If you are an OFW and in need of money, Security Bank may be able to help. The bank offers a loan specifically designed for Overseas Filipino Workers. This loan has a low-interest rate and flexible payment terms, making it ideal for OFWs who need money quickly. To apply for the Security Bank OFW Loan, simply visit your nearest branch and complete the application form. Please follow the guidelines below on how you can secure an OFW loan from this particular bank.
Resources of overseas Filipino workers may not always present themselves in the form of marketable assets or investment opportunities. Sometimes, they also come in the form of loans, such as the Security Bank OFW loan, which they can take advantage of from time to time.
Allocating a budget is quite important if you want to reduce the impact of unexpected spending on your life. Besides tuition and medical expenditures, other factors such as the cost of living can impact your financial situation. Living in a foreign country can be extremely expensive, especially in the beginning. On the other hand, you can obtain more budget by applying for an OFW loan from Security Bank, which will be quite beneficial in both the short and long term. Here’s how to do it.
Applying for a Security Bank OFW Loan
Unexpected expenses such as auto repairs and hospitalization can be covered by a personal loan, which can be used by people, including overseas Filipino workers, to pay for these expenses. It is possible to obtain a loan in two ways: with collateral (secured) or without collateral (unsecured).
Loans that are secured by collateral are referred to as secured loans. The interest rates for secured loans are often greater than those on unsecured loans, despite having the same terms and conditions.
Personal loans from Security Bank can be used to pay for several commitments, including credit card payments and medical expenditures, depending on the loan’s terms.
Why Get an OFW Loan from Security Bank?
1. Simple security bank loan requirements make it simple to qualify for a loan.
If you’re looking for a straightforward way to apply for a personal loan, then Security Bank is your bank. Unlike other financial institutions, it doesn’t require too many documents to get a loan.
Eligibility
To be eligible, you need to meet some of the following requirements:
Citizenship: Filipino
Age: Minimum of 21 (but not older than 65 upon loan maturity)
Means of contact: Office or residence landline number
Minimum gross monthly income:
- Employed: At least PHP 15,000 (Metro Manila) / PHP 12,000 (outside Metro Manila)
- Self-employed with two continuous years of profitable operations: PHP 100,000
Requirements
Security Bank Personal Loan Requirements for Employed Applicants:
- Valid government-issued photo ID
- Company ID
- Latest one-month payslip
- Certificate of Employment and Compensation (issued within the past six months) or latest Income Tax Return (ITR)
Security Bank Personal Loan Requirements for Self-Employed Applicants:
- Valid government-issued photo ID
- Audited Financial Statement for the previous year
- DTI Certificate/SEC Registration
- Business Permit/Mayor’s Permit
- Bank statements for the last three months
- For corporations: Latest General Information Sheet
2. Online Personal Loan Application That Is Simple and Straightforward
It is interesting that, despite the fact that digital transactions have become increasingly common, many banking transactions continue to take place offline. For example, many personal loan applications are still completed in person at a branch location.
Security Bank’s online loan application service allows customers to apply for a loan even when they are not at their place of business or at home, saving them time and money. Simply complete the application process and you will be able to begin.
3. Quick approval, allowing you to receive your funds as soon as possible.
Personal loans from the Security Bank of the Philippines are normally approved in five to seven business days, according to the bank. This is significantly faster than the national average for banks in the country.
Getting authorized for a loan as early as possible is a significant advantage for people who require financial assistance right now. In addition, it enables them to cover unexpected expenses such as hospital bills and college tuition.
4. Interest Rates That Are Reasonably Affordable
Security Bank, one of the country’s largest financial institutions, offers low-interest rates on personal loans. It has a monthly add-on rate of 1.89 percent and an annual percentage rate of 29.48 percent, according to the company.
Because of Security Bank’s low-interest rates, you can keep your monthly budget under control and avoid paying more than you should be paying on your loans.
Having the ability to make your loan payments on time helps you to reduce the amount of debt you accumulate.
5. Up to P2 million in loan amounts are available.
Personal loans from Security Bank are versatile, with loan amounts ranging from PHP 200,000 to PHP 2 million. This loan can be used for a variety of needs, including home improvements, car purchases, and college tuition and fees.
6. Reasonably priced and adaptable repayment terms
When applying for a Security Bank OFW loan, you have the option of selecting one of four payment terms. These are divided into four categories: 12 months, 24 months, 36 months, and 48 months. The interest rate is lower the shorter the length of the loan.
With the help of the Security Bank loan calculator, you can obtain an idea of how much you may borrow and what the ideal repayment terms are.
