If you’re an overseas Filipino worker (OFW) and in need of a quick loan, the Bank of Commerce has got you covered. With its OFW Loan program, the bank promises to provide qualified borrowers with fast and easy access to cash. Let’s take a closer look at what this program has to offer.
OFWs who are looking to get a much-needed financial boost, especially during this time, can consider taking out a Bank of Commerce OFW Loan. There are a number of specialized products offered by the Bank of Commerce, and these products are all designed to be simple and accessible for all.
In order to find a loan program that meets your objectives and needs, you should shop around for different financial organizations and evaluate the offerings of each one. You will be able to locate anything that suits your requirements if you do this. You must be aware of the terms and characteristics of any loan program you are considering in order to avoid negatively impacting your credit score. If you fail to comply with this requirement, you may find it more difficult in the future to receive funds from the same or other banks, making compliance with this requirement critical.
Applying for a Bank of Commerce OFW Loan
Overseas Filipino Workers can get a Bank of Commerce OFW Loan for medical emergencies, tuition, or starting a business.
One of the country’s progressive banks, Bank Com is a member of the Bangko Sentral ng Pilipinas’ universal banking license. It was established in 1963 and traces its origins back to the Overseas Bank of Manila.
With a wide range of products and services, Bank Com is known for its innovative banking solutions. It provides a variety of financial services such as deposits, credit cards, and corporate banking.
Aside from these, the bank also offers online banking services to its corporate and retail clients. Through its various online platforms, Bank Com’s corporate and retail customers can conduct various financial transactions. These include fund transfers, bill payments, and card loading.
And here’s how a Bank of Commerce OFW Loan works for loans offered to the general public:
Here’s Why You Should Get a Bank of Commerce OFW Loan
When it comes to securing a loan, you need a reliable source that can help you reach your goals. Bank of Commerce can help you find the right balance between affordability and security. Their expert professionals will work with you to find a loan that fits your unique needs.
Advantages Of Applying With Bank of Commerce OFW Loan
In order to fulfill the requirements of its customers, the Bank of Commerce provides a service that is user-friendly and centered on the customer.
- Fast processing of loan applications;
- High interest on the loan for the borrower
Types of Bank of Commerce OFW Loan
Bank of Commerce OFW Loan programs include auto, home, salary, and small business loans.
The sections that follow provide an in-depth discussion of the characteristics, requirements, application process, and benefits associated with each Bank of Commerce OFW Loan category.
Bank of Commerce Auto Loan Program
Those interested in purchasing a new vehicle will find that the Auto Loan from the Bank of Commerce is an outstanding option. The length of the payment term is anywhere from 12 to 60 months.
Features:
Loan Purpose: Purchase of a new car
Loanable Amount: Minimum of PHP 100,000
Term: From 12 to 60 months
Requirements
General
- Auto Loan Application Form
- Photocopy of valid ID (individual if employed and self-employed/authorized signatories if corporation and partnership)
- List of acceptable ID: Driver’s License, Passport, SSS ID, Company ID (if Top 5,000 Corporation), Postal ID, PRC ID
- Photocopy of deposit passbooks or bank statements (6 months)
- Billing statements (cellphone, utilities, etc.) (latest 1 month)
- Vehicle quotation from the dealer (if available)
Employed
- Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 1 year)
- Certificate of Employment stating applicant’s position, income, and length of stay in the company (original copy only)
Self-Employed
- Copy of business registration papers with DTI (if single proprietorship) or SEC (if partnership or corporation)
- Copy of Audited Financial Statements (latest 1 year)
- Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 1 year)
Corporation / Partnership
- Copy of business registration papers with DTI (if single proprietorship) or SEC (if partnership or corporation)
- Copy of Audited Financial Statement (latest 1 year)
- Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 1 year)
- Secretary’s Certification / Board Resolution
How to Apply for a Bank of Commerce Personal Loan
Interested clients may apply for a Bank of Commerce Auto Loan by clicking this link.
Bank of Commerce Auto Loan
With the assistance of the Bank of Commerce Home Loan Program, you may be able to get one step closer to realizing your goal of acquiring the home of your dreams.
This will make it possible for you to have an entirely new experience in the future, regardless of whether you want to purchase a residential property, a house and lot, a townhouse, a condominium unit, or even remodel the home you are already living in.
