Overseas Filipino workers looking for possible loan options from BDO Unibank, we have completed this guide for you. Whether you are planning to use the money to invest in a business, get a house, buy a car, or just take out a salary loan, we have listed the available BDO loans, requirements, and steps to apply. Please be guided accordingly.
Also Read: How to Open a BDO Kabayan Savings Account for OFWs
The Kabayan Personal Loan is one of the most common loan options provided by Banco de Oro. This is just one of the various loan facilities offered by this bank, specifically for OFWs. If you have been banking with BDO and are interested in the other loan facilities they offer, make sure to read the following sections of this guide to learn more.
Guide to Applying for BDO Unibank OFW Loan
Applying for a loan is one way you can gather funds for a project that you may have, whether it is buying a new car or home, starting a business, and so on. Of course, you would like to take out a loan only from a reputable (and regulated) financial institution, such as a bank. One of the top options for this purpose is Banco de Oro, or simply BDO.
BDO has positioned itself for enhanced balance-sheet strength and continued expansion into new markets through selected acquisitions and organic growth. BDO is the country’s largest bank in terms of consolidated resources, client loans, deposits, assets under management and capital, as well as branch and ATM network nationally, as of March 31, 2021.
List of BDO Loans for OFW
In case you are wondering what are the loans you can get from BDO, please check out this list below:
- Personal Loan
- BDO Kabayan Personal Loan – Unsecured
- BDO Kabayan Personal Loan – Secured
- Auto Loan
- Home Loan
- SME Loan
BDO Personal Loan for OFW
BDO OFW Personal Loan has cheap interest rates and simple repayment terms. You can use it to finance any of your personal demands, such as house renovation, tuition payment, purchasing furniture, home appliances, gadgets, travel, debt repayment, any special occasions, or even a health emergency.
Benefits of BDO personal loan
- Loan Amount: Cash can be obtained for as little as P10,000 and as much as P1,000,000, subject to bank approval.
- Loan Term: Flexible payment terms! Choose from six, twelve, eighteen, twenty-four, and thirty-three months.
- Loan Availability: Loan proceeds can be credited to your BDO Savings / Current Account or paid through a BDO Manager’s Check.
- Payment Channels: Pay monthly installments at any BDO branch nationwide via Automatic Debit Arrangement (ADA) or Over-the-Counter (OTC).
- Monitoring: BDO Personal Online Banking allows you to keep track of your outstanding balance.
BDO Kabayan Program
This credit is referred to as a BDO Personal Loan for OFW. A sizable proportion of Filipino nationals work in other nations. It is not feasible for these Overseas Filipino Workers (OFWs) to be physically there every time their families require financial assistance.
BDO Kabayan Personal Loans are the specific BDO personal loans for OFWs who want to get loans in the simplest way possible. There are two types of loans under this program:
- Unsecured: This provides OFWs with a loan of up to PHP 500,000 based on their wages. Under this category, an OFW with more than three years of employment can get a loan worth twice their monthly salary. The interest rate is greater because this is an unsecured loan.
- Secured: An OFW can get a loan here by guaranteeing their individual or joint bank account deposits with BDO. If you have a Peso account, you can borrow up to 90% of your deposit sum. The maximum loan offered to customers with a Dollar account will be 80% of the deposit account amount. Despite being a less expensive loan than the alternative, a minimum deposit of PHP 15,000 or its dollar equivalent is required to obtain this loan. Based on the borrower’s payment history, BDO offers a variety of loan payback and top-up loan choices. Furthermore, the web interface is an excellent tool for an OFW to track the status of his loan repayments.
