ing personal loan application | Moneymax

The Internationale Nederlanden Groep or ING is a global bank headquartered in Amsterdam, serving around 38.4 million customers in over 40 countries. ING offers mortgages, savings, investments, and loans to help keep its clients a step ahead in life and in business.

In the Philippines, the digital bank opens opportunities for Filipinos to start their ING personal loan application online and fulfill their financial goals. 

Let us walk you through the fully digital process of applying for an ING personal loan in the Philippines that allows borrowing up to ₱250,000 for your home makeover, wedding, child’s tuition, emergencies, and other financial needs.

What is the ING Personal Loan? 

The ING personal loan[1] is an unsecured financial product offered by ING to Filipinos who are looking for funds to achieve their life goals. You can apply for an ING loan using the bank’s all-digital banking app.[2]

ING Personal Loan Features

ing personal loan application - loan features

Aside from the all-digital ING personal loan application process, borrowers can also enjoy the following ING loan features:

  • No processing fees – ING does not charge processing fees, so you’ll receive your loan amount in full if you get approved. 
  • Low effective monthly interest – Compared to other loan offers in the country, the ING personal loan charges a monthly interest rate of 1.83%. 
  • Flexible payment terms – You get to choose how much to pay and when to pay each month. You can set the term from 12 to 60 months, whichever meets your budget or payment capacity.
  • Borrow between ₱30,000 up to ₱250,000 – This loan amount range allows you to borrow money to fund your financial goal or emergency, be it home renovation, wedding, tuition payment, travel, hospitalization, and more.

Related article: Zuki by SB Finance: How to Get a Loan in Just a Few Taps

Who is Eligible for an ING Personal Loan? 

Any Filipino living and working in the Philippines can submit an ING personal loan application if they meet all the following qualifications:

  • With an active ING Save or Pay account
  • 21 to 65 years old by the time the final payment is due
  • At least ₱20,000 monthly salary
  • Have a Tax Identification Number (TIN)
  • Have a BIR 2316 for the previous year
  • Can submit a payslip or proof of income for the last three months

Do I Qualify for an ING Personal Loan?

Anyone who fulfills the eligibility requirements listed above can submit an ING personal loan application. However, the ING personal loan best fits individuals who have a stable source of income and who are aiming to achieve a financial goal. 

If you’ve been working for at least two years with the same company, and you have complied with the minimum salary of ₱20,000, then you can consider preparing your ING personal loan application. Receiving your loan amount in full is an opportunity for you to push for big goals such as home renovation. 

Personal loan in the Philippines

Get a personal loan from ING if you meet the following factors::

  • You have no delinquent accounts with ING or with other lenders. ING checks your creditworthiness. Late payments may tarnish your reputation as a borrower. 
  • Your income could cover your monthly repayments and there is room for your savings. ING evaluates your needs and responsibilities. Some adjustments may be implemented on your loanable amount or payment terms depending on what suits your current financial status. 

How Much Should I Borrow from ING?

To determine the right loan amount and loan term you must avail of, you can use the ING personal loan calculator, which is available on the ING app. This online loan calculator automatically computes the monthly payment based on your selected loan amount and tenure.

How to Use the ING Loan Calculator in the Philippines

ing personal loan application - ing loan calculator philippines

Here are quick step-by-step instructions on using ING’s personal loan calculator:

  1. Launch the ING app and log in to your account.
  2. Tap “Apply for a Loan” > “Loan Calculator.”
  3. Move the sliders to the left or right to select the amount you want to borrow, your desired repayment period, or the monthly payment you can afford. The ING loan calculator will generate the data based on the details you’ve chosen.

What are the ING Personal Loan Requirements?

Once you’re sure that you’re eligible for an ING personal loan, it’s time to prepare the following requirements:

  • Photocopy of valid government-issued ID
  • Certificate of residency or proof of address (can be electricity, water, or home telephone billing statements issued within the last three months
  • Proof of income or payslip for the last three months
  • Certificate of Employment

How to Apply for ING Personal Loan in the Philippines

ing personal loan application - how to get an ing loan

The ING personal loan online application process can be completed easily if you already have an account with the digital bank.

Here are the steps to applying for the ING loan in the Philippines for existing ING customers with an ING account:

  1. Log in to your ING account on the ING Philippines mobile app.
  2. Tap the “Apply for a Loan” option.
  3. Check if you’re ready for an ING personal loan application by entering your net monthly income as indicated on your payslip.
  4. Input your desired loan amount and preferred monthly repayment. ING checks whether your desired loan amount and repayment could still be covered by your net income. It will also check if these suit your needs and responsibilities. 
  5. Select your loan purpose by tapping any of the options provided: health, home renovation, wedding, car, motorcycle, travel and leisure, etc. 
  6. Check and confirm your current address.
  7. Provide your personal and work information asked on the next screen like marital status, number of dependents, gender, and TIN.
  8. Once you’ve completed the previous steps, ING will run a quick credit evaluation.
  9. If the evaluation proves you worthy of an ING loan, you need to upload the required payroll bank statement for the last three months issued by a Philippine bank or any proof of income. You also need to upload the filed BIR Form 2316. You can upload three PDF files and 10 images on the ING mobile app for your ING personal loan application.
  10. Choose your preferred monthly payment date.
  11. Check the details and then sign the contract.Once your ING personal loan application is complete, it will be subject to review and approval. 

