Bank of Makati Power Payday Loan
Bank of Makati, Inc. (BMI) is here to give you a multipurpose loan to fulfill a variety of your financial necessities. The BMI Power Payday Loan is an unsecured loan to finance your travel expenses, home improvements, tuition fee payment, medical bills, etc. It comes with easy repayment plans starting from six to 36 months and affordable interest rates lower than 2%. The application process is online and convenient. Also, this salary loan asks for no collateral nor guarantor to get you approved.
Bank of Makati Power Payday Loan
Loan as much as P250,000 with Bank of Makati's Power Payday Loan. No credit card required, fast approval and flexible payment terms, payable up to 36 months.
Overview
- Product Name:
- Bank of Makati Power Payday Loan
- Remarks:
- With Competitive Interest Rates
- Minimum Amount of Loan:
- PHP20,000.00
- Maximum Amount of Loan:
- PHP500,000.00
- Minimum Loan Tenure:
- 6 months
- Maximum Loan Tenure:
- 36 months
- Early Repayment:
- PHP500.00 or 5% of outstanding principal balance, whichever is higher
Eligibility and Requirements
- Age Range of Borrower:
- 23-60 years old
- Minimum Annual Income:
- PHP240,000.00
- Income Requirement Remarks:
- Low monthly income requirement
- Employment / Work Status:
- Permanent Employee for 2 years / 2 years of Practice for Professionals
- Borrower has to have Credit Card:
- No
- Guarantor Required:
- No
- Collateral Required:
- No
- Other Requirements:
- Should have at least one landline number either home or office number
- Need to Open Linked Bank Account:
- No
Application and Approval
- Application Channel:
- Apply through eCompareMo.com
- Approval Duration:
- 2 to 5 banking days
- Approval Duration Remarks:
- With a minimum process time of 3 days
Fees and Charges/Penalties
- Loan Processing and Dispersal Fees:
- PHP1,500.00 processing fee, plus documentary stamp tax and credit life insurance
- Early Repayment Penalty:
- PHP500.00 or 5% of outstanding principal balance, whichever is higher
- Late Payment Penalty:
- PHP500.00 per month
Interest Rates Offered
| Product Name: | Interest Rate | Effective Interest Rate | Interest Type |
|---|---|---|---|
| Bank of Makati Power Payday Loan - 6 months | 1.49% | Monthly Rate | |
| Bank of Makati Power Payday Loan - 12 months | 1.49% | Monthly Rate | |
| Bank of Makati Power Payday Loan - 18 months | 1.49% | Monthly Rate | |
| Bank of Makati Power Payday Loan - 24 months | 1.49% | Monthly Rate | |
| Bank of Makati Power Payday Loan - 36 months | 1.69% | Monthly Rate |
FAQs
What are the eligibility requirements for a BMI salary loan application?
The applicant must have these qualifications:
- Must be a Filipino citizen
- Must be between 23 years old to 60 years old
- Should have a landline number (business/home) AND a mobile number
- Must be a regular employee earning at least P20,000 or must have an annual income of not less than P240,000
What are the required documents to apply for a BMI Power Payday Loan?
To apply for the salary loan, you need to submit the following:
- BMI Credit Application Form (duly signed and accomplished)
- Photocopy of government-issued ID (with three specimen signatures)
- Photocopy of company ID (with three specimen signatures)
- Payslip for the last month (if with allowances, payslips for the last three months are needed)
- Most recent billing statement (phone, Wi-Fi, cable, electric, or water)
- Certificate of Employment
What are the modes of payment?
Payments will be made via post-dated checks. You should issue these checks before the disbursement of your loan proceeds.
How do I claim my BMI Power Payday Loan proceeds?
Your loan proceeds will be credited to your savings account in Bank of Makati or via manager’s check if the loan amounts are higher.