BPI Personal Loan Application Guide For First-Time Borrowers

3 min read By eCompareMo on January 16, 2019

Planning on getting a BPI personal loan for the first time? Here’s a quick guide.

There are many financial institutions that offer personal loans. Each requires its own screening process. Follow the steps below to know the process and secure your BPI personal loan approval.

How do I apply for a BPI personal loan?

To apply for a BPI personal loan, you can visit BPI’s official website and fill-out their 3-step web application process.

Step 1: Loan Information

In this step, you will be asked to fill in your loan information such as the purpose of your loan, loan amount and payment terms.

Step 2: Borrower Information

In this step, you will be asked to fill out four pages with your personal information and another three pages to answer some personal questions.

On the first page you will be providing your name, date and place of birth, gender, civil status, citizenship and your TIN, SSS, or GSIS number.

Upon submission of this page, you will be redirected to a new page where you will be filling in your home address information: unit number, street, barangay, city or province, length of stay, type of residence, home phone, mobile number, and email address.

The next page will be about your income information. You will be asked to provide the source of your income, your company or business name, your company or business address, company or business telephone number, tenure in company or business, position, and your gross annual income.

The fourth page is about your personal references. Here, you will be asked to fill out two names of your reference of choice and you will also provide the name of their employer, their employer’s address, contact number and your relationship to them. Upon submission of this page, you will be asked three personal questions, among them if you have any existing bank account, loans, or credit cards.

Step 3: Submission

In this step you will be asked to review the details that you have provided before the submission of your loan application. You will also be needing to provide your preferred date and time for the bank to call.

(Read: Personal Loans For Government Employees In The Philippines: A Comprehensive Guide)

What are the requirements in applying for a BPI personal loan?

When applying for a BPI personal loan, the required documents vary for Overseas Filipino Workers (OFWs), regular employees or professionals, and self-employed individuals.

Here are the BPI personal loan requirements for each:

General requirements:

• Filipino citizen
• Must be 21 years old and above upon application and not more than 60 years old upon loan maturity.
• Must be working or residing within 30 kilometers from the nearest BPI branch.

For Overseas Filipino Workers (OFWs):

• Two government-issued IDs with photo of the applicant
• Philippine Overseas Employment Administration (POEA) contract
• Employment contract with boarding date (for agency hires)
• POEA Overseas Employment Certificate
• Proof of remittance
• POEA OFW Information Sheet

For employees and professionals:

• Two government-issued IDs bearing a photo of the applicant
• Original copy of three months’ worth of pay slips or latest Income Tax Return (ITR) or bank stamp (BIR Form 2316)

For self-employed individuals:

• Two government-issued IDs bearing a photo of the applicant
• Photocopy of DTI Business Permit or SEC Registration
• Three years’ worth of audited financial statements
• Latest Income Tax Return (BIR Form 1700 or 1701)

In order to avoid mishaps and delay of application, be sure to secure all the required documents. Upon doing so, the next step is to download the BPI personal loan application form, to be filled out online or at any BPI branch.

(Read: 5 People Share How They Paid Off Their Debts)

How do I check my BPI personal loan application status?

You can follow up your BPI personal loan application status by calling BPI’s trunk line at 89100 or you can just wait until you receive the system generated SMS after the approval process of five to seven days.

How do I compute for the amount of my monthly installments?

For the computation of your estimated BPI personal loan monthly installments, you can use the BPI personal loan calculator on their website.

The regular BPI personal loan calculator will only be applicable for employed, self-employed and OFW applicants. Those who will be applying for the Seafarer loan application program should use their own Seafarer calculator.

For other inquiries and concerns you can visit BPI’s official website, email them at personal_loan@bpi.com.ph or you can call their trunkline at 89100.