BPI Personal Loan Updated on September 2024

The Bank of Philippine Islands (BPI) has been competitively offering financial solutions in banking and loan services. Founded in 1851, BPI was then named El Banco Español Filipino de Isabel II. 

Now, it is one of the go-to banks of Filipinos from various walks of life. Over the years, BPI loan products have evolved as they deemed them best for Filipinos’ needs. However, what makes BPI truly competitive is how it has developed its loan products over the years. 

BPI has carefully studied and listened to the people’s needs, creating loan options that cater to different purposes. BPI Personal Loan stands out as it applies whether buying a home, starting a business, or funding education. With a deep understanding of the Filipino market, BPI continues to provide financial solutions that help people achieve their goals and dreams.

BPI Personal Loan

BPI bank personal loans are unsecured loans that do not require any collateral. Belonging to the wide range of lending solutions portfolio, the BPI Personal Loan has flexible options with benefits and appealing features.

When applying for a BPI loan, you must first submit all the necessary documents. Then, BPI processes your application within five to seven working days. Once approved and you have signed all the required documents, the released funds take one to two banking days.

Taking out a BPI personal loan in 2024 is way easier than before. However, before you send in your application, learn about the basics beforehand. 

3 Types of BPI Personal Loan

BPI personal loans are available to meet the different needs of every Filipino. If you need one, understand which of the three best suits you. 

BPI Regular Personal Loan

It is a flexible  BPI Personal loan that can be used for many purposes. Whether you want to renovate your house, start a small business, pay school fees, or even take a dream vacation, the BPI Regular Personal loan is the best choice. It allows you to use the money in a way that suits your financial goals and needs.

With a BPI Regular Personal Loan, you can apply for up to three times your monthly income. It ranges from Php 20,000 to a maximum of Php 3 million.

BPI Seafarer Loan

Another BPI Personal Loan is explicitly for Filipinos who work at sea. BPI understands seamen have unique financial needs, so they created a loan just for them. Whether for making home improvements, covering tuition fees, or handling other expenses, the BPI Seafarer Loan supports those who sail the oceans for their livelihood.

A BPI Seafarer Loan has a minimum loan amount of Php 20,000 and a maximum of Php 300,000.

BPI Salary Loan

The last BPI Personal Loan available is for employees whose companies partner with BPI. Through this partnership, companies offer instant cash loans to their employees. The BPI Salary Loan is convenient for workers who need quick access to funds. You can apply for it for emergencies, unexpected expenses, or even personal projects.

The BPI Salary Loan is available through your employer. You apply for up to three times your monthly income, up to a cap of Php 1 million.

These different types of BPI personal loans ensure that every Pinoy finds the right financial solution.

BPI Personal Loan Eligibility

If you process an online application for a BPI Personal Loan, you must be a Filipino citizen at least 21 years old and not older than 60. Also, you must reside within 30 km of a BPI branch and personally sign the loan documents in their bank. In addition, it means you can’t get the BPI quick loan if you are outside the country. If you are an OFW or a seafarer currently working abroad, there will be no chance of getting the BPI Personal Loan in your name.

Employed applicants must earn at least Php 15,000 a month or Php 195,000 a year. Also, you must have worked at the company for at least two years. Or be classified as a Permanent Employee already. 

On the other hand, if you are a self-employed applicant, you must be able to prove that you earn a minimum of Php 30,000 a month or Php 360,000 a year from your business. In addition, your business must have been stable and profitable for at least 3 years.

BPI Personal Loan Requirements

Getting approved for a BPI Personal Loan requires complete and truthful documents. Make sure all the details are correct and authentic. Any mistakes or misinformation leads to your application being rejected. 

Employees or Professionals

• A fully filled-out and signed application form
• One government-issued ID that shows your picture and signature
• Original copies of your pay slips from the last three months or your most recent Income Tax Return (BIR Form 2316) that prove your stable income source 

Self-Employed Applicant

• A fully filled-out and signed application form
• One government-issued ID that shows your picture and signature
• The latest audited financial statements of your business showing your business earns stable money.
• A copy of your DTI Business Registration or SEC Registration Certificate to prove your business is registered and legal

By complying with these documents, you show BPI that you have a steady income or a profitable business, which helps you get approved for the loan faster. Remember, providing accurate and honest information is the key to success.

BPI Personal Loan Requirements for OFW

BPI OFW loan requires a minimum gross of Php 30,000 and at least two years of employment. Meanwhile, freelancers or those offering professional services must have a minimum of Php 25,000 gross monthly income and have two years of employment. On the other hand, pensioners or those earning through investments must have a cash inflow of at least Php 25,000. Then, they will be subject to further eligibility assessment.

OFWs

• A fully filled-out and signed application form
• One government-issued ID that shows your picture and signature

Additional requirements depend on who hires you.

