Is PNB Global Filipino Loan for Every OFW?
As an old adage put it, better to sacrifice now rather than die together with empty stomachs and eyes wide open. It seems that Filipinos have long ago accepted the fate of working abroad. It is one of the best hopes to provide for the family’s financial needs.
Countless movies have used the realistic stories of OFWs breaking back just to send remittances to their loved ones. Also, they endure homesickness for years, if not decades. And we all have that one relative, friend, or neighbor whose house or car has been acquired with ‘katas ng abroad.’
One of the goals OFWs usually have is to acquire a house and a car. It is for their families next to their kids’ education. However, many also failed to reach this dream as they thought it could be expensive and tedious.
Acknowledging these demands, PNB has created Global Filipino Loans for some OFWs.
PNB Global Filipino Auto Loan
Offered to OFWs in Hong Kong and Saudi Arabia only, the Global Filipino Auto Loan made vehicle ownership more affordable. OFWs can apply for a sedan, sports utility vehicle, passenger van, Asian utility vehicle, or a light commercial vehicle. This not only gives convenience to families. But, it also provides another possible source of income.
As of 2015, 5.9% of OFWs are in Hong Kong, and 24.7 % are in Saudi Arabia. PNB caters to more than a million overseas workers aged 21 to 60 who have been abroad for the last two years.
If you apply for a Global Filipino Auto Loan, you must provide a complete application form and a Special Power of Attorney (SPA). It must be authenticated by the embassy with the Authenticated pay slip and contract of employment. Also, you have to provide a certified statement of income and expenses.
It is important to ensure that all the details are accurate and consistent with your documents. It helps ensure that your application pushes through. The process may take three to five days upon submission of all the required paperwork.
Needless to say, if you have incomplete details, you are bound to be rejected.
With Global Filipino Auto Loan, you can borrow a minimum of Php400, 000. Or it can be up to 80% of the vehicle’s purchase price. This means you have to pay at least 20% of the vehicle’s price upfront as a downpayment. Then, the bank will pay the rest.
Whatever the amount the bank pays, that will be your principal loan. It will be charged with the interest rate. Aside from the interest rate set by the bank’s computation and add-on interest method, you also have to pay other fees. Examples of these are comprehensive insurance and chattel mortgage fees.
PNB Global Filipino Home Loan
Own a Philippine Home Loan (OPHL)
PNB’s Own a Philippine Home Loan is only offered to OFWs and other Filipinos who reside in Singapore, Japan, New York, and Los Angeles. You can use this loan to purchase, refinance and reimburse the cost of your real estate property, whether a lot, house and lot, townhouse, condominium or row house.
The eligibility, loanable amount, collateral, insurance, manner of release, and repayment scheme will greatly depend on which country you are residing in. Basically, you have to be at least 21 years old and a Filipino.
If you are a Filipino who now has another citizenship or a foreigner married to a Filipino citizen, you can also get a housing loan. However, you can only purchase a condominium unit.
Since this is a secured loan, you are supposed to borrow against your collateral, and usually, banks require borrowers to use their property to be financed as collateral. a
In other words, for buying a property, since you only paid a portion of the property’s purchasing price and the bank took care of the rest, the bank holds the title of the property. If you fail to settle the loan, the bank has the right to solely own the property.
If you can settle the loan, that is the only time you can say that you really own it. As for the manner of release, your cash can be disbursed either in a lump sum or in staggered releases depending on your need.
Like the auto loan, do not forget that there are also more fees you have to take care of aside from the interest rate. Expect to pay for the processing fee and the insurance specified according to the policy of the bank branch you are applying to.
If you want an unsecured loan that you can use for other purposes, such as paying your kid’s tuition fees, financing a micro business, or helping your relatives back in the Philippines, you can tell your loved ones to get an allottee loan.
Allottee loans are easier to acquire and more convenient as your allottee can easily get a loan using your documents. Shop around for the most convenient and safest loan without any hassle. Choose a reputable money lender with a long history of providing quality service, such as Cash Mart.
While PNB offers an OFW loan in Saudi Arabia and other selected countries, Cash Mart offers online allottee loans regardless of the location of the OFW, whether on land or at sea.
Are you looking for a flexible allottee loan with easy repayments? Your allottee can get it from Cash Mart today. Visit CashMart.ph to start your loan application.