OFW Loan No Co Maker

  1. #11102
    Maricar
    Maricar Guest
    Reply

    OFW Loan No Co Maker

    Hi are you guys? A noob here in this forum.

    I have a question regarding OFW loan. I’m a housewife and my husband is working right now in Dubai for almost a year now. Due to financial problem that we are facing now, we need cash especially this coming June since it’s enrollment again. Based from what I heard, you need a co maker when you apply for an ofw loan, and since I’m only a plain housewife, I can’t be my husband’s co maker. Is there any possible way to get a loan without even needing a co maker?

    Sorry for the long post. :)

    Hope someone someone can answer me. Thank you!

  2. #15631
    Tina
    Tina Keymaster

    Reply To: OFW Loan No Co Maker

    Hi Maricar, here are three leading banks that offer multi-purpose personal loans to OFWs with no co-maker, no collateral, and low interest rates:

    Banco De Oro (BDO) – Asenso Kabayan Program

    The Personal Loan for OFW is offered against hold-out on Joint or Individual account deposits maintained with BDO as security.

    The following are the type of deposits allowed for this program:

    • Peso or Dollar Savings Account
    • Peso or Dollar Time Deposit – at least co-terminous with the loan tenor
    • The minimum deposit requirement is P15,000 or its dollar equivalent. Though, the loan proceeds will be in Pesos.
    • Applicant should be the OFW only. However, if the deposit collateral is a joint account, beneficiary may apply as a principal borrower of the loan
    • The following cannot be allowed to be held as collateral
    • “In Trust For” accounts
    • Accounts with existing/ongoing hold-out arrangements

    Overseas Filipino Worker (OFW) Eligibility Requirements
    • 25 Years old at the time of loan application and not 65 years old at the time of loan maturity
    • Former Filipinos with or withour dual citezenship
    • Filipinos married to foreigners
    • Filipinos based abroad/OFW and their Beneficiaries
    • 2 years continuous / employment contract
    • 3 years continuous / employement for domestic helpers
    • Must have at least one (1) landline at either residenceaor employment/business
    • Gross monthly income must be P10,000 or its US$ equivalent
    • No adverse findings in BAP-NFIS and other internal negative files
    • Beneficiary requirement – Required only if proceeds will be released to any person other than the applicant him/herself
    • Beneficiary must be residing/working within BDO serviceable areas (30km radius from any BDO branch)
    • Signed Automatic Debit Arrangement Form
    • Authorization Letter for Benefiaciary sign by OFW
    • Benificiary Information Form

    Document Requirements:

    Proof of Income for Salaried Employees

    Photocopy of the latest BIR Form 2316 or W2 signed by employer’s authorized representative (MANDATORY) and submit any of the following:
    • Original Certificate of Employment and Income (COEI) issued in the last three (3) months indicating status, length of service and breakdown of compensation
    • Photocopy of last full month pay slip

    Interest Rates:
    Monthly Add-on Rate:
    6 months – 1.30%
    12, 18, 24, and 36 months – 1.25%

    Effective Rate (Annual)
    6-month term: 26.27%
    12-month term: 26.63%
    18-month term: 26.76%
    24-month term: 26.58%
    36-month term: 25.98%

    Tenure:
    Either 6, 12, 18, 24, or 36 months

    Mode of Payment:
    For BDO Asenso Kabayan Personal Loan Secured and Unsecured:

    “Payment of the loan’s monthly amortization will be through an
    auto-debit arrangement (ADA) of your BDO current or savings
    account.”

    Terms and Conditions:
    Flexible loan amounts:
    Minimum of P10,000
    Maximum of P 3,000,000
    For Asenso Kabayan Personal Loan Secured

    For Peso account, maximum of 90% of the deposit account balance
    For Dollar account , maximum of 80% of the deposit account balance; the prevailing buying rate shall be used to determine peso equivalent.

    PS Bank Flexi Personal Loan

    Eligibility Requirements:
    • Citizenship: Filipino
    • Residence: Philippines
    • Age: At least 22 years old to 54 years old upon application
    • Source of Income: Employed or self-employed
    • Work Tenure: At least 2 years permanent work status with 1 year tenure in current employer if employed or 3 years profitable in the same business if self-employed
    • Monthly Income:
    At least PhP15,000 gross monthly income if employed
    At least PhP30,000 net monthly income if self-employed

    • Preferably an active credit cardholder
    • With residential landline or mobile number, business landline and email address


    Document Requirements:

    • Completely filled out PSBank Flexi Personal Loan application form
    • Photocopy of any of the following identification cards: Company ID, SSS, GSIS, PRC, Driver’s License, Passport or TIN (plastic card type), Firearms License, NBI Clearance, Integrated Bar of the Philippines ID
    • Photocopy of BIR form 2316, 2306, 2307 or 1700 for employed applicants
    • Photocopy of BIR form 1701 or 2317 for self-employed applicants and Auditor’s Report and Financial Statement with BIR Stamp
    • Original copy of the latest credit card billing statement (with the client as the PRINCIPAL cardholder)

    Interest Rates:
    2.5% monthly interest rate for the Revolving Loan
    1.75% monthly add-on-rate for Term Loan