Eligibility (General)
- At least 25 years old at the time of loan application and not more than 65 years old at the time of loan maturity
- Former Filipinos with or without dual citizenship; Filipinos married to foreigners; Filipinos based abroad/OFW and their Beneficiaries
- Must have at least two (2) years continuous employment contract
- Must have at least one (1) landline phone at either residence or employment/business
- Gross monthly income must be at least P20,000 or its US$ equivalent
- With good credit history
Eligibility (Seaman/ Domestic Helpers)
- At least 25 years old at the time of loan application and not more than 65 years old at the time of loan maturity
- Must be Filipino citizen
- Must have at least 3 years continuous employment contract
- Must have at least 1 landline phone at either residence or employment/business
- Gross monthly income must be at least P20,000 or its US$ equivalent
- With good credit standing
How to Apply for BDO Kabayan Personal Loan
- Submit your application to any BDO branches nationwide.
- For BDO Kabayan – Secured:
- For BDO Kabayan – Unsecured:
BDO Auto Loan for OFW
With this loan facility, clients can easily apply to finance the purchase of a brand new or pre-owned car, whether for personal or business use.
This facility also offers a lighter payment scheme with:
- Low Downpayment: an option to maximize loan amount.
- All-in-financing: a financing option inclusive of Chattel Mortgage Fees and First Year Motor Insurance Premium.
- Multi Year Motor Insurance Coverage: a discounted package where the insurance premium covering the entire term of the loan can form part of the amount to be financed.
Features
Low Rates
Avail of their competitive rates and get loan approval within 24 hours.
Flexible Repayment Terms
To make monthly payments more manageable, select a loan term that works best for you. For a lower monthly amortization, you may opt to maximize the loan term.
How to Apply for BDO Car Loan
- Check your qualifications (see “Requirements” section)
- Prepare the documents. (see “Requirements” section)
- Submit your application form and requirements
- Submit through any of the following channels:
- Apply Online
- More than 1,200 BDO Branches
- BDO Auto Loan Provincial Business Centers
- Submit through any of the following channels:
BDO Home Loan for OFW
BDO provides loan finance for the following home loan purposes, such as:
- Purchase of House and Lot / Townhouse Unit
- Purchase of Condominium Unit
- Purchase of Vacant Lot
- Construction of House
- House Renovation / Home Improvement
- Reimbursement of Acquisition Cost
- Refinancing / Loan Take-out
Features
- All-in Financing: Payments for mortgage fees and loan-related expenses should be spread out over the life of your home loan.
- Built-In Insurance: Insurance premiums for a one-year policy can be paid in 12 equal monthly payments, interest-free, and billed in conjunction with your monthly amortization. Your insurance coverage will automatically renew on a yearly basis for the duration of your loan.
- Light Payment Options: Choose from the following options:
- 60-day Grace Period: The first payment will be due sixty (60) days after the loan is released, subject to applicable interest.
- Interest Only for the first six (6) months: Principal and interest payments to start right after.
How to Apply BDO Housing Loan
- Check your qualifications (see “Requirements” section)
- Prepare the documents. (see “Requirements” section)
- Submit your application form and requirements
- Submit through any of the following channels:
- Apply Online
- More than 1,200 BDO Branches
- BDO Auto Loan Provincial Business Centers
- Submit through any of the following channels:
BDO SME Loan for OFW
The BDO Term Loan is one of the bank’s business loans. You can apply for it to help your business grow by using it for the following specific purposes:
- Construction of buildings, factories and plants
- Plant expansion and modernization
- Leasehold improvements
- Purchase of equipment
- Payments for both medium and long term loans may either be monthly or quarterly.
Key Features
- Receive funds in a lump sum that can be released all at once or in installments (for Construction purposes).
- Payments are made in equal monthly installments throughout the course of a defined loan term.
Available Loan Terms and Options
- Use up to 70% of your property’s value
- to fund business needs
- Borrow 1 M up to 20M
- Choose loan term Of up to 10 years.
How to Apply for BDO Business Loan
- Check your qualifications (see “Requirements” section)
- For Business Owners:
- Sole Proprietorship, Partnership, Corporation
- Business is in profitable operation for at least 2 consecutive years
- Minimum annual gross sales of 1 Million
- Business is within a BDO serviceable area
- Prepare the documents.