Don’t have a digital banking account with ING yet? Watch this video tutorial on how to open an ING account.

ING Personal Loan FAQs

1. Why can’t I find the Apply for a Loan option on my dashboard?

The ING Loan feature on the mobile app is offered to pre-selected customers only. You may need to log in to your account regularly to see if you already qualify for an ING personal loan. 

2. Can I upload my income documents at a later time?

ing personal loan application - how to submit requirements

Yes. You can upload your proof of income, payslip, and any other supporting documents at a later time by clicking the “I’ll Do This Later” option. However, it’s recommended that you prepare your documents before you start with your ING personal loan application. 

3. How long is the ING personal loan processing time? 

You can complete your ING personal loan application online in just 10 minutes. Once you’ve submitted your application, you don’t need to wait for so long for the results. The entire process of reviewing your application, making the final decision, and releasing your loan will take only three to five banking days

4. How to check my ING personal loan application status?

Checking your ING personal loan application status is easy. Simply log in to your ING account and the status of your loan can be seen from the dashboard. ING will also send notifications via message on the app to let you know if your application is approved.

5. Can I cancel my ING personal loan application without paying any fees?

Yes. You can cancel your ING personal loan application before you complete the application or before the loan amount is released. 

6. My ING loan application was declined. Can I apply again?

Once your loan application is rejected, you need to wait for two months before applying again.

Alternatively, you could look at other personal loans that you might qualify for, such as those from Citibank, RFC, and BPI. If you prefer an all-digital personal loan application process like that of ING, the CIMB Personal Loan is another product worth considering.

7. Why was I not approved for the ₱250,000 maximum loan amount?

ING considers a lot of factors when reviewing your ING personal loan application. During the application process, the system checks all the information you provided. and ING decides on an approved loan amount based on your needs and responsibilities. 

8. Can my ING loan be deposited to another local bank account?

No. Loan proceeds will automatically be credited to your ING Pay account. If you don’t have an ING Pay account, the system will automatically open one for you once your loan is approved.

9. Can I transfer funds to my ING Pay account from other banks?

Yes, you can transfer funds from other banks. Just remember that if the transfer is via InstaPay, the money should be in your ING Pay account immediately. However, if the funds are transferred via PesoNet, the funds will reach your account within the day.

10. How can I pay my ING personal loan?

Your ING personal loan payment is automatically deducted from your ING Pay account. Make sure that you have enough funds to cover your monthly payment. 

11. Can I pay off my ING personal loan early?

Yes. You can pay off and pre-terminate your loan early, but you need to pay an early repayment fee, which is 5% of the remaining principal amount. 

Follow the steps below to pay your loan in advance:

  1. Click the More icon on the upper-right corner of the Loan dashboard.
  2. Click Pay Off Loan.
  3. Input the payoff amount and check the payment breakdown.
  4. Click Pay Off Loan to confirm your payment.

12. What happens if I missed a loan payment or didn’t pay on or before the due date?

For missed or late payments, ING will ask you to pay a penalty fee of 0.2% of the principal amount per day. The missed payment or late payment will also affect your credit score.

Final Thoughts

With low-interest rates and no fees, the ING personal loan is a viable financial product—there’s more you can do with the money you’ll borrow. Getting started with an ING personal loan application means ensuring your documents are updated. Evaluate your creditworthiness: if you have a good credit score, you’ll enjoy the privilege of turning your financial goals into reality. 

Consider These Personal Loan Alternatives

Exploring other options for borrowing money in the Philippines? Through Moneymax, you can easily compare different loan products and apply for a personal loan online. Refer to the table below to check if there’s one that matches what you’re looking for in a personal loan.

Personal Loan ProvidersMinimum Loan AmountMinimum Annual IncomeApproval Time
Citibank Personal Loan

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100,000250,000Fast approval time in as fast as 24 hours
Maybank Personal Loan

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50,000300,000Apply for a loan online in just a few clicks
RCBC Bank Personal Loan

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50,000360,000Get approved within 5 to 7 banking days
PBCOM Personal Loan

₱40,000₱420,000Get approved within 3 banking days
SB Finance Personal Loan

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₱30,000₱360,000Get approved within five banking days
CIMB Bank Personal Loan

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30,000180,000Apply within 10 minutes and get approved in 24 hours
HSBC Personal Loan

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30,000168,000Get approved within 5 to 7 banking days
EastWest Bank Personal Loan

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₱25,000₱180,000Get approved within five to seven banking days
BPI Personal Loan

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20,000300,000Get approved within 5-7 banking days
CTBC Bank Personal Loan

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10,000180,000Get approved within 3 to 5 banking days
EasyRFC Multi-Purpose Loan

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10,000120,000Fast approval time in as fast as 24 hours