According to the corporate website of the financial institution, the Home Loan offer can be utilized for any one of the following scenarios:
- Purchase of house and lot, townhouse, or condominium unit
- Construction of house on a lot already owned by the borrower
- Major repair, improvement or expansion of an existing house
- Refinancing/take out of existing housing loan
The length of time it takes to make payments is anywhere from ten to twenty years.
Features
Loanable Amount: Minimum of PHP 500,000
Term: From 10 to 20 years
Requirements
General
- Home Loan Application Form
- 2 x 2 Photos (both spouses / co-obligor)
- Photocopy of valid ID
- List of acceptable ID: Driver’s License, Passport, SSS ID, Company ID (if Top 5,000 Corporation), Postal ID, PRC ID
- Photocopy of deposit passbooks or bank statements (3 months)
- Marriage contract (if applicable)
Employed
- Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 3 years)
- Certificate of Employment stating applicant’s position, income, and length of stay in the company (original copy only)
- Copy of payslip (last 3 months)
- Proof of other sources of income, if any
- Proof of billing address and Original copy of Latest Contract of Employment (OFW/Seafarer)
Self-Employed
- Copy of business registration papers with DTI (if single proprietorship) or SEC (if partnership or corporation)
- Copy of Audited Financial Statement for the last 2 years
- Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 3 years)
- Company/business profile
- List of major suppliers/customers
How to Apply for a Bank of Commerce Home Loan
Interested clients may apply for a Bank of Commerce Home Loan by filling out the online application form using this link.
Bank of Commerce Small Business Loan
You are welcome to submit an application for the Small Business Loan offered by the Bank of Commerce for the purpose of purchasing an asset, expanding your business, or gaining additional business capital. The length of the payment term ranges from one (1) year up to five (5) years.
Features
Purpose (Term Loan): For fixed asset acquisition, business expansion and additional working capital.
Loan Amount: PHP 1.0 MM to PHP 15 MM
Pricing: At the prevailing lending rate
Collateral: Any prime residential/commercial/industrial property with or without improvements and/or Cash Deposits under the name of the applicant
Insurance: A fire insurance coverage at 100% of the appraised value of the insurable real estate collateral and must be endorsed in favor of the bank
Term of the Loan
Minimum: One (1) year
Maximum: Five (5) years
Manner of Availment
Via Promissory Note;
proceeds to be credited to the borrower’s deposit account with the bank.
Repayment
Via Post Dated Checks (PDCs)
Monthly amortization of Principal + interest
Penalty for Late Repayment: 18% Penalty Fee Per Annum
Requirements:
- Fully accomplished and signed application form
- One (1) 2X2 ID Picture
- Photocopy of 1 valid Government-issued ID with photo and 3 specimen signatures
- Photocopy of Company ID
- Original copy of Certificate of Employment (COE)
- Original copy of latest one (1) month payslip
- Photocopy of latest Proof of Billing (must be utility bill) on the present address, even if the bill is not under borrower’s name
How to Apply for a Bank of Commerce Small Business Loan
Interested clients may apply for a Bank of Commerce Auto Loan by filling out the online application form using this link.
Tips when Applying for a Bank of Commerce OFW Loan
1. Visit the bank first, with all your questions or concerns, so that you can easily arrive at a decision.
It will be much easier for you if you write down all of the issues and difficulties that you want to discuss with the bank officer before heading to the bank and doing so will make the process much simpler for you.
2.Utilize the bank’s loan calculator tool before applying for a loan from them.
If you use the bank’s loan calculator tool that is available to all the bank’s customers, it will help you in calculating your monthly payments by providing you with a graphical presentation of what those payments will be. This is true regardless of which choice you select.
3. Before applying for a loan, preparation is necessary.
Be sure you know it is more prudent to borrow simply the amount that you require as opposed to the amount that you would want to spend your money on.
4. Before dealing with a bank, make sure you have all relevant papers.
This will make the procedure easier for you to handle, as well as free up more of your time to focus on the tasks that must be completed in the next days and weeks.
