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Personal Loan Application in the Philippines

A personal loan is a loan that helps an individual have the financial flexibility needed in achieving both short and long-term goals. Most often, it is used as a source of quick cash for emergency situations, for leisure, entertainment, education, utility bills, and health and medication. While there are other specific loans available, some individuals also apply for a personal loan to fundhome renovation or a vehicle upgrade.
When it comes to personal loans, the most important thing to note is it is non-collateral. You do not need to submit collateral documents, such as Certificate of Title or Condominium Certificate of Title, even if your personal loan will be used for a home renovation.
Generally, any individual at least 21 years and at most 70 years of age, employed for at least 2 years or self-employed with a business running for at least 2 years, is qualified to apply for a personal loan. The minimum required monthly income ranges from Php 25,000 to Php 50,000.

Always remember that comparing the personal loans available in the country will lead you to the best option that suits your needs. You need to educate yourself about interest rates, fees, and charges that you will shoulder.

Once you have decided on the loan amount, use the comparison tool to determine if you have the financial capacity to repay the monthly amortization throughout the loan term.

Most of the time, banks will ask for your desired loan amount. However, it is always subject for approval.

Submit a filled out application form, proof of income, valid IDs, and supporting documents.

  • For employees or professionals:

    • Government-issued ID with photo (e.g. Driver's License, Passport, SSS, PRC, etc.)

    • 3 months of original payslip / Latest Income Tax Return with BIR or Bank stamp (BIR Form 2316)
  • For self-employed individuals:

    • Government-issued ID with photo (e.g. Driver's License, Passport, SSS, PRC, etc.)

    • Latest Income Tax Return (BIR Form 1700 / 1701)

    • Audited Financial Statements for the last 3 years

    • DTI Business Permit or SEC

  • For overseas Filipino workers:

    • Government-issued ID with photo (e.g. Driver's License, Passport, SSS, PRC, etc.)

    • POEA contract or Employment contract with boarding date (if hired by an agency)

    • POEA OFW Information Sheet or POEA Overseas Employment Certificate and Work Contract (if hired by direct employer)

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