EastWest Personal Loan

EastWest Bank Personal Loan Review

Are you close to achieving your goals but need a financial boost? Check off your goal from your list in no time with EastWest Bank Personal Loan’s easy and affordable loan options that let you borrow up to ₱2 million payable up to 36 months.

Where Can I Use an EastWest Bank Personal Loan?

EastWest Bank Personal Loan is a multipurpose loan that suits several needs, from emergencies to long-term goals. It can serve as payment for your child’s tuition fee or emergency medical procedures, or to fund your plans of starting your own business. Other common loan purposes include:

• Home improvement - Keep your house a safe haven by addressing damages that interfere with your daily life. Get the budget for repairs with EastWest Bank Personal Loan.
• Appliances and furniture - A house renovation is not complete without new furniture and appliances. The price tags on these items are usually expensive but you can borrow up to ₱2 million from EastWest Personal Loan.
• Weddings - A wedding is usually an extravagant affair that costs six digits and can be hard on your budget. Get an EastWest Bank Personal Loan to ease the financial stress and fully enjoy the event.
• Travel expenses - You’ve been thinking of traveling abroad for some time but have limited funds. Fulfill your travel plans by applying for an EastWest Bank Personal Loan today.

Who Can Get an EastWest Bank Personal Loan?

Before applying for a loan, you need to meet the following EastWest Bank Personal Loan eligibility criteria:

• 21 years old and above and not older than 65 years old upon loan maturity
• Filipino citizen or foreigner residing in the Philippines
• With a minimum gross annual salary of ₱180,000
• Must have a landline number (residence or office) and mobile number
• For Filipinos: Must be a credit cardholder

EastWest Bank Personal Loan Requirements for Filipinos

• Valid government-issued ID with your photo and signature
• Filled-out and signed application form
• For employed individuals, any of the following:
• Certificate of Employment with your salary, role, and date of employment
• Photocopy of ITR/BIR Form 2316
• Photocopy of your payslips in the last 3 months
• Self-employed:
• Audited financial statements
• Photocopy of the latest ITR/BIR Form 1701
• For sole proprietors: DTI Registration Certificate
• For partnerships or corporations: SEC Registration Certificate that shows shares owned by the applicant
• Business Permit
• Mayor’s Permit if further verification is required
• For foreign nationals, any of the following:
• Alien Certificate of Registration
• Immigrant Certificate of Registration
• Photocopy of Visa stamp on passport

EastWest Bank Personal Loan Rates

Loan amount: ₱25,000 to ₱2 million

Loan terms: 12, 18, 24, or 36 months

Monthly interest rate:

For existing credit cardholders for more than 1 year:

• 12 months - 1.49%
• 18 and 24 months - 1.59%
• 36 months - 1.69%

For non- and existing credit cardholders for less than 1 year: 1.89%

Annual contractual rate:

• 41.67% to 41.94% per annum for existing credit cardholders for more than 1 year
• 37.53% to 39.53% per annum for non- and existing credit cardholders for less than 1 year

Effective interest rate:

• 46.92% to 53.21% per annum for existing credit cardholders for more than 1 year
• 37.53% to 39.53% per annum for non- and existing credit cardholders for less than 1 year

Late payment penalty fee: 8% of the amount due or ₱500, whichever is higher

Processing fee: ₱1,900

Documentary Stamp Tax: ₱1.50 for every ₱200 for loans exceeding ₱250,000

Processing fee for Early Pay-off of Loan: 8% of the outstanding principal balance or ₱500, whichever is higher

Returned Check Fee: ₱1,000 per returned check

Check Retrieval and Replacement Fee: ₱200

Minimal requirements: No collateral fee and no pre-termination fee