    Processing Fee:
    PHP 1,500.00

    Tenure:
    24 or 36 months

    Mode of Payment:
    • Over-the-counter at any PSBank branch nationwide
    • BancNet ATMs nationwide and BancNet Online for clients who have deposit accounts in these banks
    • Via PSBank Online for enrolled and activated PSBank accounts
    • Client-initiated deduction/debit from PSBank deposit account only
    • Fund Transfer from another PSBank deposit account

    Terms and Conditions:
    Minimum of PHP 20,000.00
    Maximum of PHP 250,000.00

    Processing time:
    5-9 business days

    Advantages:
    • Prime Rebate allows customers to earn rebates or savings when they make advance or excess payments on their PSBank Flexi’s monthly due.
    • The rebate is automatically applied to all new and existing term loans. The client does not need to register or enroll to get the rebate.
    • Rebates earned from advance/excess payments are computed on a daily basis – including weekends and holidays, starting on the date the payment is posted, and credited every due date.
    • Rebate is applicable to advance/excess payments for the total term loan amortization due.
    • Prime Rebate is not valid for loans under a zero-interest rate promotion or program.
    • No Collateral
    PS Bank Prime rebate also allows you to earn rebates or savings when you make advanced payment or pay more than what you owe on your monthly due.

    BPI Personal Loan

    Eligibility Requirements:
    •Filipino citizen
    •Minimum gross monthly income of P25,000 and an employment tenure of at least 2 years.
    •Area of residence or work is located in Metro Manila or within 30-km of key provincial BPI/BFB branches.
    •Must have no unsettled credit / debt obligations

    Document Requirements:

    •Filled out application form
    •Proof of income and valid identification cards

    Overseas Filipino Worker (OFW)

    • Government-issued photo-bearing ID (Passport, Driver’s License, SSS, PRC, etc.)
    • Agency based: POEA contract or Employment contract with boarding date
    • Direct hire: Proof of remittance, POEA OFW Information Sheet or POEA Overseas
    • Employment Certificate and Work Contract

    Interest Rates:
    Monthly Add-on Rate – 1.20%

    Effective Interest Rate (Annual):
    12-month term: 25.60%
    18-month term: 25.74%
    24-month term: 25.59%
    30-month term: 25.33%
    36-month term: 25.03%

    Processing Fee:
    PHP 1,500.00

    Tenure:
    6, 12, 18, 24, 30, or 36 months

    Mode of Payment:
    Automatic debit from borrower’s BPI deposit account

    Terms and Conditions:
    • Loan Amount:
    Minimum of PHP 20,000.00
    Maximum of PHP 1,000,000.00
    •Fixed interest rate for the entire term of the loan, so your monthly installment never changes
    •Fixed term so you know how many payments you need to make to pay off your loan
    •Longer payment period gives you the flexibility to fit your monthly installment right into your budget.
    •Monthly principal payments make sure that your outstanding loan steadily decreases over time.

    All you have to remember is to pay your loan on time to preserve your good credit standing.

    Advantages:
    BPI Personal Loan Lifestyle Privileges
    Exclusive discounts and freebies from partner merchants
    Home, Education, Celebration, Health, and Travel

    BPI Personal Loan Preferred Privileges
    Exclusive discounts and freebies from partner merchants
    Dining, Shopping, and Travel

    To know more about your qualifications, please visit ecomparemo.com.

  3. #15861
    Lendon
    Lendon Guest

    Reply To: OFW Loan No Co Maker

    How to avail this type of loan? Kindly walk me through to the process. Thank you!

  4. #45211
    ALFREDO DE LEON
    ALFREDO DE LEON Guest

    Reply To: OFW Loan No Co Maker

    Can you please provide me the complete requirements for OFW?

  5. #45441
    eCompareMo
    ECompareMo Keymaster

    Reply To: OFW Loan No Co Maker

    Hi Alfredo,

    To answer your concerned, please check below:
    To be eligible to apply for this type of loan, you need to complete the lists of basic documentary requirements to banks and undergo a pre-qualifying interview.

    Eligibility Requirements:

    You must be 21-59 years old upon loan maturity
    A Filipino citizen
    Must have a landline/cellphone number
    Married / single

    Basic Documentary Requirements:

    1. Completely filled-up application form with signature of applicant
    2. Copy of your passport (Must be updated, latest and valid)
    3. Photocopy of 2 valid primary or government issued I.D’s / 2×2 picture
    4. Proof of billing (preferably MERALCO bill)
    5. Standard Employment Contract or POEA Info Sheet (Take note that only updated contracts are considered valid). You can request a copy of this document from your agency/office
    6. Validated E-Receipt / OEC (overseas employment certificate)
    7. Marriage Contract; if married and spouse as co-borrower or birth certificate of their children

    For Co-borrower:

    It can be your wife/husband (if your married or immediate family member). Co-borrower who will act as principal borrower
    Must be employed or with stable income (required to submit 3 months latest payslip). If with business (required to submit latest Mayor or Barangay business permit)

    To help you assist further, here are some factors that might affect your loan application:

    1. Your country destination
    2. The amount of the alary stated in the contract
    3. Availability and correctness of all the requirements
    4. Residence status (owned or rented)
    5. Availability of co-maker/co-borrower, in case necessary

    You can check out banks that offer OFW loan here: https://www.ecomparemo.com/partners-product-banking

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