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.
If you need extra cash to fulfill your goal this year, a personal loan can help. Not sure which options to consider? Take a look at the BPI Personal Loan.
This article outlines everything you need to know about how to get a loan from BPI, as well as the loan's benefits, features, and repayment process.
What is a BPI Personal Loan?
The BPI Personal Loan is a multi-purpose cash loan. It doesn’t require any collateral, so you won’t have to pledge anything valuable as a form of repayment.
Is the BPI Personal Loan legit? Yes! It's a product offered by one of the leading and most trusted banks in the country, after all.
💸 BPI Personal Loan Types
Here are the types of personal loans BPI offers:
- BPI Regular Personal Loan - Use this loan to cover a variety of needs, such as home renovation, business, education, and travel.
- BPI Seafarer Loan - This BPI loan is specifically made for seafarers. It can be used to fund home renovations, tuition fees, business expenses, and any other needs.
- BPI Salary Loan - Through a partnership with the bank, companies can offer BPI cash loans to their employees.
Related reading:
- How to Apply for an SSS Salary Loan: Everything You Must Know
- Looking for a Short-Term Loan? Try Pag-IBIG’s Multi-Purpose Loan
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:
👉 Your Child’s Education
Avoid promissory notes by paying your child’s tuition on time. Use a 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. Cover the costs of renovation by borrowing money from BPI.
You can also use the BPI Personal Loan to cover costs 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.
👉 Major Life Changes
Whether you’re mourning a familial loss, moving to a new city, or getting married, 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?
Below is a review of the BPI Personal Loan to help you decide if this product is right for you:
✔️ Large Loan Amount
The amounts vary per loan type, ranging from ₱20,000 to ₱3 million. Remember, though, that the actual loan amount is subject to BPI’s approval.
✔️ Flexible Payment Terms
Repayments can be split from two to 36 monthly installments, depending on the loan type. 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 Rates
The 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
Say goodbye to missed due dates by enabling your online account’s automatic debit feature. This means you won’t have to take trips to the bank or any payment center.
BPI Personal Loan Key Features
Here's a quick rundown of the BPI Personal Loan features—including how much interest rates are in 2023, how long the processing time takes, how many days approval takes, and more:
- Loan amount:
- Regular Personal Loan: Up to thrice your monthly income (₱20,000 to ₱3 million)
- Seafarer Loan: ₱20,000 to ₱300,000
- Salary Loan: Up to thrice your monthly income (up to ₱1 million)
- Maximum annual contractual rate: 25.60%
- Monthly add-on rate:
- Regular Personal Loan: 1.2%
- Seafarer Loan: 1.5%
- Salary Loan: May vary per company
- Loan terms:
- Regular Personal Loan: 12 to 36 months
- Seafarer Loan: Two to 11 months
- 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:
- UnionBank Personal Loan
- UNO Digital Bank Personal Loan
- Metrobank Personal Loan
- CIMB Bank Personal Loan
What are the BPI Loan Requirements?
If you want to proceed with your BPI loan application, here are the requirements you need to submit.
📌 BPI Personal Loan Required Qualifications
Check if you meet all these eligibility 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 ₱15,000
- 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 ₱30,000. The business must also be operating profitably for at least two years with at least one trade reference
📌 BPI Personal Loan Documentary Requirements
The requirements vary for employees/professionals, self-employed individuals, and OFWs.
How to get approved for a BPI Personal Loan? 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 and signature
- 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 and signature
- 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 and signature
- 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 and signature
- 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 Get a Loan From BPI in 2023: Loan Application Process
If you're planning to get the Salary Loan, coordinate with your HR representative regarding the process.
Otherwise, you have two options: through the bank’s official website or in person at any BPI branch. Here's a walkthrough of how to get a loan from BPI:
👉 How to Apply for a BPI Personal Loan Online
The online application process has only three steps:
Step 1: Check Your Eligibility
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.
Step 2: Fill Out the Application Form
If you’re eligible, fill in the form with your loan details, personal data, and requirements.
Step 3: Wait for the Results of your BPI Personal Loan Application
How to check, track, or follow up on your BPI Personal Loan application status? Call the bank’s hotline at 8891-0000.
How to know if your BPI Personal Loan is approved? How many days does approval take? You'll be notified about loan approval via SMS within five to seven banking days.
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.
After you sign the documents, the proceeds of your BPI Personal Loan will be credited to your account in one to two banking days.
👉 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.
Related reading:
- Loan Application via an App? Meet Zuki by SB Finance
- CTBC Personal Loan Online Application: How to Get a Salary Stretch Loan
How to Get a Loan From BPI: FAQs
Curious about how other aspects of the BPI Personal Loan work? The items below may offer some answers:
1. Will my BPI Personal Loan application be accepted even if I don't have a BPI account?
Yes, you can still apply for a BPI Personal Loan. 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 reminds applicants that all personal loan applications are subject to credit evaluation and approval. You may try, but your application may be rejected.
3. I’m a natural-born Filipino but have another citizenship. Am I still eligible for a BPI Personal Loan?
Yes, but only 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.
4. 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.
5. 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.
6. 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.
7. 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
Check out the BPI Personal Loan Calculator to get an estimate.[3]
8. 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.
For regular personal loan clients, 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.
9. 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 an 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), to which your loan amount will be credited and from which 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.
10. 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.
11. 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.
12. I’ve fully paid off my personal loan. Can I 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.
13. Can I apply for another BPI Personal Loan?
BPI highly recommends that you apply only if you’ve already paid at least half of your outstanding personal loan.
14. 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!
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Final Thoughts
Because BPI is one of the most established banks in the Philippines, you can easily count on its personal loan products. If you want to increase your application’s chances of approval, prepare and complete the requirements and know the ins and outs of how to get a loan from BPI.
If you need to look for another personal loan online, you can browse and compare your options through Moneymax. Feel free to browse our articles to enrich yourself with useful and practical financial knowledge, too.
Sources:
- [1] BPI Personal Loan Online Application page
- [2] Simple Interest Definition (Investopedia, 2023)
- [3] BPI Personal Loan Calculator
- Photos from BPI website and Facebook page
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