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How to Apply BPI OFW Loan

For Filipino overseas workers who are looking for available loans from BPI Family Savings, this leading bank in the Philippines offers a variety of loans, and here is a completed guide to help you what are your options applying for one. There are numerous reasons to obtain a BPI OFW loan, as well as numerous ways to apply for one. Borrowing money from one of the most prolific banks in the Philippines such as BPI makes sense if you’re in a bad financial situation during the pandemic.

Also Read: How to Open a New BPI Deposit Account Online

When looking for a loan provider, the Bank of the Philippine Islands, or BPI, is a suitable option. BPI has one of the lowest interest rates in the industry, not to mention that it occasionally gives a reduced rate promo. The bank also offers a BPI personal loan package to meet a variety of purposes, and potential borrowers can apply online, including our overseas Filipino workers (OFWs).

When you are out of work, for example, a personal loan can help you acquire additional finances to start an online business from home or tide you over until things return to normal. If you are considering getting a loan out of BPI, then make sure to read the rest of this guide.

How to Apply BPI OFW Loan

Guide to Applying for BPI OFW Loan

You may need a BPI OFW loan for a variety of reasons. If you require financial support, an OFW Loan might help you make your investment more quickly. To make a real estate investment, many OFWs take out home loans. Many OFWs wish to create and establish their own property. Some even turn their investments into profitable business opportunities.

In line with this, here are some of the loans you can take out from the Bank of the Philippine Islands (BPI) as well as the requirements for each:

BPI Bank Loan Requirements for OFWs

OFWs who would like to apply for a personal loan need to prepare several documents, which they can submit online for convenience.

Here’s a shortlist of the requirements:

  1. Government-issued photo-bearing ID (Passport, Driver’s License, SSS, PRC, etc.)
  2. For Agency-based OFWs: POEA contract OR Employment contract with boarding date
  3. Direct-hire OFWs: Latest & Unexpired POEA Validated OR Latest POEA Overseas Employment Certificate (OEC) and Latest Employment Contract (in Lieu of OEC print-out: OEC Exemption Screenshot with OEC BM Online Profile) OR Consularized COE (if remitter is a permanent resident in the country), Latest 3 months proof of remittance.
  4. Direct-hire Allottee: Latest & Unexpired POEA Validated Information Sheet OR Latest Employment Contract OR Consularized COE (if remitter is a permanent resident in the country), Latest 3 months proof of remittance.

List of BPI Loans OFWs Can Apply

There are several BPI loans that you can apply for as an OFW. Since these are unique programs intended for a specific purpose, it’d be best to get to know a little bit about each of them first before applying. Crucial information includes the requirements and the features each offer.

  1. BPI Personal Loan
  2. BPI Auto Loan
  3. BPI Housing Loan
  4. BPI Business Loan

BPI Personal Loan

The BPI personal loan allows you to borrow up to three times your gross monthly salary, up to PHP 2,000,000.

Aside from that, monthly payments can be divided into 12, 18, 24, 48, 30, or 36 months, with a 1.20% fixed interest rate. Monthly repayments are deducted automatically from the BPI account you choose to enrol when you apply.

Finally, borrowers can make advance payments with no fees. Late payments, on the other hand, are assessed a 5% penalty.

How to Apply BPI OFW Loan

Key Features

  • Loan amount: PHP 20,000 to PHP 2 million
  • Annual contractual rate/Effective interest rate:03% to 25.60%
  • Monthly interest rate:20%
  • Loan terms: 12 to 36 months
  • Loan processing time: Within 5 to 7 working days upon submission of complete requirements
  • Disbursement time: Within 1 to 2 banking days from the date of signing the loan documents
  • Processing fee: PHP 1,500 (deducted from the loan proceeds)
  • Documentary stamp tax: PHP 1.50 per PHP 200 of the loan amount (applicable to BPI loans above PHP 250,000 or those for business purposes)
  • Late payment penalty fee: 5% of the amount due
  • No-collateral loan
  • No pre-termination fee

Eligibility Requirements

If you meet all of the following requirements, you can apply for a personal loan from BPI:

  • Filipino citizen
  • At least 21 years old and not more than 60 years old when the loan matures
  • Living or working within 30 km from the nearest BPI branch

BPI Auto Loan

The BPI auto loan is perfect for those who want to buy a brand new vehicle but have no money to pay it in full. With this auto loan, you can take advantage of cheap rates, down payment options as low as 15%, and flexible payment terms of up to five years; a simple STEP UP PAY PLAN for the lowest monthly payment in the first year; fast, easy, and affordable loan application; and various loan offerings that will match any client’s needs.

