BPI Personal Loan – Your Emergency Financial Best Friend

BPI Personal Loan is a lending service from BPI Family Savings Bank, Inc. that offers you the convenience of borrowing money for your personal needs. 

If you’re learning about BPI Personal Loan, then this article will be a big help. Here we will dive deep into its features in order to help you make an informed decision about whether or not it suits your needs! 

bpi logo

BPI bank

About BPI 

BPI is a universal bank that specializes in offering financial products and solutions for both retail clients and their corporate customers through its subsidiaries and affiliates.

Notably, BPI pointed the way for a new era for the Philippine banking and finance industry. Aside from printing and issuing currency, the bank also served as a source of credit for the National Treasury, becoming the country’s first Central Bank.

Presently, BPI carries on this heritage by funding several private and public sector initiatives and businesses that contribute to economic growth and country building.

See also: BPI Swift Code – Banking Term For You

What Is BPI Personal Loan?

The BPI Personal Loan is a no-collateral cash loan you can use to meet your cash financial needs. Since it doesn’t require collateral, you don’t have to promise anything valuable as a means of repayment.

The bank offers a solution for loan borrowers who are looking to get ahead in life. They provide financial assistance without jeopardizing the terms and conditions of the loan agreement, which benefits both parties equally.

Their loan services have some lowest interest rates available, and they frequently run promotional deals that you can take advantage of.

Benefits Of BPI Personal Loan

Benefits of BPI Personal Loan

Benefits of BPI Personal Loan

Your Child’s Education

Pay your child’s tuition fees on time to avoid promissory notes. You can utilize your BPI personal loan money to cover educational costs, such as enrollment, school supplies, and even tech gadgets.

Home Renovation

You can turn your home into the perfect Scandi-inspired space or convert one of your properties to Airbnb rentals. Covering renovation costs with a BPI loan is easy and acceptable. 

Additionally, you can even use BPI Personal Loan for massive repairs if something terrible happens, like an earthquake!

Dream Vacation

Planning your trip is a great way to start, but it may not be easy if you’re on a tight budget. Luckily you can still make plans and fund those ideas with early funding from the application process for BPI Personal Loan! 

The money received may help cover airfare, accommodations, and even travel essentials so that you’re ready on time when traveling abroad!

Memorable Occasions

It’s time to celebrate your parents’ 25th wedding anniversary, or perhaps you just want a fun birthday celebration. Whatever it is, BPI Personal Loan can make this more memorable by providing financing that will meet all needs on its way to make sure nothing falls short!

Other Emergency Expenses

In the unfortunate event that one of your loved ones gets sick and needs hospitalization, you can use this money to pay for their medical expenses. Likewise, if your laptop is already broken, it would make sense to get another one so that you don’t miss out on freelance work!

Why should you choose BPI Personal Loan?

Why should you choose BPI Personal Loan?

How Can You Compute Your BPI Personal Loan?

The BPI website has an easy-to-use personal calculator that will help you determine your estimated monthly installment.

The BPI personal loan calculator will only provide the information for employed, self-employed, and OFW applicants. If you’re applying for the Seafarer loan program, you will need to use your own Seafarer calculator.

If you have any further concerns or inquiries, please visit BPI’s website at www.bpi.com/personal-loan/. You can also email them through their contact page on the site and call 89100.

See also: BPI Credit Card – Find The Right Offer For You

What Is BPI Personal Loan’s Interest Rate?

The interest rate on a BPI Personal Loan varies depending on the tenure of the loan. The normal monthly interest rate is 1.20 percent of the loan’s principal. You can refer to the total interest rates as below:

  • 1 year: 25.6%
  • 2 years: 25.74%
  • 3 years: 25.59%
  • 4 years: 25.33%
  • 5 years: 25.03%

The loan’s monthly interest rate on tenure is around 25%. As mentioned above, you can calculate your interest rate with the personal BPI loan calculator. For example, if you borrowed one million pesos, your annual interest payment would be about 250,000 pesos.

What Are The Requirements For Applying To BPI Personal Loan?

  • Age requirements: From 21 to 60
  • Employment eligibility: At least ₱50,000.00 for self-employed, ₱30,000.00 for overseas Filipino workers, and ₱25,000.00 for employed.
  • Minimum monthly salary requirement: ₱25,000 gross
  • Guarantor or Collateral requirement: No

There are also some possible reasons that the bank rejects your personal loan application:

  • If you’re too far away from the BPI branch. To increase the chances of getting your loan approved, go to the BPI branch closest to your residence – make sure it’s within 30km.
  • If you can’t sign documents in person. You must visit your local branch for an interview, where they will verify you are who you claim to be. An identity theft prevention procedure necessitates it.
  • If you loan for less than one year: It means BPI can’t charge you its maximum interest potential. Bank has to turn a profit to cover all of its expenses, like salaries, taxes, utilities, etc.
  • If you state in your interview or on your application that you are unwilling to wait for 5-7 days: BPI needs time to verify your identity before deciding whether or not to lend you money.

BPI Personal Loan Requirements

The BPI personal loan requirements will be varied depending on different groups.

General Requirements

  • Filipino citizen
  • At least 21 years old at the time of application and no older than 60 years old at the time of repayment.
  • Live or work within 30 km from the nearest BPI branch.

Overseas Filipino Workers (OFWs)

  • Two IDs with the photo of the applicant (issued by the government)
  • Philippine Overseas Employment Administration 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 IDs with the photo of the applicant (issued by the government)
  • Original of three months’ worth of pay slips, bank stamp (BIR Form 2316), or latest Income Tax Return (ITR).

For Self-employed Individuals

  • Two IDs with the photo of the applicant (issued by the government)
  • Photocopy of SEC Registration or DTI Business Permit
  • Audited financial statements for the last 3 years
  • Latest Income Tax Return (BIR Form 1700 or 1701)

Make sure you secure all of the required documents to avoid mishaps and delays during the application process. After that, you will fill the application form for BPI personal loan online or do it in person at any BPI branch.

How To Apply For BPI Personal Loan?

You have three ways to apply for a Personal loan from BPI: via the BPI Personal Loan website, over the phone with a sales professional, or in person at any BPI branch office.

Apply for BPI Personal Loan

Apply for BPI Personal Loan

The Online Application For BPI Personal Loan 

  1. Fill out an online personal loan application.
  2. Provide the Personal Loan requirements.

Send a copy of those documents to personal_loan@bpi.com.ph.

  1. Wait for the results.

BPI will send you an email to confirm your personal loan application and text messages to update your BPI personal loan status. You can call the BPI hotline 8891-0000 to check on the status of your application.

Sale Agent

You can apply for a BPI loan by calling a sales representative via one of the following numbers:

  • (0918) 891-1000
  • (02) 8-89100-55

Conclusion

The BPI Personal Loan is a great way to get out of debt, consolidate your credit card payments, or finance a major purchase. If you’re looking for a personal loan that’s tailored to the needs and budgets of Filipinos, look no further than BPI’s Personal Loans. 

BPI makes it easy to find the right loan product for your situation with competitive interest rates and flexible payment terms. 

See also: About BPI – Every Detailed Information You Need To Know

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