6 Personal Loans with Low Interest Rates in the Philippines

by Carlo Miguel Castañeda, on category "Banking & Finance,Loans,Money Matters,Personal Loan"

August 11, 2017


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It’s beyond the middle of 2017. By now, people are looking into what their plans are for the holidays or even plans for 2018. Are you looking to fund a passion project? Maybe start a nest egg for the future? Whatever goals you might have that require funding, a personal loan might be able to solve these problems easily.
Personal loans with low-interest rates aren’t rare in the country, but it does take some research and comparison. For a lot of borrowers, a loan’s Annual Percentage Rate (APR) is a larger point of contention. Getting a loan with a low APR means that you can save a lot of money on interest payments, especially if you plan on taking out a loan with a longer tenure.
Here are six personal loans with low-interest rates that you can get:

Maybank “Enable” Personal Loan
APR: 13.2%

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Maybank’s “Enable” personal loan offers a 1.10% fixed interest add-on to its potential borrowers. Payment terms are fairly flexible at 12, 18, 24, or 36 months. Loan amounts can be anywhere between Php 50,000 to Php 1 Million, depending on your current salary, and the bank’s approval.

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Find the best personal loan to suit your needs. Compare personal loan features from the top banks in the Philippines in one place.

Robinsons Bank Corporation Personal Loan

APR: 14.4%

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Robinsons Bank – like Maybank – also offers a low APR personal loan, payable in any of the following intervals: 6, 9, 12, 18, 24 or 36 months
Robinsons Bank’s interest rate is fixed at 1.20% per month. The loanable amount maxes out at Php 250,000, but it starts at Php 5,000.
Related Article: Four Horrible Reasons to Get Personal Loan

BPI Personal Loan
APR: 25.6%

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BPI’s Personal Loan is similar in payment terms, and the amount you can opt to loan starts at Php 20,000 and is capped at Php 1 Million. BPI’s large online banking network also allows you to monitor your loan’s status via their app.
[click here] to download the BPI app.
Loans granted via BPI also entitles a borrower to a bank account with them.

BDO Personal Loan
APR: 26.63%

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BDO’s Personal Loan package can come in Unsecured (no collateral) and Secured variations, the difference is that the unsecured personal loan can be paid for in as short as three months and up to three years. Secured loans start at six months and go all the way to thirty-six months.
Loan amounts via BDO start at Php 10,000 and go all the way up to Php 3 Million.
 

Pag-IBIG Salary Loan
APR: 10.75%

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The name for the Pag-IBIG Loan is a bit of a misnomer, considering that it’s actually a multi-purpose loan. The reason that it’s called a salary loan is that the amount that can be withdrawn through this loan is dependent on the contributions that a member has already made.
For a more in-depth look at the Pag-IBIG Salary Loan, click here.

SSS Salary Loan
APR: 10%

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The Social Security System grants its members the ability to borrow one month’s or two months’ worth of their salary after making at least 36 months total contributions. Loans requested by the government agency are payable within two years via pay deductions or self-payment.
Loan amounts will be based solely on the salary you currently have.
For a more in-depth look at the SSS Salary Loan, click here.

Final thoughts

Make sure a personal loan offers you the best deal by choosing the right lender that offers the best deal for you. Aside from interest rates, you should also consider other factors like payment terms. Unlike most other loans, personal loans come to consumers with nearly zero complications and easy to understand terms and conditions. Naturally, there are a number of other personal loans available to the discerning borrower, if they need a point of comparison.
You can compare these loans with more options available in the Philippines on the MoneyMax.ph personal loan comparison page.
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