Your Quick Guide to Applying for an EastWest Bank Personal Loan



Last updated January 25, 2022

Starting a business, renovating your home, settling medical bills, big-ticket purchases, and other unforeseen expenses—all these require a large sum of money. Unfortunately, not all of us have six or seven figures to our names. So to achieve such goals, applying for a loan is undoubtedly one of the best solutions.

EastWest Bank may be just over two decades old. But it already has achieved milestones when it comes to supporting Filipinos through personal loans. An EastWest Bank personal loan can be considered among the most reliable on the market. It offers competitive interest rates, and the processing is straightforward.

Here’s what you need to know about the EastWest Bank personal loan.

What is EastWest Bank Personal Loan?

EastWest Bank describes its personal loan as a non-collateral and unsecured loan offered to qualified individuals for their personal use. One of its main features is that it can be used for different purposes, and it comes with fixed equal monthly installments.

Why Should I Apply for an EastWest Personal Loan?

eastwest bank personal loan - purposes

When applying for a loan, you want to make sure that you’re not just getting the borrowed money; you’re also looking for features that will ensure you’re not being shortchanged.

You’ll find practical and exciting benefits when you apply for an EastWest Bank Personal Loan. Here are some of them:

1. Multi-Purpose

You can use the borrowed money for your wedding, child’s education, and vacations. If not, you can also use an EastWest Bank Personal Loan for renovating your home, settling medical bills, and funding special milestones.

2. No Collateral Required

You don’t have to put your house, car, or any other asset as collateral. Also, you don’t need to have a co-maker.

3. Loan Amount

The bank’s loanable amount is flexible, allowing you to borrow money ranging from PHP 25,000 to PHP 2,000,000. However, the actual loan amount you’ll qualify for is subject to the bank’s approval.

4. Fast Processing

One of the loan’s key features is convenience, as you can apply within the comforts of your home or office. You may also get the proceeds of the loan via Manager’s Check or by redirecting the money to your EastWest Bank account.

5. Flexible Payment Terms

EastWest Bank Personal Loan’s payment terms can be split into 12, 18, 24, and 36 months, thus giving you affordable installment options.

6. Competitive Interest Rates

When you have a loan with a low-interest rate, it will be much easier to manage your cash flow. Refer to the next section to learn more about EastWest Bank’s loan interest rates.

Personal loan in the Philippines

EastWest Bank Personal Loan Interest Rate

EastWest Bank has a systematic way of determining the interest rates of their loan. The bank has divided its interest rates into two categories:

  • First category: Includes rates for borrowers who have an existing credit card for at least 9 months
  • Second category: Includes rates for those who do not have a credit card or do have a credit card for less than 9 months

Here’s a comprehensive table for your easy reference:

Interest rates for the first category (applicants with an existing credit card for at least 9 months)

TenorMonthly RateContractual Interest Rate
12 months1.49%31.51% per annum
18 months1.59%33.54% per annum
24 months1.59%33.19% per annum
36 months1.69%34.01% per annum

Interest rates for the second category (applicants without an existing credit card or with a credit card for less than 9 months)

TenorMonthly RateContractual Interest Rate
12 months1.89%39.53% per annum
18 months1.89%39.39% per annum
24 months1.89%38.85% per annum
36 months1.89%37.53% per annum

If you notice, the interest rates are significantly lower when you have an existing credit card. So, if you have a credit card from any bank, you can maximize this particular benefit.

Note, however, that these rates are subject to change, so it’s recommended to talk to the bank’s loan team to learn more. Who knows, you may even chance upon promos and discounts.

Where to Best Use Your EastWest Bank Personal Loan?

Getting approved for an EastWest Bank personal loan is an opportunity for you to manage your finances properly. Aside from having cash on hand to address your emergencies, an EastWest bank personal loan can also be best used for:

1. Debt Consolidation

If you have unpaid credit cards or debts from other lenders, paying them off with your EastWest Bank personal loan can be a good idea. Debt consolidation allows you to put all your unpaid financial obligations into just one account. This will minimize the hassles of remembering due dates and missing payments. However, before applying, make sure that you compare the rates, penalties, and fees. 

2. Home Improvement

Now that everyone is advised to stay at home during this pandemic, it’s a good time to start improving or repairing areas in your house. Home improvement projects aren’t cheap, but you can  start with mini projects suited to your loanable amount. Why not use your EastWest Bank personal loan to set up a home office so you can work more efficiently and feel more comfortable while you do?  

3. School Expenses

eastwest bank personal loan - school expenses

Sending your children to school isn’t cheap. But educational institutions offer discounts which you can avail by enrolling early and paying in full. 

