BDO personal loan – Key benefits review

Do you have questions about BDO personal loans? You are not alone! Many people need a little help to get back on their feet after an emergency or unexpected expense, so everyone needs to understand the basics of what they can expect when applying for one.

To answer your most pressing questions, we’ve put together this blog post with some helpful information that will assist you in getting the money you need as soon as possible. Read on!  

About BDO Unibank

As a universal Philippines bank, BDO provides a complete array of industry-leading services and products. They offer lending for both corporate customers as well as individual customers with their diverse portfolio.

The BDO team provides a full suite of products and services to retailers, including:

• Lending (corporate, middle market, SME, and consumer)
• Foreign Exchange
• Deposit-taking
• Trust and Investments
• Brokering
• Corporate Cash Management
• Credit Cards
• Remittances

 The bank offers a wide variety of services through its subsidiaries:

• Investment Banking
• Leasing Financing
• Bancassurance
• Private Banking
• Stock Brokerage services
• Insurance Brokerage

Types Of Personal Loans From BDO Bank

Do you want to take out a personal loan for the first time? It might be worth checking out these three types of financing options:

Personal Loan

This unsecured loan enables you to pay expenses, like debt consolidation or home renovation. In particular, it offers interest rates that are competitive with a flexible amount and term length from 6- 36 months! Loan amounts available range between PHP10k – PHP1 million.

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BDO Personal loan

BDO Kabayan Personal Loan Unsecured

The OFW can afford one multi-purpose loan with up to PHP 500,000. This unsecured personal mortgage is available for debts consolidation and medical emergencies. Moreover, the interest rate for an OFW with more than three years of employment to get a loan is higher, as this type of credit card functions as unsecured debt.

BDO Kabayan Personal Loan Secured

BDO’s guarantees allow OFWs to get loans if they have a bank account and can deposit money into it. The company also offers Peso-based financing for up to 90% on individual or joint deposits, which can be accessed with an OFW’s help from any Filipino lender as well!

You have to make a minimum deposit to qualify for a Dollar account of PHP 15,000 (its equivalent in other currencies). It’s worth noting that the maximum loan offered will be 80% of this amount.

The BDO team provides OFWs with a variety of loan repayment and top-up choices. Their web interface makes it easy to keep track of your payments, no matter where you are!

Benefits Of BDO Personal Loan

Benefits of personal loans

• Loan Amount: You can get a loan from anywhere between P10,000 and 1 million. The amount you receive will depend on how much your bank recommends for approval.
• Loan term: A flexible payment plan for your convenience! You can select 6, 12, or 18 months loans.
• Loan Availability: The process to receive your loan proceeds is simple. You can either have them credited directly onto your BDO Savings / Current Account or pay through a Manager’s Check, which you will find at any branch nationwide.
• Payment Channels: BDO offers a convenient and affordable way to pay monthly installments. For convenience, use Automatic Debit Arrangement (ADA) or Over-the-Counter payments.
• Monitoring: BDODO Personal Online Banking allows you to monitor your account balances.

What Are The Requirements For Applying For BDO Personal Loan?

Here are some requirements that you must grasp before applying for BDO personal loan:

BDO Personal Loan:

• The only way you can get a home loan is if you’re at least 21 years old.
• Filipino or foreign and have more than two years living in the Philippines.
• You also need to earn PHP120K (salaried) or 400 kph as minimum gross annual income.

Additional requirements:

• Salaried employee: Worked for at least one year in your current role.
• Self-employed: Shareholder/sole proprietor of a business that operated for two years.
• Professionals: Minimum 1 year in private practice

Make sure to satisfy the requirement for personal loan

See also: What is BDO swift code and how to use it?

