(Updated March 17, 2017)
You may find a Bank of the Philippine Islands (BPI) branch in almost every town in the country and in some cities in Hong Kong and Europe. Over all, BPI has 800 branches both here in the Philippines and abroad with almost 3,000 ATMs and CDMs (cash deposit machines).
Before the known success BPI has been basking now, its history goes back in the time of Spanish Era when the country was still colonized by Spain. It was named as El Banco Español Filipino de Isabel II in honor of Isabella II when it was founded in 1851.
Since BPI is a universal bank, it offers a wide range of banking services such as lending, consumer banking, insurance, asset management, foreign exchange, securities brokerage and distribution, investment banking, and leasing.
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BPI Personal Loan
The BPI personal loans are flexible loans which you can use for various purposes. You can use it from paying your children’s tuition fees to purchasing your sweetheart’s dream engagement ring. The sky’s the limit as long as you can handle the repayments of course. You can borrow as low as PHP 20,000 to PHP 1,000,000 which you can pay within 12 to 36 months.
You can actually process a BPI personal loan even though you do not have a BPI bank account, yet you have to open one as soon as your loan gets approved to receive your borrowed cash. While it seems easy to get approved, you have to remember that you will be charged with a processing fee worth of P1,500 which will be automatically deducted from your principal loan. It takes a week or so before you can actually receive the cash. If you are in a hurry, then you have to find other lenders.
BPI Family Housing Loan
Most home renting Filipinos dream of buying their own houses no matter how long it takes and even OFWs consider it as one of their priorities. It seems many will look up to you if you are able to build a house from sweat and blood. It used to seem as an impossible feat to many until banks and other financial institutions offered more affordable housing loans. BPI Family Housing Loan is offered to Filipinos and even permanent residents who have Filipino spouses.
You can use BPI Family Housing Loan to purchase house and lot, condominiums and other estates. Others also put their estates as collateral for mortgages to get big loans and use the cash for expensive purchases. When you get a housing loan, you get borrow a minimum of PHP400, 000 to be paid 1 to 20 years with an interest rate of 5.50% to 11.50%.
BPI Family Auto Loan
Like homes, cars are also in the priority list among Filipinos especially that it seems to be a necessity with the infamous traffic problems made worse by the rainy season. With a private vehicle, you can go on detour and escape the bumper-to-bumper traffic in main roads, and even stop by some establishments should you need to have bladder breaks. BPI Family Auto Loan is available for Filipinos aged 21 to 70 with a monthly family income of at least Php 30,000.00. If you are over 70 years old, you need to present a Filipino co-borrower at the legal age with stable income. Loan terms can range from 12 to 60 months.
You can borrow as low as P200,000.00 to 80% of purchase price of the vehicle. Of course, you have to pay for the appraisal fee in case you are going to purchase a secondhand car. If you already paid for a brand new car in cash, but you suddenly needed to get some money, you can reimburse your payment. Though you have to pay an interest rate of 4.77% to 27.28%, you should not forget other fees you have to pay such as the insurance and documentary stamps.
BPI Family Ka-Negosyo Loan
Filipinos are now opening their minds on building businesses of their own, however we all know that you need a capital to start it up. With BPI Family Ka-Negosyo Loan, there are three options you can choose from: Term Loan, Credit Line, and Franchising Loan. Each of these has its own purpose depending on the nature of the business and the development plans laid for it.
How to know if the loan is perfect for you?
- Are you eligible?
Know your eligibility first before you go ahead of your application. Check the required minimum personal and household income and if you can provide all of the required documents.
- Are the term and interest rate practical for you?
While it seems that you are eligible and you can provide all the documents required, you have to check if you really need the minimum amount offered. Also, can you diligently pay on time with the provided repayment scheme? You have to make sure that you can pay the personal loan without sacrificing your necessities.
- Can you wait for a week to a month?
Bank loans in Philippines usually take a week or more to be processed. Aside from the processing time, you still have to wait a few days for the cash to be disbursed on your account. If your need is an emergency, then you need to find a quicker loan.
- Can you handle the other fees?
Aside from the interest rate, there are various fees you have to take note such as appraisal fee, documentary stamps, and insurance. Make sure that you check these fees and know when you have to pay them (during or after loan process).
- Is the payment method flexible enough?
There are various way to pay the loan you got. You can pay it over the counter, through auto debit arrangement or postdated checks. Are these methods accessible for you?
- Do you have an asset to use as collateral?
Most loans in banks secure collateral since lending in Metro Manila is very risky. This gives an assurance that banks can regain the amount of money disbursed to borrowers, however this proves as a downside for Filipinos who do not have assets.
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