When looking for easy-to-apply and varied loan offers, OFWs can look into Bank of Makati OFW Loan products. Not only are there a number of specialized products available to the people, but these are all designed to be simple and accessible for all.
Also Read: How to Become an OFW and Work Abroad
With this in mind, it’s critical to shop around for OFW loan programs and evaluate the offerings of various financial organizations. You will be able to locate anything that meets your objectives and needs if you do this.
You must be aware of the terms and characteristics of any loan program you are considering in order to avoid a negative influence on your credit score. If you do not comply, 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 Makati OFW Loan
Overseas Filipino Workers (OFWs) can use a Bank of Makati OFW Loan for things like hospitalization, tuition, and even starting a business.
The company was originally known as the Rural Bank of Makati, Inc. In November 2005, it was renamed to Bank of Makati (A Rural Bank). The name change was made following various reforms and a change in ownership.
In 2006, the company was named one of the top 1000 corporations in the Philippines. In 2008, it was regarded as the country’s biggest rural bank with assets of over Php 5 billion. It also has a net worth of over Php 800 million.
And here’s how a Bank of Makati OFW Loan works for loans offered to the general public:
Here’s Why You Should Get a Bank of Makati OFW Loan
Here are a few of the reasons why you should consider obtaining a personal loan from the Bank of Makati:
Advantages Of Applying With Bank of Makati OFW Loan
The Bank of Makati offers a service that is client-focused and straightforward in order to satisfy their needs.
- Fast processing of loan applications;
- High interest on the loan for the borrower
Types of Bank of Makati OFW Loan
Bank of Makati OFW Loan programs include salary, home, motorcycle and other loans.
Each Bank of Makati OFW Loan category’s characteristics, requirements, the application process, and rewards are discussed in detail in the sections that follow.
Bank of Makati Salary Loan Program (Power Pay Day Loan)
BMI Salary Loan provides fast cash for a variety of needs such as school, marriage, health, additional business capital, home remodeling, or debt payback.
This is a multipurpose loan that can be used to meet a range of your financial needs. The BMI Power Payday Loan is an unsecured loan that can be used to pay for travel expenses, home modifications, university fees, medical bills, and other expenses.
It has simple repayment plans ranging from six to 36 months and reasonable interest rates of less than 2%. The application process is simple and quick. Furthermore, this wage loan requires no collateral or guarantor to be authorized.
Features:
Product Name: Bank of Makati Power Payday Loan
Remarks: With Competitive Interest Rates
Minimum Amount of Loan: PHP20,000.00
Maximum Amount of Loan: PHP500,000.00
Minimum Loan Tenure: 6 months
Maximum Loan Tenure: 36 months
Early Repayment: PHP500.00 or 5% of the outstanding principal balance, whichever is higher
Eligibility
- Age Range of Borrower: 23-60 years old
- Minimum Annual Income: PHP240,000.00
- Income Requirement Remarks: Low monthly income requirement
- Employment / Work Status: Permanent Employee for 2 years / 2 years of Practice for Professionals
- Borrower has to have Credit Card: No
- Guarantor Required: No
- Collateral Required: No
- Other Requirements: Should have at least one landline number either home or office number
- Need to Open Linked Bank Account: No
- Loan will be based on the following categories:
- Employee of Top Corporation – P20,000 to P250,000
- Employee of Non-Top Corporation – P20,000 to P100,000
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 the borrower’s name
How to Apply for a Bank of Makati Personal Loan
Interested clients may apply for a BMI Personal Loan by visiting the nearest Bank of Makati branch by clicking this link.
Bank of Makati Home Loan Program
You may be able to move closer to purchasing the home of your dreams with assistance from the Bank of Makati Home Loan Program.
This will allow you to experience a completely new future, whether you want to buy a residential property, a house and lot, a townhouse, a condominium unit, or even remodel your current home.
Features
- Minimum loan amount of Php300,000
- Use the loan amount for the following:
- Purchase of house and lot or condominium unit
- House construction or renovation
- Refinancing of an existing mortgage with an institution acceptable to the bank
- Combination of loan purposes (shall be limited to the following), such as the purchase of lot and construction of a residential unit thereon and purchase of a residential unit with home improvements
- Refinancing of a lot with construction of a residential unit thereon
- Refinancing of a residential unit with home improvements
- Terms of 3 up to 20 years
Eligibility
- Age Range of Borrower: 23-60 years old
- Minimum Annual Income: PHP240,000.00
- Income Requirement Remarks: Low monthly income requirement
- Employment / Work Status: Permanent Employee for 2 years / 2 years of Practice for Professionals
- Borrower has to have Credit Card: No
- Guarantor Required: No
- Collateral Required: No
- Other Requirements: Should have at least one landline number either home or office number
- Need to Open Linked Bank Account: No
- Loan will be based on the following categories:
- Employee of Top Corporation – P20,000 to P250,000
- Employee of Non-Top Corporation – P20,000 to P100,000
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 the borrower’s name
How to Apply for a Bank of Makati Home Loan
Interested clients may apply for a Bank of Makati Home Loan by filling out the online application form using this link.
Bank of Makati Auto Loan
Owning a vehicle has become more and more of a necessity for OFWs and their families. Aside from the freedom and convenience of being able to go places without depending on public transport, having your own car assures you of a level of comfort during your commute.
You can finally buy your first automobile or get a second or third vehicle for your growing family with the BMI Auto Loan’s flexible terms, simple payment options, and quick processing.