BDO Kabayan Loan (Secured and Unsecured)

• Applicants must be 25 to 65 yrs old upon loan maturity.
• Citizenship requirement for OFWs: You must have been either a Filipino citizen (regardless of dual citizenship), married to someone abroad,
• For domestic helpers/seamen, citizenship is required.
• Have a two years minimum of continuous employment.
• Have a minimum of one landline in business or residence.
• Earn at least PHP20,000 as gross monthly income
• You must have a clean credit history. It would be best if you didn’t have any adverse files with the bank (BAP-NFIS and other internal).

What Are The Required Documents For Applying To BDO Personal Loan?

Be mindful of all the required documents to apply successfully!

Salaried Employees

• A driver’s license, passport, or a PRC
• A photocopy of the most recent BIR Form 2316 or W2, signed by the authorized representative of the employer
• The latest month salary slip
• Original Certificate of Employment and Income (COEI) issued during the past three months.

Personal loan application form

Self-employed Employees

• A driver’s license, passport, or a PRC
• A Business Name certificate registration photocopy

Partnerships Issued By The SEC (Securities and Exchange Commission)

• Latest income tax return and W4 along with a BIR/bank stamp
• Last 2 years audited financial statements
• Last 6 months bank statements

Resident Foreigners

• Two photocopied pieces of a driver’s license, passport, or a PRC
• An employment certificate or employment contract
• An Embassy’s letter (for embassy officials)

Additional Requirements

• Resident Visa and Valid passport
• Valid Visa and Work permit
• Visas with Eo226 or Visa Philippine Economic Authority and Special Investor’s Resident Visa
• ACR1 or ICR or ACR

How To Apply For BDO Personal Loan?

BDO branches across the country are waiting for you. Get your application now at:

BDO Kabayan – Secured

1. Application Forms
2. Deed of Assignment Form
3. Special Power of Attorney
4. Auto-Debit Arrangement Form
5. Beneficiary Information Form

BDO Kabayan – Unsecured

1. Application Form
2. Authorization Form
3. Auto-Debit Arrangement Form
4. Beneficiary Information Form

What IS BDO Personal Loan’s Interest rate?

BDO Personal Loan

Tenor	Factor Rate	Monthly Add-on Rate	Effective Rate/Annum
6	0.179667192	1.30%	26.27%
12	0.095836960	1.25%	26.63%
18	0.068058532	1.25%	26.76%
24	0.054167533	1.25%	26.58%
36	0.040279967	1.25%	25.98%

BDO Kabayan Personal Loan Unsecured

Tenor	Factor Rate	Monthly Add-on Rate	Effective Rate/Annum
3	0.353337798	2%	35.66%
6	0.186667698	2%	40.05%
12	0.103336822	2%	41.71%
18	0.075560430	2%	41.51%
24	0.061669382	2%	40.89%
36	0.047778078	2%	39.43%

BDO Kabayan Personal Loan Secured

Tenor	Factor Rate	Monthly Add-on Rate	Effective Rate/Annum
6	0.175067218	0.84%	17.08%
12	0.091237975	0.79%	17.07%
18	0.063358579	0.78%	17.06%
24	0.049471099	0.78%	17.06%
36	0.035682596	0.79%	17.06%

Frequently Asked Questions

Is There Any Fee Other Than Interest Fee When Applying For BDO Personal Loan?

The fees that come with a loan are often overlooked. You might be surprised to learn how much you’re being charged for the privilege of borrowing money!

Most people don’t realize all these little details in their contract, but it’s important to read them before signing so as not to get blindsided by fees like P1,300 and stamp duty (which can total up to over 3%!).

Be mindful of all the details in the contract

Will I Have A Penalty Fee If I Didn’t Pay On The Agreed Date?

If you fail to make your agreed payment on time, the bank will charge 5% of unpaid installment or P300, whichever is higher.

Final Thoughts

If you’re in need of cash, it’s time to get serious about your finances. A BDO personal loan can help you manage your expenses and expand your business opportunities. Specifically, BDO has a wide range of types of loans that suit different needs at competitive rates with quick approval times for all qualified applicants.