How to apply for BDO Unibank Philippines personal loan and requirements

Last Updated on July 27, 2024 by admin

BDO Unibank is a leading bank in the Philippines that offers personal loans to individuals in need of financing for various personal expenses. BDO Personal Loan is called BDO Personal Loan with Prime Rebate. Here are some key features of the BDO Personal Loan:

Loan Amount: BDO offers personal loans starting from PHP 10,000 up to PHP 2,000,000, depending on the borrower’s income and creditworthiness.

BDO Unibank, Inc. (Makati, Philippines) is a full-service universal bank in the Philippines and has one of the largest distribution networks, with more than 1,000 operating branches and over 3,500 ATMs nationwide.

Before we dive further, let’s take a look at Loan Products offered by BDO Unibank and their interest rate.

Table of Contents

1. BDO Personal Loans.

BDO Unibank Philippines personal loan is Unsecured and Secured loan.It’s multi – purpose and non collateral Personal Loan for OFWs with fixed income.The credit facility can be use for the following purpose:

1. Home Renovation / Upgrades
2. Tuition / Education
3. Furniture
4. Appliances / Electronic Gadgets
5. Vacation / Travel
6. Balance Transfer / Debt Consolidation
7. Special Events
8. Health and Wellness
9. Medical Emergencies

Types of BDO Personal Loans:

BDO Personal Loan: A general-purpose loan for various personal needs.
BDO Kabayan Personal Loan: Specifically designed for overseas Filipino workers (OFWs). It comes in two types:
- Unsecured: No collateral required.
- Secured: Requires a BDO deposit account as collateral.

Loan tenor for BDO Kabayan Personal Loan

1. For open-ended contracts, maximum term shall be 24 months only and subject to exception approval
2. For contract-based employees, loan must be co-terminus with contract
3. The loan has flexible payment terms: 3 (for Unsecured), 6, 12, 18, 24 and 36 months

Eligibility Requirements

Age:
- 21 to 70 years old for BDO Personal Loan.
- 21 to 60 years old for BDO Kabayan Personal Loan.
Minimum Income:
- ₱120,000 annual gross income for employed individuals.
- ₱400,000 annual gross income for self-employed individuals and professionals.
Employment:
- At least one year of employment with the current employer (for employed individuals).
- At least two years of regular income for self-employed individuals and professionals.
Other requirements:
- A mobile phone number and at least one landline phone.
- For BDO Kabayan Personal Loan, you must be a documented OFW.

BDO Kabayan Program

BDO Unibank’s Kabayan Program is a comprehensive suite of financial products and services designed to cater to the needs of Overseas Filipino Workers (OFWs) and their families. The program aims to empower OFWs by providing them with convenient banking solutions and financial tools to manage their hard-earned money.

Key Components of the BDO Kabayan Program:

Kabayan Savings Account:

Designed for OFWs and their beneficiaries in the Philippines.
Offers easy access to funds through ATM withdrawals, online banking, and mobile banking.
Provides free life insurance coverage for the account holder.
Allows beneficiaries to receive remittances directly into the account.

Kabayan Personal Loan:

Specifically tailored for OFWs to address their financial needs in the Philippines.
Comes in two types:
- Unsecured: No collateral required.
- Secured: Requires a BDO deposit account as collateral, offering lower interest rates.
Offers flexible repayment terms and competitive interest rates.

Kabayan Remit:

Enables convenient and secure online remittance for OFWs.
Offers competitive exchange rates and low transaction fees.
Allows direct credit to a BDO account or cash pickup at BDO branches and partners.

Other Services:

Access to investment products like mutual funds and unit investment trust funds (UITFs).
Insurance products tailored for OFWs and their families.
Financial education and advisory services to help OFWs make informed financial decisions.

How to Avail of BDO Kabayan Program:

Visit the nearest BDO branch and inquire about the specific products and services you are interested in.
Some products, like the Kabayan Savings Account, can be opened online through the BDO website.
For remittances, you can also use BDO’s partner remittance centers abroad.

Benefits of BDO Kabayan Program:

Products and services specifically designed for the unique needs of OFWs.
Easy access to banking services through online and mobile platforms.
Reliable and secure transactions for remittances and other financial activities.
Access to loans and insurance products to help OFWs achieve their goals.
Resources and guidance to empower OFWs with financial knowledge.

Features

1. At least 25 years old at the time of loan application and not more than 65 years old at the time of loan maturity… Former Filipinos with or without dual citizenship; Filipinos married to foreigners; Filipinos based abroad/OFW and their Beneficiaries
2. Must have at least two (2) years continuous employment contract

3. Must have at least one (1) landline phone at either residence or employment/business
4. Gross monthly income must be at least P20,000 or its US$ equivalent
5. With good credit history

. Seaman/ Domestic Helpers

Eligibility Requirements
• At least 25 years old at the time of loan application and not more than 65 years old at the time of loan maturity
• Must be Filipino citizen
• Must have at least 3 years continuous employment contract
• Must have at least 1 landline phone at either residence or employment/business
• Gross monthly income must be at least P20,000 or its US$ equivalent
• With good credit standing

How to apply for BDO Personal loan

You can apply for a BDO Personal Loan through two main channels:

1. Online Application:

Visit the BDO Personal Loan website:
Review the eligibility requirements to see if you qualify.
Click on the “Apply Now” button and complete the online application form.
Submit the form and wait for BDO to contact you regarding your application status.

2. Branch Application:

Go to your nearest BDO branch.
Speak to a bank representative and express your interest in applying for a personal loan.
The bank representative will provide you with the application form and guide you through the process.
After filling out the form, submit it along with the required documents.

What are the fees and charges for BDO philippines personal loan

The following fess and charges is apply to BDO personal loan

1. Processing Fee: —– P1,300 (Deducted from loan proceeds)
2. Late Payment Fee:—– 5% of the amount due or P300 whichever is higher
3. Returned Check Fee:—- P500 per returned check
4. Certification Request Fee: P100 per request
5.Documentary Stamp Tax Fee:—-P1.50 for every P200 approved loan amount or fraction thereof, whichever is higher Applicable for approved loan amounts greater than P250,000 or for business purpose (regardless of the amount)

6. Installment Processing Fee: —-5% of the total outstanding principal balance or P300 whichever is higher

How do I pay the monthly installment?

BDO Unibank offers several convenient ways to pay your monthly personal loan installment:

Automatic Debit Arrangement (ADA):
- This is the most convenient option.
- Your monthly amortization is automatically deducted from your designated BDO savings or current account on the due date.
- Ensure you have sufficient funds in your account to avoid any penalties.
BDO Online Banking or Mobile App:
- Log in to your account and go to the “Bills Payment” section.
- Select “Loans” and choose your loan account.
- Enter the payment amount and confirm the transaction.
BDO Branches:
- Visit any BDO branch and inform the teller that you want to pay your personal loan installment.
- Present your loan account number and payment amount.
- The teller will process the payment for you.
SM Bills Payment Centers:
- Go to any SM Bills Payment Center and present your billing statement or reference number.
- Pay the installment amount, and the center will process the payment on your behalf.
Other Payment Channels:
- BDO may offer other payment options like phone banking or through partner payment centers. Check their website or contact customer service for more details.