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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 the EastWest Bank Personal Loan.

Comprehensive Guide to EastWest Bank Personal Loan

EastWest Bank Personal Loan Eligibility

EastWest Bank offers personal loans to Filipinos ages 21 to 65 years old. But can every Filipino avail of the loan? If you want to apply for this EastWest 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.

EastWest Bank Personal Loan Requirements

Aside from the eligibility, you must also have the required documents. Take note that the length of your EastWest Bank loan process will depend on how soon you can provide the complete documents. This 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.

EastWest Bank Personal Loan Interest Rate

Those who have been credit cardholders for at least a year can enjoy smaller interest rates. The monthly existing EastWest 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 EastWest 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 that fits your financial standing. An 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 a loan amount, it will still depend on the bank’s discretion. 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 require documentary stamps.

EastWest Bank Personal Loan Calculator

EastWest Bank loan calculator helps you manage your finances more. It steers you away from building debts. So you are secure that the loan amount you’ll borrow is within your capacity to repay. 

With the EastWest Bank calculator, you need to identify if you’ve been an active credit card holder for the last 12 months. Then, you need to enter the amount you want to borrow. Afterward, choose which term (12, 18, 24, or 36). From here, you can view the possible monthly installment you need to pay. Once you have seen and understand this, you can further decide whether you’ll apply or not for EastWest Bank Personal Loan. 

Take note that the estimated installments are subject to changes. Your actual monthly installment will reflect on your Promissory Note and Disclosure Statement (PNDS). 

Benefits of EastWest Bank Personal Loan

Of course, when taking out a loan, you will analyze the benefits it has to offer. With EastWest personal loan, you can use it 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.

Downsides of EastWest Bank Personal Loan

If you are looking for a quick cash loan due to emergency needs, this may not be the right loan for you. EastWest takes a week before it approves a personal loan. Another reason it may not fit you is the need for a landline number. Unless you have an internet subscription with a telco or 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 a loan.
If you do not own a credit card, you will lose the chance to have lower interest rates. Credit cards assure 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, you will have difficulty getting approved.

EastWest Bank Personal Loan Contact Number

If you are indeed interested in getting an EastWest loan, make sure to get your inquiry to the bank first. You may contact EastWest Bank through the following:

  • 24 Hour Customer Service (632) 888-1700
  • Email Service

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 directly to your bank account within a day. Visit to apply now.