7. Financially Stable and Trustworthy Lender
Being a client of Security Bank means that you are collaborating with a financially sound organization. If you want to learn more about the organization, look at its total assets.
Security Bank has received numerous awards in recognition of its ongoing efforts in technology innovation and financial performance.
The financial health of a Security Bank client is extremely vital to the bank’s success. It may enable them to deliver a wide range of financial services.
How OFWs Can Apply for SECURITY BANK Personal Loan
1. Apply for a personal loan through Security Bank’s online application system.
2. Complete all of the relevant fields. Make certain that all of the information you submit is accurate and full.
3. Photograph or scan the documents that are needed and upload them to the internet facility.
4. Check the box next to “I agree to the Terms and Conditions” and click “Next.”
5. Be on the lookout for a text message from Security Bank confirming receipt of your personal loan application.
Types of SECURITY BANK Loans
SECURITY BANK provides two types of loans: home loans and car loans. The most prevalent loan type issued is a home loan. This is for repayment, whereas the latter is for the purchase of a new vehicle.
We’ll go over each loan category’s features, requirements, the application process, and benefits in the sections below.
SECURITY BANK Home Loan
OFWs take out loans for various reasons, one of which is to make long-term investments in their businesses. That said, there’s no better method to accomplish this than by owning a house. This is where the Home Loan program offered by SECURITY BANK comes in.
OFWs can benefit from this form of loan in a variety of ways, some of which are as follows:
- Buy a lot, house & lot, condominium unit, or townhouse
- Take out an existing home loan
- Construct your house
- Renovate your home
- Reimburse/Refinance house expenses
Note: Security Bank offers conditions that will make you feel right at home. Low interest rates start at 5.25 percent * set for one to three years and go as low as 0.5 percent.
Why Take Out a Home Loan with SECURITY BANK
SECURITY BANK offers a difficult-to-pass home loan program that includes the following features:
- Loan Amount: Up to 80% of the appraised value
- Payment Terms: Up to 20 years
- Joint Gross Monthly Income (minimum): PHP 50,000
- Approval Time: within ten banking days
- Minimum Loan Amount: PHP 1,000,000
Requirements for a SECURITY BANK Home Loan:
Before you start working with SECURITY BANK, you will need to provide the bank with some supporting documents. These documents will help them process your application.
- Home Loan Online Application Form
- List of Required Documents
- Special Power of Attorney (SPA)
- Authorization Letter Template for Property Collateral Verification and Tax Mapping
How to Apply for SECURITY BANK Home Loan
For those who are eligible for the loan program, follow these steps to apply for a Home Loan:
- Use the Security Bank loan calculator to determine how much money you can borrow.
- Choose the loan that suits your needs.
- Complete the application and checklist. Apply online or at your nearest branch.
- Get approved within ten banking days! *
SECURITY BANK Auto Loan
Aside from buying a house, one of the most practical and significant purchases is a car. It not only provides you with a more practical and comfortable ride, but it also provides you with several other advantages.
A personal car allows you to leave and arrive at your destination on time while also protecting yourself and your family. A car with a safety feature, on the other hand, has the added benefit of assisting in accident prevention.
Even though buying a car is usually expensive, there are several ways to do so without breaking the bank.
SECURITY BANK offers a difficult-to-pass home loan program that includes the following features:
Why Take Out an Auto Loan with SECURITY BANK
With a SECURITY BANK car loan, you can easily purchase a vehicle that fits your lifestyle and budget. It comes with flexible payment terms and 1-year car insurance.
You can use this car loan for the:
- Purchase of a brand new or second-hand car for personal use
- Reimbursement of a brand-new vehicle
- Refinancing of a second-hand car/loan take-out
- Purchase of a brand-new car for business use such as:
- Car Rental Services
- Transport Services (e.g. Taxi, Grab, UV Express, School Service, Company Use / Employee Service)
- Cargo (e.g. Trucks)
SECURITY BANK offers a difficult-to-pass auto loan program that includes the following features:
Loan Amount:
- Brand new: up to 80% of purchase price
- Second hand: up to 70% of the appraised value
Payment Terms:
- Brand New: 12 to 60 months
- Second hand: 12 to 48 months
Down Payment: As low as 20% of the purchase price
Approval Time: 1 banking day*
Maximum Car Age: Up to 11 years old**
*from receipt of complete application form and requirements
**For second hand, the age of vehicle + loan tenure should not exceed 11 years
Requirements for a SECURITY BANK Auto Loan:
You will need to present supporting documents to SECURITY BANK before you can begin working with them. They will be able to process your application faster if you provide them with these documents.