• Agency: Submit your POEA or employment contract, including your boarding date. 
• Direct: Provide proof of remittance for the last three months to show you have regularly sent money back to the Philippines. Then, your latest, unexpired POEA-validated information sheet, POEA Overseas Employment Certificate (OEC), and employment contract. If you are a permanent resident in your work country, you must provide a consularized Certificate of Employment (COE).

For Allottees 

• A fully filled-out and signed application form
• One government-issued ID with your picture and signature
• Proof of remittance or the latest bank statement showing where the remittance is sent
• The latest and unexpired POEA-validated information sheet, employment contract, or consularized COE (for permanent resident OFW)

These documents prove that OFWs and their dependents have financial stability and increase their chances of getting approved for a BPI Personal Loan. Providing the correct documents speeds up the process and shows BPI that you are a responsible borrower.

BPI Personal Loan Calculator

The BPI Cash Advance Calculator will help you estimate your monthly payments. You will see how much you can borrow and the loan terms you can choose from. In addition, loan calculators will help you make a better decision since you can see the possible monthly installments you must pay.

The BPI Personal Loan Calculator is an online tool for estimating the loan cost before you apply. It helps you understand the monthly repayments you must make, the interest rates, and the total amount you will repay over time. 

How to Use the BPI Personal Loan Calculator?

Loan Amount is the quick cash you want to borrow. 

Loan Term is the period you want to repay the loan. You choose a short-term loan, like 12 months, or a longer one, up to 36 months. 

The Interest Rate is the percentage that BPI charges for lending you money. It varies based on the amount you borrow and how long you repay it.

Once you input these details, the BPI Personal Loan calculator displays your monthly payments, including the principal amount and the interest. In addition, it will show you the total repayment amount, which is the full cost of the loan over the chosen period.

Using the BPI Personal Loan Calculator helps you make smarter borrowing decisions. You adjust any data to see how it affects your repayments, allowing you to choose the best option for your budget. This way, you plan your finances better and avoid surprises when it comes time to repay your loan.

BPI Personal Loan Interest Rate

BPI, known to give transparent terms, offers a highly competitive monthly interest rate. On the other hand, you have to understand that the Effective Interest Rate varies on the terms you choose.

Still, as validated by the credit staff, it depends on your salary and other factors. You borrow as much as 3 times your monthly gross income. In addition, you borrow as low as P20,000 up to as high as P1,000,000. Also, you can use your loan in any way you want. You spend it on paying your children’s tuition fees to buy the latest gadget. BPI does not have any restrictions on how you will spend your loan.

In 2024, the maximum annual contractual rate of a BPI Personal Loan, the highest rate charged in a year, is 25.60%. However, the monthly add-on rates differ based on the type of BPI Personal Loan.

A Regular Personal Loan has an interest of 1.2% per month. Meanwhile, a Seafarer Loan has a rate of 1.5% per month. Lastly, the salary loan rate can vary depending on the company’s terms with BPI Bank.

BPI Loan Terms

The BPI bank loan has monthly repayment schemes. You can choose from five options: 12, 18, 24, 30, and 36 months. Your loans can be as short as 1 year or as long as 3 years. Make sure that you choose the loan that fits your needs. If you gain the ability to settle your loan earlier than expected, you can pay off your loan and its interest rate without incurring prepayment charges.

For a regular personal loan, you can have a tenure of over 12 to 36 months. On the other hand, the repayment terms for a seafarer loan are shorter. They range from two to 11 months.

BPI Personal Loan Approval

The BPI Personal Loan is available even to those who do not have a BPI account. However, once your loan has been approved in 5 to 7 days, you must open your bank account upon cash disbursement. 

You have a Php 1,500 processing fee that will be deducted from the loan disbursed to your bank account. Then, you will receive your loan 1 to 3 days after signing your documents. In addition, there is a Documentary Stamp Tax of Php 1.50 for every Php 200 loan amount. However, it only applies if your BPI Personal loan exceeds Php 250,000.

BPI Loan Repayment

You can only pay through Automatic Debit Arrangement. If you want to pay over the counter, you may do so only at the branch where you applied and signed your contract for a loan. 

In addition, you can monitor your loan and payments through BPI Express Online or 89-100 BPI Express Phone. A charge of 5% late payment penalty fee if you miss your payment. With this information, you can proceed in learning how to apply personal loan in BPI. 

BPI Personal Loan Benefits

Many Filipinos look forward to a BPI Personal Loan because of its advantages. 

Flexible Loan

Filipinos have various reasons for getting a loan. You should celebrate a special occasion and grab the once-in-a-lifetime chance to have a memorable vacation with your loved ones. Or buy an engagement ring to propose to your girlfriend. You are free to use your loan in any way you want.

Assured Financing

Borrowing from a reputable bank assures you that the approved loan can be disbursed without a problem, regardless of whether it is as much as three times your monthly salary.