You can apply for an EastWest Bank personal loan to settle school expenses and tuition fees. This way you won’t have to worry about the repercussions of non-payment of school fees. 

Not only can you pay your child’s tuition fees in full. With the EastWest Bank personal loan, you can also pay for your own education. Furthering your education can help to advance your career.

You can take up free courses online, but these don’t usually come with certificates of completion. Getting an EastWest Bank personal loan can help you enroll in paid classes that will broaden your horizons and push your career further.

4. Emergency Fund

You don’t need to have an immediate need to get an EastWest Bank personal loan. Once approved, you can set the money aside to have available funds for emergencies. You can either open a savings account to keep the funds safe or you can keep it safely at home to have cash on hand. Times are tough, and the current pandemic can lead to more financial uncertainties. Having cash readily available can provide you with some peace of mind.

EastWest Personal Loan Fees and Charges

When you apply for a loan, you’re not just paying back the principal and the interest. You must also be ready for some upfront fees and even penalties. Here are some of the fees and charges that you may need to cover when you apply for a personal loan at EastWest Bank.

1. Processing Fee: PHP 1,900

This is a one-time fee that will cover the processing of your application. The fee will be taken from the money that you’ll borrow. EastWest Bank’s loan processing fee is only applicable to new accounts.

2. Documentary Stamp Tax: PHP 1.50 for every PHP 200

This fee will be also deducted from the loan money that you’ll get from EastWest Bank.

3. Late Payment Fee: PHP 500 or 8% per month

Borrowers who fail to pay on the due date will be liable to pay PHP 500 or 8% per month of the past due amount, whichever is higher.

4. Processing Fee (Early Pay-off Of Loan)

PHP 500 or 8% of the outstanding principal, whichever is higher

5. Returned Check Fee: PHP 1,000 per check

6. Check Retrieval and Replacement Fee: PHP 200

EastWest Bank Personal Loan Requirements

eastwest bank personal loan -requirements

To be eligible for EastWest Bank’s Personal Loan, the applicant must be/have:

  • A Filipino citizen. If you’re a foreigner, you should be a permanent resident of the Philippines.
  • 21 years old during application and not more than 65 years old upon the maturity of the loan.
  • Have at least one fixed landline number, which could be either your home or business number. Applicant must also have a mobile number. Note that the mobile number will not be accepted as the principal and standalone contact number.
  • Have a gross (basic) monthly income of at least PHP 15,000. On the other hand, the basic annual income must not be less than PHP 180,000.

EastWest Bank also has a few documentary requirements. Make sure to present the following upon loan application:

  • Duly accomplished EastWest Online Personal Loan Application Form
  • Photocopy of at least one valid digitized Philippine ID, which bears your photo and signature.
  • Proof of income
  • Proof of residence, for foreign nationals.

Requirements for Self-Employed Individuals

If you’re self-employed, you’ll need to present ALL of the following EastWest Bank Personal Loan requirements:

  • Photocopy of latest ITR/BIR Form 1701 and Audited Financial Statements
  • DTI Registration Certificate (for Sole Proprietorship)
  • SEC Registration Certificate with a page stating shares owned by the applicant (for Partnerships or Corporations)
  • Valid Credit Card reference or the latest Credit Card Statement of Account
  • Other documents that the bank may require for further verification, such as a Business Permit or Mayor’s Permit

Requirements for Employed Individuals

Employed borrowers should provide the following:

  • Copy of the latest ITR/BIR Form 2316; or
  • Pay slips for the last three months
  • Certificate of Employment indicating the salary, position, and date of employment and ITR or pay slips; or
  • Active credit card reference or its latest Credit Card Statement of Account

Requirements for Loan Release

When your application has been approved, and the loan is about to be released, you'll need to bring the following with you:

  • Original copy of documents (to be presented only)
  • Two valid IDs
  • Original signed application form. Prepare two copies; one will be presented to the lobby guard of the building and another to be presented to the EastWest Personal Loan Releasing Unit for verification.
  • Post-dated checks. Make sure that these are duly accomplished and signed. Avoid erasures, corrections, and alterations.

In case you want the proceeds of the loan to be delivered or credited to your bank account, the following requirements must be fulfilled and submitted:

  • Photocopy of one valid ID with three specimen signatures
  • Original copy of documents (to be presented only)
  • Post-dated checks. Make sure that these are duly accomplished and signed. Avoid erasures, corrections, and alterations.