- BASIC REQUIREMENTS:
- Duly accomplished and signed Auto Loan Application Form
- Valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories of the loan
- Latest Proof of Billing under borrower’s name
- REQUIREMENTS FOR LOCALLY EMPLOYED:
- Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR), Or Pay Slips for at least 3 months
- Latest Certificate of Employment with Compensation
- REQUIREMENTS FOR EMPLOYED ABROAD:
- Latest Crew Contract (for seafarer/seaman); Latest Employment Contract duly authenticated by Phil. Consulate (for OFWs)
- Proof of Remittance (allotment slips) for at least 3 months
- REQUIREMENTS FOR SELF-EMPLOYED/WITH BUSINESS:
- Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR)
- Latest Audited Financial Statements/Statement of Assets and Liabilities/Statement of Income and Expenses
- Certificate of Business Registration with DTI (sole proprietorship) or SEC (partnership/corporation)
- Bank Statements or photocopy of Passbook for the last 3 months
- Proof of Other Income (Certificate of Deposits, Stock/Bond Certificates, Lease Contracts, etc.)
- ADDITIONAL REQUIREMENTS IF COLLATERAL IS USED/SECOND HAND/IMPORTED VEHICLE:
- Copy of LTO OR/CR under the name of the seller/applicant
- Deed of Sale
- PNP Clearance and Macro Etching Certificate
- Bill of lading and importation papers, including proof of payment on custom and duty taxes (for imported units only)
How to Apply for a SECURITY BANK Auto Loan
- Scan or photograph your ID and proof of income.
- Apply online or at your nearest branch.
- Wait for processing and approval (which can take as little as one banking day!)
Video: Security Bank Loan for Filipinos
Check out this video clip below which features a guide about personal loan for Filipinos from Security Bank:
It features tips about fast cash loan and it also tackles the requirements and process of applying for a loan from this bank.
Frequently Asked Questions:
1. What Is A Housing Loan?
A housing loan is a type of loan that’s used to finance the purchase of the real estate in the Philippines. It can be obtained through various sources, such as banks and the government’s housing fund, also known as the Pag-IBIG Fund.
Having a better understanding of the various terms and conditions of house financing will allow you to make an informed decision. One of these is refinancing.
2. How Do Housing Loans In The Philippines Work?
In the Philippines, financial institutions are commonly used to provide home loans. An arrangement with a bank allows borrowers to borrow money for a certain period.
In the Philippines, there are two types of housing loans: public and private. The former is provided by the government-owned PAG-IBIG and the latter is offered by various financial institutions.
Although the interest rates charged by banks on home loans are generally lower than those charged by security banks, they can still vary depending on the type of loan the bank is providing.
In the Philippines, home loan borrowers are required to make monthly payments. These payments are usually used to cover the initial interest expenses, but they can also be used to pay down the loan’s principal balance.
Each month, the bank calculates the interest rate that it will charge the borrower based on how much money he or she has borrowed.
3. How Do I Use A Housing Loan Calculator?
A loan calculator can help you make informed decisions when it comes to making mortgage payments and comparing the various loan rates offered by different banks. It will also provide you with the maximum amount of time that you can borrow.
4. What are some Housing Loan Terms?
Principal:
It is the total amount of money that you owe on a loan that is known as the principal. Usually, as you make frequent payments, this amount will decrease over time.
Down payment:
When purchasing a home, the down payment is the amount of money that the buyer pays down to ensure that the property will be his or hers. A twenty percent down payment on a bank-sponsored home loan, according to the Philippine Housing Finance Corporation, is the standard down payment for a home loan in the Philippines.
Interest Rate:
In financial terms, interest is a rate that is charged in exchange for the use of money. In this case, the money is borrowed. Interest rates are expressed as a percentage rate on an annual basis, which is referred to as the annual percentage rate of return on investments (APR). For example, the annual percentage rate (APR) for a 10-year fixed loan from BPI is 8 percent every year.
Loan Tenure/Term:
A mortgage loan’s term is the amount of time or time period, defined in “months” or “number of years,” during which you must repay your mortgage debt. Mortgages commonly contain a “tenure” of 30 years, which signifies that it will take 30 years to pay off the obligation in its full, which is standard practice.
According to the Philippines’ lending regulations, the typical loan length is up to 20 years, with certain lenders offering even longer loan periods to qualified customers. It is generally accepted that the interest rate on a loan grows in direct proportion to the loan’s duration.
