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BPI Personal Loan: A Simple and Easy Guide for You

Filled under: Borrow 

Updated February 9, 2017

The Bank of Philippine Islands (BPI) has been competitively offering financial solutions in terms of banking and loan services. Founded in 1851, BPI was then named as El Banco Español Filipino de Isabel II, now it is known as one of the go-to banks of Filipinos from various walks of life.  Over the years, BPI loan products have evolved as they deemed it best for the needs of the Filipinos.

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BPI Personal Loan

BPI personal loans are unsecured loans which do not require any collateral. Belonging to the wide range lending solutions portfolio, the BPI Personal Loan is known to have flexible options with a couple of benefits and appealing features.

BPI Personal Loan Eligibility

If you are going to apply for the BPI Personal Loan, you must be a Filipino citizen who is at least 21 years old and must not be older than 60. You must also be residing within 30 km from a BPI branch as you need to personally sign the loan documents in their bank. This also means that you can’t get the loan if you are outside of the country. If you are an OFW or a seafarer currently working abroad, there will be no chance to get the BPI Personal Loan in your name.

Employed applicants must earn at least 20,000 a month and must be working in the current company for at least two years. On the other hand, if you are a self-employed applicant, you must be able to prove that you are earning a minimum of P50,000 a month from your business which has been stable and profitable for at least 3 years.

BPI Personal Loan Requirements for OFW

OFWs must have a minimum gross of P30,000 with at least 2 years of employment, freelancers or those offering professional services  must at least earn a gross monthly income of P25,000 with 2 years of employment. In the case of the Pensioner or those who are earning through investments, they must have a cash inflow of at least P25,000 and they will be subject for further eligibility assessment.

BPI Personal Loan Calculator

The BPI Personal Loan Calculator will help you estimate you monthly payments. You will see how much you can borrow and the loan  terms you can possibly choose from. Loan calculators will help you make a better decision since you are able to see the possible monthly installments you have to pay.

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BPI Personal Loan Interest Rate                    

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

Still depending on your salary and other factors as validated by the credit staff, you can borrow as much as 3 times worth of your monthly gross income. You can borrow as low as P20,000 up to as high as P1,000,000. You can actually use your loan in any way you want. From paying your children’s tuition fees to buying the latest gadget, BPI does not have any restriction on how you are going to spend your loan.

Loan Terms

The BPI Personal Loans are offered with monthly repayment schemes, you can choose from five options: 12, 18, 24, 30 and 36 months. This means that 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. In case that 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.

BPI Personal Loan Approval 

The BPI Personal Loan is actually available even to those who do not have a BPI account, however, once your loan has been approved in 5 to 7 days, you will be required to open your bank account upon cash disbursement. You will be charged with P1,500 processing fee which will be deducted from the loan disbursed to your bank account. You will receive your loan in 1 to 3 days after you have signed your loan documents.

Loan Repayment

You can only pay through Automatic Debit Arrangement. In case you want to pay over the counter, you may do so only on the branch where you applied and signed your contract for a loan. You can actually monitor your loan and your payments through BPI Express Online or 89-100 BPI Express Phone. In case you missed your payment, you will be charged with 5% late payment penalty fee.

BPI Personal Loan Benefits

Flexible Loan

Filipinos have various reasons why they get a loan. You might want to celebrate a special occasion, 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

Since you are borrowing from a reputable bank, you are assured that your approved loan can actually be disbursed without a problem, even if it is as much as three times of your monthly salary.

Availability

This personal loan is offered to most of Filipinos who have regular source of income regardless if they are employed, self-employed, OFW, Seafarer or a freelancer. All you need is to have the proper documents to prove that you have a stable cash inflow.

Flexible Loan Tenure

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

BPI Personal Loan Downside

Payment

BPI offers only very limited prepayment option: Automatic Debit Arrangement. You have to make sure that your account number you registered with BPI regularly receives enough cash to cover the prepayment.

Personal Transaction

To finalize your loan process, you have to personally show up on a specific branch to sign the loan documents. Banks are only open on weekdays, you have to make an effort and take some time to get down on it.

Slow Loan Processing

The actual process starting from submitting your loan application to signing the loan contract may take 5 to 7 working days, and then it takes 1 to 3 days for your cash to be disbursed. If you are actually getting a loan for an emergency purpose, then you need a more instant loan which could take a day to process.

Renewing

BPI is strict with loan renewal. Unlike other financial institutions, BPI will not let you get a new loan as long as you still haven’t settled your current loan.

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

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