Bank of Commerce OFW Loan FAQ – Small Business Loans
1. Why choose the Bank of Commerce for your loan?
Bank of Commerce guarantees that they will direct you toward a loan that is tailored to your specific requirements, regardless of whether you are looking to finance the purchase of a new home, a vehicle, or just additional funds for personal ambitions. You can plan your future better with a reliable bank, such as the Bank of Commerce that will collaborate to create a solution that is both financially feasible and able to match your requirements.
2. What to consider when borrowing a Bank of Commerce Car Loan amount?
BOC provides automobile loans ranging from Php 100,000 to 80% of the car’s market value.
However, you must carefully examine the amount of auto loan you wish to obtain. Remember that, in addition to the principal loan amount, you must include the tax, insurance, and other existing expenses.
It’s also a good idea to put down as much money as possible. You will just need to borrow less money. The reduced loan amount will result in cheaper interest charges and allow you to save more.
You must ensure that you can comfortably pay your monthly installments without jeopardizing your fundamental needs. You can reduce your monthly payments by selecting the longest payback term of 60 months. The longer the loan, though, the more interest you will have to pay in the end.
Needless to say, choosing the amount you will borrow and the term of your car loan needs serious planning.
3. For what reasons can I take out a Bank of Commerce Car Loan?
Before applying for a loan, you should consider its purpose. The BOC Car Loan is used to buy a brand new car.
Some banks do not offer car loans for specific models of vehicles, making it extremely limited. You can purchase a passenger vehicle, a Sports Utility Vehicle, a Light Commercial Vehicle, or an Asian Utility Vehicle with a BOC auto loan.
This loan, on the other hand, can only be used to purchase a new unit. Most car loans from other institutions can be used to purchase used vehicles.
4. What are the benefits of the Small Business Loan?
Term Loan
Guaranteed interest rate protection: not vulnerable to interest rate changes and uncertainty
Manageable monthly payment: Payment will be the same every month hence budgeting is straightforward.
Business Credit Line
Convenience: When you need it, it’s there for you. There is no need to go to the bank to sign a Promissory Note whenever funds are required. BCL provides fast access to funds by issuing a check. This check may be issued at any time, including weekends and holidays.
Flexibility: Schedule your repayment for actual dollars utilized and reclaim your BCL as you pay down the principal.
5. Who may apply for a Small Business Loan?
- Sole Proprietorships who are Filipino citizens; Corporations and Partnerships (at least 60% Filipino-owned)
- Depositor of Bank of Commerce or other bank/s for at least one (1) year and who maintains an ADB of at least P200,000
- Must have at least 3 years of profitable operations
- Owner is not more than 65 years old upon maturity of the loan
- No derogatory record related to credit and/or deposit
- Business must be registered with DTI or SEC
- Must offer acceptable real estate collateral and/or peso or foreign time deposit with any Bank of Commerce branch
** Once approved, depositors of other banks will be required to open a deposit account with the Bank.
6. How much can I apply for?
Both the Term Loan and the BCL have a minimum loan amount of P1.0 million. However, depending on your needs and the appraised value of your collateral, you can borrow up to P15.0 million.
Summary
The application process for a Bank of Commerce OFW Loan product offered by has been streamlined, and as a result, it is now both quick and easy. As a result, you will be able to save both time and money.
Finding the right loan and meeting the requirements for it can take a large amount of time and be extremely difficult to complete. Many people don’t even know where to turn for answers.
However, it is critical that you acquire the loan that is appropriate for your needs and the circumstances in which you find yourself. Fortunately, the Bank of Commerce OFW Loan can be one of your best options.
Personal loans from this financial institution can be used for a variety of purposes, depending on the terms of the loan. They might come in handy to help you get through the day.
In the future, a Bank of Commerce OFW loan can be used to finance the purchase of a property or the establishment of a business. If you meet all the requirements and can make consistent payments on your other responsibilities, applying for this type of loan is a simple process that won’t take up much of your time.
There are numerous options accessible in terms of loan types and loan amounts available from financial institutions such as banks and financial businesses. You might be interested in these specific products and offers after reading this guide. You can find out more about these loans by clicking here.
Contact Information
Bank of Commerce Head Office
Address: San Miguel Properties Centre # 7 St. Francis Street Mandaluyong City 1550 Philippines
Trunkline: +63 (2) 8-982-6000
Email: customerservice@bankcom.com.ph
Google Map Location: