5 Questions to Ask When Getting a BDO Loan
BDO Unibank, Inc. is undeniably one of the largest universal banks in the Philippines. It offers a lot of BDO loan services such as Leasing and Financing, Private Banking, Rural Banking, Insurance Brokerage, Investment Banking, and Stock Brokerage services.
Being a member of the SM Group, you can find a branch in every SM Supermall. This gives BDO clients the advantage as it opens on weekends unlike most banks in the country. However, does it offer the best loans to every Filipino?
Banco De Oro personal loans have flexible loan amounts which range from P10,000 up to P1,000,000. This is more flexible than other banks’ offer. You can even top up your existing loan provided that you meet the bank’s qualification. On the other hand, BDO utilizes credit score checking to evaluate its borrowers.
Borrowers must be working in the current company for at least a year with a minimum salary of P120,000. The dispersal fee is P1,300 in addition to stamp duty. The BDO bank loan process takes at least a week. If you are borrowing for an immediate need, then you may get a BDO online personal loan from a lender with a faster loan process.
BDO Personal Loan Requirements
Bank loan requirements BDO depend on the type of loan you need. You must be at least 21 years old. However, you must not be more than 70 years of age upon your loan maturity. In addition, you must be a Filipino citizen. If not, any foreigner who is a current resident in the Philippines can apply for a loan in BDO.
Furthermore, the bank loan requires you to have a minimum gross fixed annual income of Php 180,000 for Salaried Employees. Meanwhile, a Professional or Self-Employed must earn Php 400,000. Nevertheless, your business or employment must be operating for at least two (2) years.
Most importantly, you need to provide a residence or office address. Take note that it should be within the area of your chosen BDO branch. Don’t forget to provide a contact number. It can be the landline number of your residence, workplace, or personal mobile number. What matters is that BDO personnel can easily contact you about your BDO loan application.
BDO Personal Loan Calculator
Calculating your loan is not a one-way street. You don’t get BDO cash without knowing how much you must pay off. That’s why it is vital to use the BDO Loan Calculator.
With the aid of an online calculator, you can estimate the loanable amount you can repay diligently. However, you must take note that the rate changes without prior notice. In addition, all calculations are only for illustration purposes. It means the exact loan amount still needs final credit approval from BDO.
Banco De Oro borrowers interested in a Home Loan must have been employed in their current company for the last 2 years as regular workers with a minimum gross family income of P50,000 a month. The loanable amount ranges from P500,000 up to 80% of the property’s value.
While it only takes 5 days to get approved if you are in Metro Manila, it will take 10 days for those who live in the province. On the other hand, the BDO Home Loan interest rate changes every year.
The Auto Loan offers financing for your vehicle from P100,000 up to 70% or 80% of the Vehicle Purchase or Appraised Price. With this, you can purchase either a brand-new unit or a used car. BDO will also help you with your LTO registration through its “All in Financing Offer.”
On the other hand, the required minimum monthly salary if you want to buy a brand new car is P50,000. Additionally, you must be employed in your current company for the past two years. If you are self-employed, you must prove that you have been profitable for the previous two years. If you think that you can’t meet these requirements, then you have to look for another car loan product.
BDO offers two types of SME loans depending on the purpose of your borrowing. Will you need capital to keep up with the business or to purchase a property for expansion? BDO is also one of the banks which offer flexible repayments. In case you can’t pay for the amortization, you can just pay the minimum amount required.
However, if you only want a micro-business, then you will have to get a loan from another lender. The minimum loanable amount for SME loan owners is P1,000,000. The process takes a week or two. You will also need collateral.
BDO Business Loan Requirements
Bank loan requirements BDO depends on your chosen type of Loan. The basic required BDO SME loan documents are a valid ID, Marriage Contract, and duly accomplished application form. Also, your business must be in profitable operation for the last two consecutive years. Plus, it has a minimum annual gross sales of Php 1,000,000.
In addition, you must be at least 21 years of age but not more than 70 years old by the time the loan term ends. Don’t forget that your business must be within the serviceable area of BDO.
On top of the basic business loan requirements, you need to provide Audited Financial Statements, the Latest General Information Sheet, a Certificate of Registration from the SEC, and Bank Statements for the last 6 months. Also, you must present a list of top customers and suppliers including their contact information. Company profiles and collateral documents are also a must-have.
Before applying for a credit card, it is better to know which one fit your needs best and not just your wants. BDO has credit cards types: Basic, Premium, and Elite.
There are various loan services and promos each card comes with. However, it pays to take time on reading the terms and conditions. Another thing to take note is the BDO loan interest rate charged on the credit cards.
BDO credit cards also have a Cash Advance feature. This means that you can withdraw cash by using your BDO credit card. This instant cash advance loan has a steep interest rate which is charged daily until you have settled the full amount and the corresponding fees. However, you need to be vigilant with the BDO cash loan promo. BDO credit card cash loan might come in handy in an emergency. But wrong financial decisions can lead to spiraling debts.
BDO OFW Loan allows overseas workers to take an online BDO bank loan and use it for different purposes. Even though you are not physically present in the Philippines, BDO grants approval depending on the borrower’s financial capacity. In addition, you get to enjoy easy payment terms without compromising the low loan interest rate. Plus, you can use the borrowed money for home renovation, education, vacation, medical emergencies, and more.
OFW Loan Requirements in BDO
Loans for OFWs can be unsecured and secured. Each asks for requirements you must comply with. If you opt for an Unsecured BDO Kabayan Personal Loan, you need to have a fixed income.
On the other hand, a Secured BDO Kabayan Personal Loan requires more documents. You’ll need to have either a Peso/Dollar Savings Account or Peso/Dollar Time Deposit. Also, it needs to have a minimum deposit requirement of Php 15,000. In addition, the applicant must be the OFW. But what if the deposit collateral is a joint account? Then, the beneficiary is suitable as a principal loan borrower.
Moreover, you must take note that some BDO accounts are unacceptable for collateral. For example, accounts undergoing hold-out arrangements and accounts under In Trust For.
With these various loans offered by BDO, it’s no surprise why many seek its financial assistance. However, don’t dive into the BDO loan application without gearing yourself up with adequate information.
Questions to ask when applying for a BDO Loan
Don’t be too excited with your BDO online loan application. If you have doubts and queries, give yourself some time to get the answers you need.
Do I have a good credit history?
Having a good credit history is vital to get a loan from BDO. This means that you should have been a good payer in your previous loans and past credit card bills. Lending is built mostly on trust. The bank wants to know if you can be trusted to pay on time to lessen the risk of default. By knowing your credit history, BDO can have an idea on what kind of borrower you are.
Do I have enough salary to be eligible?
BDO also requires a minimum income for each borrower depending on the loan you are applying for. This is to ensure that you have enough funds to pay off the BDO bank loan you are applying for.
Aside from the required minimum salary amount, you have to also have to take note that there are other eligibility requirements. Take the time to know if you are eligible for the certain BDO online loan you are applying for.
Can I provide additional assets?
You need to provide a collateral. Banks are risk averse, they prefer clients with collateral to make sure that they can still get the money they lend. If you think you cannot meet the no collateral loan BDO, then you will not be approved for secured loans.
Can I handle the amortization?
It is best to consider your current and future finances. Can you handle another financial responsibility with ease? Use a loan calculator to know if you can meet the repayment terms with the interest charge. If you fail to meet a repayment due date, you will be charged with additional penalties.
Do I have enough savings to pay off other fees aside from the interest rate?
Most people do not consider the other fees aside from the BDO personal loan interest rate. Yes, there are fees you must pay such as the processing fees and the tax duty stamps. These vary depending on the type of loan you are applying for.
How To Borrow Money From BDO?
With the current state of the globe, BDO finds ways to cater to Filipino financial needs. Now, you can begin the process with BDO Personal Loan online application.
For BDO Account Holder Customers
Here are the steps on how to apply for loan in BDO.
- Login to your existing BDO Online Banking account.
- Click “Enrollment” from the left menu bar. Then, choose “Own Account” and “Enroll.”
- Complete all the vital details for your loan account. Afterward, click “Submit.”
- Review your enrolled account under “My Account Details.”
For Non-BDO Account Holder Customers
Here are the steps on how to loan in BDO even though you don’t own an account.
- Visit the official BDO website.
- Click “Loans” from the left menu bar. Then, choose “Quick Inquiry.”
- Complete the essential information needed for your loan account. It will require some personal details for identity verification.
- Your registered mobile number will receive a One-Time Password (OTP).
- View your loan details after you enter the OTP. For BDO Account Holder Customers
It is best to read and do your research first before you apply for a loan, especially during emergencies. Do not just consider what the bank has to offer. You need to consider if you can handle getting a loan and paying every month.
If you need a short-term loan for a micro-business, then it is better to get a personal loan. Apply for an online loan from the best online lender – Cash Mart.