- For Sole Proprietorship:
- Accomplished and signed application form
- Copy of 1 valid ID
- Marriage Contract (if applicable)
- Photocopy of Audited Financial Statements for the last 2 years with latest ITR
- Bank Statements or Photocopy of Passbook for the last 6 months
- Certificate of Business Registration with DTI
- Business Background / Company profile
- For Partnership:
- Accomplished and signed application form
- Copy of 1 valid ID (Authorized signatory)
- Photocopy of Audited Financial Statements for the last 2 years with latest ITR
- Bank Statements or Photocopy of Passbook for the last 6 months
- Articles of Partnership AND Certificate of Registration issued by SEC
- For Corporation
- Accomplished and signed application form
- Copy of 1 valid ID
- Photocopy of Audited Financial Statements for the last 2 years with latest ITR
- Bank Statements or Photocopy of Passbook for the last 6 months
- Any Of the following:
- Certificate of Registration issued by SEC
- Latest amended Articles of Incorporation and By-Laws
- List Of Elected Officers / General Information Sheet
- Board Resolution / Secretary’s Certificate
- For Sole Proprietorship:
COLLATERAL AND SUPPORT DOCUMENTS
- Photocopy of Title
- Lot plan with vicinity map
- Tax declaration
- Special Power of Attorney (SPA), if applicable
For Construction Loan
- Building / Floor Plan of proposed improvement
- Bill of Materials
- Specifications of proposed finishes
For Refinancing / Loan Take out
- Statement of Account from current bank
- Official receipts for the last three (3) months
*Other documents may be required upon evaluation
Reimbursement
- Certificate of Full Payment.
- Deed of Sale
- Sales Invoice or Official Receipt as proof of payment for the asset you acquired.
- Reimbursement is only applicable to assets purchased within the last 12 months.
- Submit your application form and requirements
- Submit through any of the following channels:
- Apply Online
- More than 1,200 BDO Branches
- BDO Auto Loan Provincial Business Centers
- Submit through any of the following channels:
BDO Loan Requirements for OFW
The following are typical BDO personal loan requirements:
- The applicant must be at least 21 years old at the time of application and no older than 70 years old when the loan matures.
- The candidate must be a Filipino citizen or a foreigner who has lived in the Philippines for at least two years.
- The candidate must have a minimum gross fixed annual income of PHP 180,000 for salaried employees and PHP 400,000 for self-employed professionals.
- The applicant must have worked or run a business for at least two years.
- One landline number, either at home or at work, or a mobile number, is necessary.
- Your home or workplace address should be within the city limits of the BDO serviceable area.
- There are additional eligibility requirements for BDO Kabayan Personal Loan. One such criterion is the necessary requirement of a landline connection at the residence or office.
The following documents are necessary to apply for a BDO personal loan:
Proof of Income
For Salaried Employees:
– Copy of the latest Income Tax Return or BIR form 2316 signed by the employer’s authorized representative;
– Certificate of employment, latest full months payslip with compensation breakdown.
For Self-Employed/Professionals:
– Photocopy of ITR duly stamped by BIR;
– Copy of Audited Financial statement for the last two years;
– Documents of Registration of Business Name;
– Bank statement for the last three months.
Proof of Identity
- Photocopy of at least two valid, Government issued photo identity cards such as Passport, Driver’s License, UMID, OFW ID, etc.
- If the applicant is a resident foreigner, a copy of the employment contract or certificate of employment is mandatory.
- A letter from the embassy and supportive documents such as Valid Visa, Work Permit or ACR certificate, etc. are essential for the loan application process.
