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Are you an OFW who’s in need of a loan? Whether for personal or business use, there are certain OFW loan requirements that you must meet before you can be approved. In this blog post, we will discuss the different amounts, conditions, and terms associated with OFW loans. We’ll also provide an online calculator that will help you determine how much your monthly payments will be. So read on to learn more!
TOP COMPANIES TO TAKE A OFW LOAN
- BPI Land-based OFW Personal Loan
- BDO Kabayan Program – Unsecured
- Citi Personal Loan
- Security Bank Personal Loan
BPI Land-based OFW LOAN
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The BPI Land-based OFW Personal Loan is a loan specifically designed for OFWs. It offers OFWs the flexibility to borrow amounts starting at PHP10,000, with no collateral needed. The loan has a fixed interest rate of 14.5% per annum, and borrowers have the option of choosing between a 12 or 24-month repayment term.
To qualify for the BPI Land-based OFW Personal Loan, OFWs must meet the following requirements:
– Must be an OFW with a valid working visa
– Must be currently employed and have been employed for at least six months
– Minimum monthly income of PHP15,000
For more information on the BPI Land-based OFW Personal Loan, please visit https://www.bpi.com.ph/personal/loan-products/ofw-personal-loan/.
BDO Kabayan Program – Unsecured
The BDO Kabayan Program – Unsecured is a personal loan offered to OFWs who are not able to provide collateral. The loan offers OFWs the flexibility to borrow amounts starting at PHP10,000, with no minimum income requirement. The loan has a fixed interest rate of 15% per annum, and borrowers have the option of choosing between a 12 or 24-month repayment term.
To qualify for the BDO Kabayan Program – Unsecured, OFWs must meet the following requirements:
– Must be an OFW with a valid working visa
– Must be currently employed and have been employed for at least six months
– Minimum age of 21 years old
For more information on the BDO Kabayan Program – Unsecured, please visit https://www.bdo.com.ph/personal/loan/unsecured/.
Citi Personal Loan
The Citi Personal Loan is a personal loan that can be used for any purpose. The loan offers OFWs the flexibility to borrow amounts starting at PHP30,000, with no collateral needed. The loan has a fixed interest rate of 16% per annum, and borrowers have the option of choosing between a 12 or 24-month repayment term.
To qualify for the Citi Personal Loan, OFWs must meet the following requirements:
– Must be an OFW with a valid working visa
For more information on the Citi Personal Loan, please visit https://www.citibank
Security Bank Personal Loan OFW LOAN
The Security Bank OFW Loan is a personal loan specifically designed for OFWs. It offers OFWs the flexibility to borrow amounts starting at PHP20,000, with no collateral needed. The loan has a fixed interest rate of 16% per annum, and borrowers have the option of choosing between a 12 or 24-month repayment term.
GDFI (Global Dominion)
Requirements for Global Dominion OFW loan:
– OFW must have a minimum monthly income of $500
– OFW must be employed for at least two years with current employer
– OFW must have a valid employment contract
– OFW must be 21 to 60 years old upon loan maturity
For more information on the Security Bank Personal Loan OFW LOAN, please visit
Terms and conditions OFW loan
– Must be an OFW with a valid working visa
– Must have a minimum monthly income of USD500 or its equivalent in other currencies
-Must be between 21 and 60 years old upon loan maturity
– Loan amount should not exceed 50% of the OFW’s total monthly income
Cashmart
Requirements for Cashmart OFW loan
– OFW must have a minimum monthly income of $500
– OFW must be employed for at least two years with current employer
– OFW must have a valid employment contract
– OFW must be 21 to 60 years old upon loan maturity
Terms and conditions
OFW loan- Must be an OFW with a valid working visa- Must have a minimum monthly income of USD500 or its equivalent in other currencies-Must be between 21 and 60 years old upon loan maturity- Loan amount should not exceed 50% of the OFW’s total monthly income
BalikBayad
Requirements for Balikbayad OFW PERSONAL LOAN
– OFW must have a minimum monthly income of $500
– OFW must be employed for at least two years with current employer- OFW must have a valid employment contract
– OFW must be 21 to 60 years old upon loan maturityFor more information on the Balikbayad OFW PERSONAL LOAN
South AsiaLink Finance Corp.
AsiaLink OFW loanRequirements for AsiaLink OFW loan
– OFW must have a minimum monthly income of $1,000
– OFW must be employed for at least two years with current employer
– OFW must have a valid employment contract
– OFW must be 21 to 60 years old upon loan maturity
For more information on the AsiaLink OFW loan, please visit www.asiaready.com.ph/loan.
Rang-ay Bank
Special offer: Rang ay Bank OFW loan
The bank offers OFWs the opportunity to invest in a Philippine business or to open their own business. The maximum loan amount available is 30 million pesos, and in order to qualify, OFWs must provide their passport, OFW certificate, and residence permit abroad.