How to Apply BPI OFW Loan

 Requirements for BPI Car Loan OFWs

  • Duly accomplished Application Form
  • 2 valid Identification Cards
  • If married, both spouses to sign on the application form.
  • If with co-borrower or co-mortgagor, a separate application form is needed
  • Income Documents:
    • Contract / Certificate of Employment (COE)
    • Crew Contract and Exit Pass validated by POEA (seaman)
    • Proof of monthly remittances
    • Notarized or authenticated Special Power of Attorney (BPI FSB Format)
    • Duly accomplished Auto Loan Application form required by POEA

BPI Housing Loan

Aside from the BPI Personal Loan and BPI Auto Loan, the bank also offers the BPI Housing Loan. Under the former, you can apply for a chance to buy your own home and stop paying rent.

It is obvious that paying for a property rather than paying rent is preferable, which is why many people consider applying for home loans. In order to apply for a BPI housing loan, you must first fill out an online application.

With BPI, every loan package is tailored to the customer’s demands and current spending capacity. One can easily apply for a home loan with basic prerequisites.

How to Apply BPI OFW Loan

Eligibility Requirements

Anyone who is of legal age or will not be more than 65 years old upon the maturity of the loan can apply for the BPI Housing loan if you’re a:

  • Filipino citizen
  • Foreigner with issued immigrant/resident visa, subject to specific documentary requirements (though you must note that you can only purchase a residential condominium using this loan)
  • Foreign national married to a Filipino citizen, subject to specific documentary requirements

Requirements for BPI House Loan OFWs

  • Duly accomplished Application Form. You may also visit www.bpiexpressonline.com to fill out an online application form.[1]
  • Two (2) valid government-issued IDs with photo and signature (Passport, Voter’s ID, Driver’s License, etc.)
  • In case you’re married, you and your spouse will need to sign the application form.
  • If you’re borrowing with a co-borrower or co-mortgagor, you will be filling out separate application forms.
  • Certificate of Employment (COE), which shows your salary, position, and length of service
  • Latest Income Tax Return or ITR for the last two years.
  • Contract / Certificate of Employment (COE) signed and authenticated by the Philippine Consulate
  • For seamen, Crew Contract and Exit Pass validated by the Philippine Overseas Employment Administration (POEA)
  • Documents proving monthly remittances
  • Notarized or authenticated Special Power of Attorney. For this one, use the BPI-prescribed format.

BPI Business Loan (Ka-Negosyo Loan)

Financing is available for your business expenses. With the BPI Business Loan also known as the Ka-Negosyo Loan, it is now simple to capitalize on development prospects. You can apply for a BPI loan for your small business. It is important for you to know your available options on what type of business loan might be a good fit for your plans.

How to Apply BPI OFW Loan

Here are the options available for you the BPI loan for business purpose:

SHORT-TERM FINANCING

You can use your BPI Ka-Negosyo term loan or check accessible credit line with an ATM card if you need funding at the moment, to meet unanticipated expenses or to bridge working capital requirements.

LONG-TERM FINANCING

Our loans can be tailored to work with your available money and cash flow schedule to ensure continued business operations or to fuel your expansion aspirations. Our long-term finance can assist you with the following:

  • Business Expansion
  • Franchise Financing
  • Purchase of Fixed Assets and Equipment
  • Purchase / construction / renovation of condominium unit / residential property for lease
  • Purchase / construction / renovation of commercial property
  • Refinancing of existing commercial loan/mortgage

FRANCHISE FINANCING

The BPI Ka-Negosyo Franchising Loan, which is specifically intended for franchising firms, provides reasonable finance to enable you to establish your franchise business now.

Eligibility

Term Loan

  • Filipino Citizen, of legal age but not more than 65 years old upon maturity of the loan.
  • Entrepreneur with at least 3 years of profitable business operation; or, individual with at least 3 years stable income (professionals, OFs, employees)

Credit Line

  • Filipino Citizen, of legal age but not more than 65 years old upon maturity of the loan.
  • Entrepreneur with at least 3 years of profitable business operation.

