Published: September 17, 2018 | Updated: July 28, 2020 | Posted by: Mayee Gonzales | Personal Loan
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.
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Visit the nearest BPI branch or go to the BPI Personal Loan website to start. If you choose to apply for BPI personal loan online, you would need to go through loan assessment to gauge whether you are ready to take a BPI personal loan or not.
The requirements vary for employees/professionals, self-employed individuals, and overseas workers.
For Employees/Professionals, BPI requires the following:
Self-Employed Individuals, on the other hand, should prepare for the following:
And for Overseas Filipino Workers:
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, which you can do online or in a BPI branch.
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.
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.
Mayee is an experienced writer, editor, and content strategist. She enjoys writing about personal finance and lifestyle topics. On her free time, she reads, travels, and watches a lot of movies. She’s also a proud cat-mom. Follow Mayee on LinkedIn.