Personal Loans in the Philippines for OFW

  1. #14351
    Maverick Member

    Personal Loans in the Philippines for OFW

    Having a hard time looking for banks that offer personal loans to Overseas Filipino Workers (OFWs)? Here are the banks that are confirmed to provide personal loans for OFWs, subject to their specific terms:

    BDO Personal Loan
    BPI Personal Loan
    PSBank Personal Loan

    Personal loans should not be mistaken with home, SME/business, or auto loans. There are actually more banks that offer home, SME/business, and auto loans to OFWs.

    Apart from the standard requirements to be submitted, here are the specific qualifications from the banks mentioned above:

    Banco De Oro (BDO)

    – The Personal Loan for OFWs 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

    PS Bank Flexi Personal Loan
    – No Collateral
    – You may choose between 24 or 36 months term of payment
    – 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.

    Bank of the Philippine Islands (BPI)

    – Minimum income of PHP 30,000 per month
    – At least 2 years with present employer
    – Completely filled out application form

    For more information on bank loan qualifications, you can go to:

  2. #48911
    Resniel Pacheo Ifanto
    Resniel Pacheo Ifanto Guest

    Reply To: Personal Loans in the Philippines for OFW

    hi, goodday
    im searching for a personal loan in the philippines and its my first time to apply a loan
    im still here in saudi arabia working for more than 6 years now and im going home to phils.for vacation this month of march after 1 month i will come back again,but due to financially unstable i want to apply a loan for i need it badly.
    please help. thank you

  3. #78271
    ECompareMo Keymaster

    Reply To: Personal Loans in the Philippines for OFW

    Hello Resniel,

    Since you are going back home next month, we can assist your loan application. Please prepare the following documents beforehand for a smooth loan processing:

    * Latest contract (POEA validated)
    * OEC (Overseas Employment Certificate)
    * Valid Passport (latest & validated)
    * E-ticket
    * Working Visa
    * Primary ID (2 valid)

    You can use our loan calculator to help you find which banks offers the lowest interest rates for OFW loan. Personal Loan

    Personal Loan with the Lowest Interest Rates

    Save time by comparing cash loan options from the country’s leading banks.




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