Availability

This personal loan is for most Filipinos with a regular income source, regardless of whether they are employed, self-employed, OFWs, Seafarers, or freelancers. All you need is the proper documents to prove your stable cash inflow.

Flexible Loan Tenure

Though the personal loan is monthly, you can choose the tenure of your loan according to which you can help repay regularly at ease. However, though the longest tenure is more feasible to be paid monthly, you will realize that you are paying way more than you originally borrowed.

BPI Personal Loan Downside

Just like other financial loan products and services, BPI personal loan comes with disadvantages, too. 

Payment

BPI offers only a minimal prepayment option: Automatic Debit Arrangement. You must ensure that the account number you registered with BPI receives enough cash. This way, it helps you cover the prepayment.

Personal Transaction

To finalize your BPI online loan process, you must visit a specific branch to sign the loan documents. Banks are only open on weekdays. You must make an effort and take time to get down on it.

Slow Loan Processing

The actual BPI personal loan processing time starts with submitting your loan application and ends with signing the loan contract. It may take 5 to 7 working days. Meanwhile, it takes 1 to 3 days for your cash disbursement. If you get a loan for an emergency, you need a more instant loan, which could take a day to process.

Renewing

BPI cash loan renewal is strict. Unlike other financial institutions, BPI will not let you get a new loan if you still haven’t settled your current loan. It would be best to fulfill your initial loan obligation before creating another one. 

When to Apply for BPI Personal Loan?

The BPI Personal Loan is versatile. You can apply for it for any of these reasons. 

Kid’s Tuition

With a BPI personal loan, you can always make on-time payments for your child’s tuition, avoiding the need for promissory notes. The personal loan can cover all education expenses, like school fees, books, uniforms, and even gadgets such as laptops or tablets needed for studying. This way, you can give your child the best chance to succeed in school without worrying about money immediately.

Unexpected Life Events

Life is full of unanticipated changes. One day, you’ll lose a loved one, move to a new city, get married, or be pregnant. These events can be emotional and expensive, and you require extra funds to help you through them. The BPI Personal Loan can provide the financial support you need. It can cover unexpected expenses like funeral costs, moving fees, wedding expenses, or prenatal needs. In addition, it can help you manage your finances and focus on what matters.

Emergency

The BPI Personal Loan can help cover the hospital bills if a family member gets sick and needs hospitalization. The cash loan can pay for medical treatments, hospital stays, and other medical-related costs. This way, you can get the financial support you need to focus on caring for your loved one without worrying about the expenses immediately.

Most importantly, a BPI Personal Loan is more than these reasons. Spend the instant cash loan for any additional funding. 

BPI Personal Loan: Online Application Guide 

Applying for a BPI Personal Loan is simple and involves just three steps:

Step 1. Assess Eligibility

Visit BPI’s online loan application website. Fill out the pre-qualification form to determine whether you meet the loan requirements.

Step 2. Complete the BPI Personal Loan Application Form

If you qualify, complete the online application form with your loan details, personal information, and required documents.

Step 3. Wait whether Approved or Denied

Call BPI’s hotline at 8891-0000 to check your loan application status. The approval process usually takes five to seven banking days. BPI will notify you via SMS for your loan approval.

If you already have a BPI Online account and your loan is approved, your loan account will appear on the Portfolio page. Once you sign the loan documents, cash disbursement will be to your account within one to two banking days.

Quick Tips to Ensure BPI Personal Loan Approval

Maximize your chance of getting approved with the following.

Review your Credit Score

Before applying for a BPI Personal Loan, it’s essential to check your credit score. If your score is low or in the red, take some time to improve it first. However, improving your credit score gives you a better chance of getting approved for a personal loan. Plus, you may even get better loan terms.

Pay Off Existing Debt: Clear any current debts to demonstrate your ability to manage your money responsibly.

Handle Delinquent Accounts: Address any overdue accounts behind payments and work on keeping them updated.

Improve Your Credit Utilization Ratio: Use less of your available credit and keep your credit card balances low compared to your credit limits.

Build Rapport with BPI

If you’re already a BPI Savings account holder and have been with the bank for a while, you’re in a better position. An active and good-standing account shows that you manage your money well and can make a big difference. Banks prefer lending money to customers with a history of responsible banking. So, being a long-time client who handles their account correctly might improve your chances of loan approval.

Comply with Requirements Accurately

BPI has a set income level that you need to reach to qualify for the loan. Confirm that you earn the minimum income required. If your income meets or exceeds this amount, you are more likely to be considered for the loan. If not, you might need to improve your income or explore other options.

Remember, all loan applications will be reviewed based on your eligibility, requirements, and credit score. Assessing your potential is crucial to getting approved for a BPI Personal Loan. 

Choose the best personal loan that fits your needs. If you need an instant cash loan with the most flexible terms, which can be processed online in just a day, you can get it from Cash Mart today.