How to Apply for an EastWest Bank Personal Loan

Ready to apply for an EastWest Personal Loan? Just follow these three simple steps:

  1. Fill out the application form, which you can find on EastWest Bank’s website at
  2. Read the terms and conditions carefully.
  3. Prepare copies of the required documents. Refer to the previous section for the list of documents. Once you have secured the documents, email them to

Before submitting the documents, make sure that all the details are accurate and consistent. Otherwise, there will be delays if the bank notices some discrepancies. Once you've submitted all of the requirements, wait for a call from a bank representative. You'll also receive an email as a reminder.

You can also apply for an EastWest Bank Personal Loan via Facebook Messenger chatbot. Just send a message on EastWest Bank's official Facebook page and follow the loan application guide.

eastwest bank personal loan - application via chatbot

If you wish to follow up on the status of your application, EastWest Bank has various channels that you can tap.

EastWest Bank Customer Service Channels:

  • Customer Service Hotline: (+632) 8888-1700
  • Customer Service Email:

How Can I Pay My EastWest Personal Loan?

Repaying your loan should be easy because you have many payment methods to choose from. You can issue post-dated checks (PDCs) upon loan release for your monthly loan payments.

Alternatively, you may pay in cash or check at any EastWest Bank branch (or store, as the bank calls it) in major cities and key towns. Note that payments made within banking hours will be posted within 24 hours. Visit EastWest Bank’s locator to find a branch near you.[1]

Accountholders can also visit to pay online. But if you want a more convenient payment mode, you can use the bank’s Automatic Debit Arrangement. This will also help you ensure that you will not miss the due date. The said arrangement allows people to specify whether to pay the Minimum Payment Due automatically or the Total Statement Balance every due date.

You can also make direct debit payments at EastWest ATMs. If it’s your first time, just follow the instructions on the screen. Payment made before the 12-midnight cut-off will be posted on the next banking day.

Similarly, you may visit EastWest Accredited Payment Channels, which include Bancnet and SM Bills Payment Centers.

Note that aside from the monthly loan payments, you can also pay for personal loan fees (e.g., pre-payment fee, penalties, accrued interest, etc.) or your total outstanding balance using any of the above-mentioned payment channels, except for the PDCs.

Tips on Paying Your EastWest Loan On Time

eastwest bank personal loan - application tips

After your loan application has been approved, you will then receive your money. Upon receiving, do not think of it as a personal windfall – it’s just borrowed money that you will have to return eventually.

Since EastWest Bank has an auto-debit feature, use this, so your payments will automatically be directed to the bank.

Making extra payments, no matter how small they are, will be a big help. Try to tuck in some extras, such as PHP 500 or PHP 1,000 that can be used to pay the principal.

More importantly, when you’re in the process of repaying, you must live within your means. The money that you save can be redirected to your payments. Soon enough, you will realize that a streamlined lifestyle will give you other benefits, such as developing a habit of saving and knowing the right priorities. When you own less and spend less, you are likely to have more time, energy, and money than ever before.[2]

EastWest Bank Personal Loan FAQS

eastwest bank personal loan - faqs

1. What if I fail to make my monthly payment?

Missing a payment can be very expensive. If you fail to pay your monthly due, you’ll be charged an 8% penalty, or PHP 500, whichever is higher. 

2. Can I apply for an EastWest Bank personal loan online?

Yes. You can apply through the EastWest Bank website. 

3. Do I need a collateral or co-maker to apply for an EastWest Bank personal loan?

You don’t need collateral or a co-maker to apply. However, having a checking account can make it easier for you to guarantee the loan payments. 

4. Do I need to pay an application fee?

Yes. Applying for an EastWest Bank personal loan comes with a PHP 1,900 application fee deductible from your loaned amount.

5. Can I pre-terminate my loan? 

Yes. You can always pay your loan balance in advance and in full. However, please take note that loan pre-termination comes with an 8% charge.

6. How long can I pay my personal loan? 

The minimum loan tenure is 12 months and the maximum period to pay off the loan is 36 months. 

7. What is the processing time for my personal loan application?

EastWest Bank personal loans are processed within five to seven banking days. Expect a longer turnaround time due to health protocols imposed by the local government.

EastWest Bank allots two days for check pickup, and another 2 to 4 banking days for the loan amount to be credited to your bank account. 

Here are more loan application guides from Moneymax:

Final Thoughts

Applying for a personal loan in the Philippines is one of the ways that can help you achieve your personal goals or settle some financial problems. However, know that it’s not the be-all and end-all of financial solutions.

Before you apply, it would be wise to know your repayment capacity so you’ll have an idea of how you will settle your bills responsibly.

For more information about EastWest Bank Personal Loan, visit the nearest EastWest Bank branch or check the website. And for financial tips and some nuggets of wisdom for practical living, feel free to browse the articles here at Moneymax.

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