Prepayment:
It is possible to pay off your loan in full or in part before the day on which it is supposed to be paid off. If you do this, certain financial institutions may charge you a fee, so be sure to read the fine print carefully.
Refinancing:
Using an existing mortgage to pay off a new mortgage that has lower interest rates than the one that was originally taken out is a viable option.
Foreclosure:
When a bank takes ownership of your property and attempts to sell it in order to recoup the unpaid balance on your loan, this is known as foreclosure. If you have a history of failing to make your loan payments on time, you may find yourself in this situation on a regular basis.
5. Some Factors You Need To Be Aware Of When You Choose A Housing Loan
Margin of Finance:
The loan-to-value ratio is another term that is used to describe the amount of money that is borrowed in relation to the worth of the property. When deciding the amount of money that a customer can borrow in the Philippines, banks take into account a number of factors, including the applicant’s age and income bracket, the type and location of the property, as well as the current market value of the property in question.
When referring to the amount of money borrowed, the loan-to-value ratio is another term that is frequently employed. In the Philippines, while deciding the amount of money that a customer can borrow, banks take into account a number of factors, including the applicant’s age and income bracket, the type and location of the property, and the current market value of the property, among others.
Early Termination Penalty:
Some mortgage lenders may charge an early termination penalty if you pay off your loan in part or in full before the end of a specified time period. This may include refinancing your loan with a different lending institution or refinancing your loan with the same lending institution.
The ‘lock-in period’ refers to the predetermined time period during which you are subject to a penalty for terminating your contract early. This fee, which varies depending on the length and size of your loan, can be large.
Fees and Charges:
Some of the fees and charges you can expect to face will vary from bank to bank, but the following are some of the more common ones you can expect to encounter:
- Appraisal fee
- Documentary Stamp Tax (P1.00 for every P200 of the loan amount)
- Handling and Notarial fees
- Mortgage Redemption Insurance
- Registration expenses
6. What Is A Car Loan?
Currently, automotive loans are one of the most popular and expensive financial products available in the Philippines, and they are also one of the most difficult to obtain.
Making financial savings while also acquiring a vehicle without having to spend a lot of money on transportation is a fantastic choice that many people choose. As a result of the poor status of the country’s transportation infrastructure, many people have turned to auto loans to fund the purchase of a vehicle.
7. How Does A Car Loan Calculator Work?
The monthly payments for your auto loan can be calculated quickly and easily by entering the information required to get started, such as the cost of the car and the down payment you intend to make, as well as the length of the loan. Once you have completed all of the methods outlined above, the calculator will display the total amount of interest paid throughout the course of the loan, as well as the number of monthly installments.
8. Car Financing: Is It Better To Get A Loan?
The monthly payments for your auto loan can be calculated quickly and easily by entering the information required to get started, such as the cost of the car and the down payment you intend to make, as well as the length of the loan.
Once you have completed all of the procedures outlined above, the calculator will calculate the total amount of interest that will be paid over the course of the loan, as well as the number of monthly payments required.
9. Are Used Cars For Sale Eligible For A Car Loan?
If you have decent credit, most banks in the Philippines would approve you for a loan to purchase a used automobile. Also available are typical financing options for used vehicles, as well as the option of prepaying the insurance premium to reduce the interest rate charged even lower.
In the event that a buyer decides to purchase a used automobile, it is critical to understand that the interest rate on a used automobile is higher than the interest rate on a new automobile.
10. Why Are Interest Rates For A Used Car Higher Than Brand New Cars?
Investing in second-hand automobiles has a larger level of risk than investing in new automobiles, which results in second-hand vehicle loans being significantly more expensive than new car loans. The upshot is that they are more likely than other types of vehicles to encounter technical difficulties and require costly repairs, which could result, in the event of a repossession, in financial loss.
Specifically, when it comes to automobiles, interest rates for new and used vehicles in the Philippines vary widely, with the former being much more than the latter. A common disparity between the two is between 2 percent and 5 percent, depending on the circumstances. Online lenders are now disclosing the interest rates on past-due loans, which gives a basic sense of how much the loan would ultimately cost in the long run, according to the Federal Reserve.
Summary
Home and automobile ownership are two of the most common expenditures that every overseas Filipino worker hopes to be able to afford. Both purchases can be financed through the loan packages offered by China Bank. If you meet all of the requirements and meet the eligibility criteria, as well as being able to make on-time payments, applying for these goods is straightforward.
Following your reading of this guide, you may like to learn more about the many types of loans that are available from banks and other financial institutions; you can learn more about them by clicking here.