Franchising Loan

  • Filipino Citizen, of legal age but not more than 65 years old upon maturity of the loan.
  • Entrepreneur with at least 3 years of profitable business operation; or, individual with at least 3 years stable income (professionals, OFs, employees)

Requirements

  • Duly Accomplished Application Form
  • Photocopy of Income Tax Return (ITR) for the last 3 years
  • Bank Statements for the past 6 months
  • Copy of Marriage Contract, if applicable

REAL ESTATE COLLATERAL DOCUMENTS

  • Two (2) Photocopies of Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) – Owner’s duplicate copy
  • Photocopy of Tax Declaration (land and building, if applicable)
  • Payment of Appraisal Fee

FRANCHISING LOAN

  • Franchise Endorsement / Contract with Franchise Owner

FOR CONSTRUCTION / DEVELOPMENTAL LOAN

  • Building Plan
  • Building Specifications
  • Bill of Materials
  • Development Permit
  • Subdivision Plan
  • Feasibility Study

Steps to Apply for BPI Loan for OFWs

In case you are wondering how you can apply for a loan from BPI, please check out the following guidelines and steps below:

BPI Personal Loan Application

1.      Completely fill out the application form

2.      Scan and email your income documents to personal_loan@bpi.com.ph

3.      Wait for the email notification that they have received your application.

Note: Applicants will be notified via SMS of their loan status within 5 to 7 banking days.

BPI Housing Loan Application

  1. Fill out the housing loan assessment and application form online or speak with one of BPI’s partner brokers or developers about your choices. With so many branches across the country, one can simply go to inquire.
  2. Submit the requirements online.
  3. Wait for your loan approval.

BPI Auto Loan Application

Fill out the auto loan assessment and application form online or through any of the following channels:

  • BPI/BPI Family Savings Bank Branches
  • Accredited Car Dealerships

Apply for Step Up PayPlan thru BPI or BPI Family Savings Branch:

  1. Visit any BPI/BPI Family Savings Bank Branch
  2. Completely fill out the application form.
  3. Submit the requirements.
  4. Wait for the application review and processing.
  5. Once approved, visit the branch of the BPI Family Head Office or Loans Centres nationwide.
  6. Sign the loan documents.
  7. Drive home your new car!

Apply for Step Up PayPlan Online:

  1. Completely fill out the online application form.
  2. Attach the requirements.
  3. Click Submit.
  4. Wait for the application review and processing.
  5. Once approved, visit the branch of the BPI Family Head Office or Loans Centres nationwide.
  6. Sign the loan documents.
  7. Drive home your new car!

BPI Ka-Negosyo Loan Application

  1. Fill out the BPI Ka-Negosyo loan assessment and application form
  2. Submit the requirements online.
  3. Wait for your loan approval.

BPI OFW Loan Processing Time

Loan processing times are usually short, around 3 to 7 banking days, at most. However, due to the extraordinary circumstances brought about by the pandemic, processing times could take longer. As per BPI, once your loan is available, you will receive an update on your application via your registered mobile number or email address.

BPI Contact Information

BPI Personal Loan Contact Information

Head Office Address: 4/F BPI Family Savings Bank Head Office, Dela Rosa St. cor. Paseo de Roxas, Makati City
Email: personal_loan@bpi.com.ph
Telephone Numbers: 8891-0000; 0917-891000

BPI Auto Loan Contact Information

Head Office Address: 4/F BPI Family Savings Bank Head Office, Dela Rosa St. cor. Paseo de Roxas, Makati City
Email: autoloan@bpi.com.ph
Telephone Numbers: (02) 669 10000, option 4-3-2

BPI Housing Loan Contact Information

Head Office Address: 4/F BPI Family Savings Bank Head Office, Dela Rosa St. cor. Paseo de Roxas, Makati City
Email: housingloan@bpi.com.ph
Telephone Numbers: (02) 669 10000, option 4-3-2

BPI Ka-Negosyo Loan Contact Information

Head Office Address: Tower One, Ayala North Exchange 6796 Ayala Avenue corner Salcedo St., Legaspi Village, Makati City 1229
Email: consumeraffairs@bsp.gov.ph
Telephone Numbers: (+632) 889-10000; or (+632) 889-10000

Loans are offered not just for banks to earn interest; they are there to offer help (at reasonable schemes) to those who need them the most, including OFWs. These can serve various purposes, including house construction, car acquisition, or establishing a business. Whatever reason you may have for a loan, it’s important to look for a reliable bank that can offer you the best deals and terms.

This is where BPI OFW loans come in. With this guide at hand, you can now plan your next move, whether for yourself or your family with confidence and peace of mind.

READ NEXT: How to Open a BPI Pamana Padala Savings Account

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