Features
- For individuals seeking to buy a brand new first, second or third vehicle for personal use
- Eligible for financing sedan, Sports Utility Vehicle (SUV), Asian Utility Vehicle (AUV) or van (basic unit only)
- Minimum down payment of 20% of Listed Cash Price (LCP) for first-time buyers; or 15% of LCP for 2nd/3rd-car buyers
- Loan terms of 12, 18, 24, 36, 48 and 60 months
Collateral
- Chattel Mortgage Agreement
- Original LTO Certificate of Registration (CR)
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 the borrower’s name
How to Apply for a Bank of Makati Auto Loan (Ultima Auto Loan):
Interested clients may apply for a Bank of Makati Auto Loan by filling out the online application form using this link.
Bank of Makati Motorcycle Loan
Aside from personal loans for OFWs, the Bank of Makati also offers a personal loan for motorcycle users. Here are some of them and their features:
Features:
- Loan amount from P10,000 to P20,000 for first-time borrower and P20,000-P50,000 for regrant borrower
- Payable in 12, 18 or 24 months
- Credit to account mode of release
- Flexible payment mode – pay in equal monthly amortizations via post-dated checks, auto-debit payment through Bank of Makati branches
- Available at all BMI branches, loan centers and affiliate dealer branches
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 the borrower’s name
How to Apply for a Bank of Makati Business Loan
Interested clients may apply for a Bank of Makati Motorcycle Loan by filling out the online application form using this link.
Bank of Makati Loan Calculator
You can determine how much money you can afford to borrow for a particular loan, such as a car loan, with the assistance of a loan calculator.
The calculator can also assist you in determining how much money you will be required to pay back on a monthly basis if you decide to make use of the loan. For example, if you want to buy a car, you will need to determine how much you can afford to borrow for the car.
A loan calculator can be of use to you if you are interested in obtaining a specific loan, such as a loan for a vehicle.
Depending on the particulars of your situation, this tool may also be able to tell you how much money you can expect to borrow based on your current financial situation and how much money you can afford to pay back each month based on your projections. This information is derived from both your current financial situation and your projections.
Tips when Applying for a Bank of Makati OFW Loan
1. Write down all your questions
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 of Makati bank officer before heading to the bank and doing so will make the process much simpler for you. If you are in possession of all of the relevant information, arriving at a decision that is well-informed will be a lot less difficult for you.
2. Talk to an authorized represenative
If you have any questions or concerns about the loan, you need to speak with a customer care representative at the bank. You should do this as soon as possible. If you have any questions or issues regarding the aforementioned topic, please do not hesitate to get in touch with them. You also have the option to inquire about the loan rates, the monthly payments, and any other information that might be relevant to you at this time.
3. Use Bank of Makati Loan Calculator Tool
You will be able to envision what the structure of your monthly payments will be for a given sum of money that you opt to borrow if you use the loan calculator tool that the bank provides for its customers. If you select the “calculate” option, you will be able to acquire a graphical picture of what your monthly repayments will look like if you select that choice. This will be the case regardless of whatever option you select.
4. Borrow a loan amount that you can afford to pay.
Before applying for a loan, preparation is absolutely necessary. Be sure you are aware of the fact that 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. In addition to the amount of the loan itself, you can also be required to pay a number of other fees and other expenses.
5. Complete all documents.
Before beginning to deal with a bank, you should make it a point to ensure that you never leave home without all of the necessary paperwork. This will make the process easier for you to handle, and it will free up more of your time so that you can focus on the things that need to be done in the coming days and weeks.
6. Verify your documents and ensure they are accurate.
Before beginning any kind of commercial engagement with a financial institution like the Bank of Makati, you should make sure that you have a copy of all the required paperwork and verify it twice to ensure that it is complete. Additionally, you should do this before beginning any kind of commercial engagement with a financial institution like the Bank of Makati. Because of the efforts that you put in, you will not only be able to save time but also concentrate your attention more intently on the issues that are currently at hand.
Frequently Asked Questions
1. What are the modes of payment?
Checks with future dates will be used to make the payments. You need to make sure that you issue these checks before the proceeds of your loan are distributed.
2. How do I claim my BMI Power Payday Loan proceeds?
The money from your loan will either be deposited into the savings account you have with the Bank of Makati or sent to you in the form of a manager’s check if the loan amounts are much greater.
Summary
The application process for a Bank of Makati OFW Loan product offered 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 best loan and being able to satisfy the conditions for it can take a significant amount of time and be quite challenging to accomplish. A lot of people don’t even know where to start looking for answers. It is essential, however, that you receive the loan that is suitable for your requirements and the circumstances in which you find yourself. You are in luck since there is also an alternative called the Bank of Makati OFW Loan that you can investigate more.
Personal loans from this financial organization can be utilized for a wide range of purposes, depending on their terms. They could be put to use to assist you in getting through the day.
In the future, the financing of the purchase of a property or the establishment of a business firm can be accomplished with the assistance of a loan from the Bank of Makati. If you are able to satisfy all of the requirements and can maintain consistent payments on your other obligations, applying for a loan of this kind is a straightforward process that doesn’t take up much of your time at all.
There is a vast variety of options available in terms of both the types of loans and the quantities that can be borrowed from financial institutions such as banks and financial firms. When you have finished reading this guide, you might be curious about these specific individuals and the work they do, so you should look them up. You can find out more about these loans by clicking here.
Contact Information
Bank of Makati Head Office
Address: 44 Sen Gil Puyat, Makati, 1234 Metro Manila
Office Hours: Sunday (8 AM – 12:30 pm); Monday to Friday (8 am – 5 pm)
Telephone Number: (632) 8889-0000
Email: consumerassistance@bankofmakati.com.ph
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