.
How to Pay BPI Personal Loan
An automatic debit arrangement (ADA) is the only way to pay the monthly installment on 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.
No need to pay 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.
BPI Personal Loan Promo Offers
Qualified borrowers are entitled to a personal loan promo from BPI that makes monthly repayments more affordable or flexible. However, you can avail of only one promo when you apply and get approved for a BPI personal loan. Availing of two promos at the same time is not allowed.
Here are three BPI personal loan promos being offered as of December 2020.
1. Reduced Rate Promo
The standard BPI personal loan interest rate is already low at 1.20% monthly. But if you qualify for this promo, you may even get a lower monthly add-on rate of only 0.98%.
You may enjoy the reduced monthly interest rate if you apply for a personal loan of PHP 100,000 or a higher amount at 36 monthly installments within the promo period.
BPI has offered the Reduced Rate Promo on personal loans several times in 2020. Currently, the latest offer has ended, but you may wait until this promo is offered again before you apply for a BPI loan.
Visit the BPI Personal Loan Promo page to check for updates on the Reduced Rate Promo and other offerings.
2. Loan Now, Pay Next Year
Don’t have enough cash to pay for your first monthly installment yet? Through the Loan Now, Pay Next Year promo, the start of the loan repayment is deferred until two months after the loan release.
This BPI personal loan promo is valid for loan applications submitted until January 31, 2020 and booked and availed until February 15, 2021.
3. Special Offer to Healthcare Workers
BPI makes borrowing cash more affordable for medical frontliners in the Philippines by offering a low monthly interest rate of 0.55% with waived processing fees.
Qualified for this personal loan promo are applicants in the healthcare industry who apply for a loan of at least PHP 100,000 for a 36-month term until February 28, 2021.
In addition to the BPI personal loan requirements, healthcare workers who want to avail of this promo should also submit a PRC ID, hospital ID, or certificate of employment as proof that they work for a healthcare company.
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 loans, visit the nearest BPI branch or check out their website.
Read more related articles:
- How to Get a Low-Interest Personal Loan in the Philippines
- OFW Loan Options in the Philippines for Every Kind of Need
- 6 Tips to Get a Personal Loan for Freelancers in the Philippines
-  BPI Loan Readiness Test
-  BPI Personal Loan Online Application Page
-  Downloadable BPI Personal Loan Application Form
-  BPI Personal Loan Promo page
Venus is the Head of Content at Moneymax, with over 15 years of combined experience in digital marketing, corporate communications, PR, and journalism. She invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. Outside of work, she’s crazy about cats and Korean dramas. Follow Venus on LinkedIn.