For BDO Kabayan Program
- A signed automatic debit agreement form,
- OFW issued authorization letter for the beneficiary, and
- Beneficiary information form
BDO Online Loan Application for OFW
OFWs can apply for the respective loans you need as detailed in the outline under each loan facility. In the absence of a representative to apply on your behalf in the Philippines, you can simply use their online application form pages available through their website at https://www.bdo.com.ph/personal/loans. Just make sure to follow the process from start to finish and a representative will reach out to you through your contact details to inform you of the status of your loan application.
BDO OFW Loan Calculator
The BDO OFW loan calculator can help you figure out how much you’ll have to pay when you take out a loan from BDO. It also breaks down the downpayment and the payment terms and schemes for the loan you’re applying for. Visit https://www.bdo.com.ph/personal/loans/online-calculator to use the loan calculator.
Tips On Applying for BDO Kabayan Personal Loan
- To reduce processing time, submit all required papers.
- Check your credit history to ensure that there are no bad debts or negative findings. If there is, make payments as quickly as possible to reduce the bad impact on your credit score.
- Only conduct business with BDO branches in your area.
Most banks will just recognize your status as an OFW and that will be the end of it. This is how the BDO Kabayan Program distinguishes itself from other banks’ personal loan offerings. The facility is intended exclusively for OFWs to make availment easier and more comfortable. In this manner, BDO can issue credit to those in need of emergency finances.
Frequently Asked Questions About the BDO Personal Loan
1. How much is the amount I can avail?
The minimum loan amount is Php 10,000.00, and the highest loan amount is Php 1,000,000.00. The loan amount is subject to bank approval and will be determined depending on the income documentation provided.
2. For how long can I pay the loan?
You have the option of repaying the loan over a period of 6, 12, 18, 24, or 36 months.
3. What are the fees and charges?
Processing Fee: P1,300 (Deducted from loan proceeds)
Late Payment Fee: 5% of the amount due or P300 whichever is higher
Returned Check Fee: P500 per returned check
Certification Request Fee: P100 per request
Documentary Stamp Tax Fee: P1.50 for every P200 approved loan amount or fraction thereof, whichever is higher.
- Applicable for approved loan amounts greater than P250,000 or for business purpose (regardless of the amount)
Installment Processing Fee*: 5% of the total outstanding principal balance or P300 whichever is higher
*For processing of full payment of outstanding balance before end of payment term
4. How do I pay the monthly installment?
Payment can be made at any BDO branch countrywide by Auto Debit Arrangement (ADA) or Over-the-Counter (OTC).
5. Can I pay the loan in advance?
Yes, however, there are fees and charges. Fees and charges are included in the table above.
VIDEO: BDO Loan for OFWs
Not quite confident yet on how to begin your loan application? Watch this video to get personalized tips and tricks from a fellow kababayan for taking out a loan from BDO.
In this video, Yana Amawan talks about the benefits and what makes BDO’s loan program different from other banks. She also gives us here a rundown of the requirements for a personal cash loan, the BDO Kabayan Loan, and the interest rates under these programs.
In this video posted by BDO Unibank via YouTube gives us an overview on how the SME Loan works and how it can help more Filipinos including OFWs realize their dreams of having their own business. Through the SME Loan, BDO may assist small firms in meeting their financial needs.
Summary
There you have it! Applying for an OFW loan BDO can be conveniently done online nowadays. Just make sure to gather all of the requirements and submit your application accordingly. And there shouldn’t be any issues with the processing whatsoever. If you have any specific concerns or queries regarding BDO’s loan facilities, you may visit their official website at www.bdo.com.ph to learn more.
Contact Information
BDO Corporate Center
7899 Makati Avenue, Makati City 0726, Philippines
Trunkline: (+632) 8840-7000
Email: callcenter@bdo.com.ph
BDO Contact Center
Metro Manila: (+632) 8631-8000
Domestic Toll-Free Nos:
1800-10-631-8000 (PLDT)
1800-3-631-8000 (Digitel)
1800-5-631-8000 (Bayantel)
1800-8-631-8000 (Globelines)
AMEX: 1-800-10-8141700 (PLDT)
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