BENEFITS OF LOANS FOR FILIPINO WORKERS
By taking into account the high solvency, the Filipino banks are ready to provide the employees with any types of loans (OFW loans), including large amounts with quick approval for the purchase of an apartment, a house, a car, etc. Using such proposals, you do not need to remit desired purchases and improving life conditions.The main advantages of OFW loans are:
- – no need to put up any collateral;
- – a wide variety of OFW loan products to choose from depending on your needs and capacity to pay;
- – easy application process and quick approval. OFWs can apply for a loan online, through banks’ websites or mobile apps;
- – flexible repayment terms. Most OFW loans have a term of 12 to 36 months, with some banks offering up to 60 months;
- – competitive interest rates. Banks offer OFWs different interest rates depending on the type of OFW loan product and the borrower’s creditworthiness. Some banks also offer promotional rates for new customers;
- – convenient disbursement. Once approved, the loan amount can be deposited to the OFW’s bank account or remitted to a beneficiary in the Philippines;
- – OFWs can use their loans for any purpose, whether it’s for investing in a business, buying a car or property, or financing their children’s education.
Applying for an OFW loan is easy and convenient. You can apply online, through banks’ websites or mobile apps. Most OFWs can get approved for a loan within 24 hours. The disbursement of the loan amount is also quick and convenient, with most banks depositing the funds to the OFW’s bank account or remitting it to a beneficiary in the Philippines.
HOW TO GET A LOAN TO A FILIPINO EMPLOYEE ABROAD: DETAILED INSTRUCTIONS
GET A LOAN IN 3 STEPS
1. Open a browser, enter a search query like “bank name + ofw loan” and go to the website of one of the companies where you want to take a loan.
2. Fill out an online application form on the company’s website.
3. Wait for a response from the bank. Most banks will approve or reject your loan application within 24 hours.
WHAT BANKS OFFER LOANS TO FILIPINO WORKERS?
Below is the list of popular banks that offer OFW loans. These include:
- Pag-IBIG (Mortgage Unit Investment Fund) and SSS (Social Security System);
- BPI (Bank of the Philippine Islands);
- BDO Unibank;
- Security Bank Philippines;
- China Banking Corporation (CBC);
- EastWest Personal Loan;
- AUB Seafarers Loan;
- PSBank (Philippine Saving Bank) and others.
OFW LOAN REQUIREMENTS
OFWs are a crucial part of the Philippine economy, and that’s why banks offer OFW loans with easy application processes and quick approvals. OFWs can use their loans for any purpose, whether it’s for investing in a business, buying a car or property, or financing their children’s education.
To apply for an OFW loan, you can open a browser and enter a search query like “bank name + ofw loan” to go to the website of one of the banks offering OFW loans. You can also download the bank’s mobile app to apply for a loan on the go.
Most banks will approve or reject your loan application within 24 hours. So if you’re looking for a convenient and quick way to get a loan, an OFW loan from one of the banks listed above is a great option.
However, not every bank develops special lending programs for foreigners. OFWs who are not employed by a bank in the Philippines can still get a loan, but they will need to provide collateral. The most common collateral that OFWs use is their home country’s passport. OFWs can also use their land titles, car titles, or shares of stock as collateral.
If you’re an OFW and you’re not employed by a bank in the Philippines, be sure to check with your local bank to see if they offer any special lending programs for foreigners.
In order to comply with the requirements of the organization to which they apply, OFWs must provide the following documents:
– Valid passport;
– Proof of employment, such as a recent pay stub or letter from the employer;
– Bank statements for the past three months;
– Certificate of employment and training (if applicable); and
– Other documents required by the bank.
If you’re an OFW and you’re not employed by a bank in the Philippines, be sure to check with your local bank to see if they have any other specific requirements.
OFWs must also provide proof of their OFW status, such as an Overseas Employment Certificate (OEC) or a Balikbayan Visa Stamp. This is to ensure that the bank is lending to a foreign national who is actually working abroad.
The OEC is an identification card issued by the Philippine government to OFWs. The Balikbayan Visa Stamp is a visa stamp given to OFWs who have been in the Philippines for at least six months.
An application for a loan submitted to the United Bank of Asia may be approved subject to the following conditions:
- If you’re an OFW and you have completed at least one employment contract, you can apply for an OFW loan from one of the banks listed above. Most banks will approve or reject your loan application within 24 hours, so it’s a quick and easy way to get a loan.presence of account in the United Bank of Asia (AUB);
- If you have an account with United Bank of Asia (AUB), you can apply for an OFW loan through the bank’s website or mobile app. The bank will approve or reject your loan application within 24 hours, so it’s a quick and easy way to get a loan.
- OFWs who are approved for a loan will have to sign an agreement with the bank. One of the conditions of the agreement is that the borrower’s income is at least 1,000 dollars. This is to ensure that the borrower can repay the loan in a timely manner.
