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Comprehensive Guide to EastWest Bank Personal Loan

When you get a loan, what do you actually check first?
When Filipinos search for a personal loan, what weighs on their decisions? Some of them will check on the eligibility first. Others will of course check if the needs can be met. Banks create personal loans, this includes EastWest Bank’s personal loan.

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EastWest Bank Personal Loan Eligibility and Requirements
EastWest Bank offers its personal loans to Filipinos ages 21 to 65 years old. But can every Filipino avail the loan? If you want to apply for this loan, you need to have an annual income of P180,000. You must also have a landline number which is either a home or business phone. If you have both, you may prefer the personal landline number to keep your privacy.
Aside from the eligibility, you must also have the required documents. Take note that the length of your loan process will depend on how soon you can provide the complete documents. These paperwork will be used by the bank to further assess your identity, creditworthiness and financial status.
Just like most banks, you need to prepare at least one or two valid government IDs, most recent proof of billing, latest payslip, BIR FORM 2316/W2, statement account of your credit card, and original Certificate of Employment (COE).
Upon compiling the said documents, prepare clear photocopies. Also, do not forget to check the details if they are all accurate and consistent. Your loan process will take more time if the bank will notice some discrepancies in the information.
Interest Rate
For those who have been credit cardholders for at least a year, they can enjoy smaller interest rates. The monthly existing interest rate ranges from 1.49% to 1.69%, while the Effective Interest Rate per year is 40.56% to 41.49%.
In case you do not have a credit card or your East West credit card is less than 12 months, you will have a monthly interest rate of 1.89%. Your Effective Interest Rate ranges from 46.44% annually to 51.99%. With those non-cardholders, the shorter the term, the higher the interest rate.
Make sure that you choose the right loan term fit to your financial standing. EastWest personal loan can be as short as 12 months up to 36 months. While it is tempting to get the longer term as it may have lower amortization, take note that some banks and other lenders may not easily approve new loans if you have existing loans and other financial responsibilities.
Loanable Amount
EastWest Bank offers a personal loan with a minimum amount of P25,000 up to p2,000,000. While you may request for a loan amount, it will still depend on the banks discretions. With the help of your documents and by accessing your credit report which is recorded in credit bureaus, the bank will evaluate your capacity and behavior during payment.
Understand that though loans are known to have interest rates, be ready to pay for the processing fee which is P1,500 and required documentary stamps.
Of course, when taking out a loan, you will analyze the benefits it has to offer. With EastWest Bank, you can use your personal loan in any way you want. Whether you want to use it on your vacation, for tuition fees or for buying the latest smartphone, it is your call.
The loan is unsecured. This means that you do not need to pledge any collateral. EastWest does not even require a co-maker. Once approved, you can pick up the money at the head office or it can be disbursed directly to your account.
If you are looking for a quick cash loan due to emergency needs, then this may not be the right loan for you. EastWest takes a week before it approves a personal loan. Another reason why it may not fit for you is the need for a landline number. Unless you have an internet subscription with a telco or you own a business, you won’t have any reason to have a landline. Sure, you can register your company’s phone number, but make sure that you are willing to let your company know that you are applying for loan.
If you do not own a credit card, then you will lose the chance to have the lower interest rates. Credit cards assures EastWest bank that you have a credit record and they can easily track your financial status, the way you spend and your payment behavior. If you are delinquent with your credit card bill payments, then you will have a hard time getting approved.
If you are looking for a personal loan with flexible terms and payment methods, then you can just apply in Cash Mart. Cash Mart offers loan products disbursed in within a day directly to your bank account. Visit to apply now.

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