Sterling Bank of Asia is a leading Philippine bank that is committed to serving the needs of OFWs. The bank offers a wide range of products and services that are designed to meet the unique financial need including a loan specifically designed for Overseas Filipino Workers. The OFW Loan is perfect for those who need quick and easy access to cash, without having to go through the hassle of traditional loan applications.
OFWs, like any other working Filipino, never have it easy when they travel for work abroad. Because, contrary to popular belief, they do not necessarily end up well off. And so, they too can benefit immensely from loan programs in the Philippines, such as the Sterling Bank OFW loan.
Also Read: 13 Best OFW Loans in the Philippines (Banks and Government Agencies)
With this in mind, it’s vital to shop around for loan programs and compare different financial institutions’ offerings. If you do this, you will be able to find something that fulfills your objectives and requirements. To avoid a negative impact on your credit score, you must be aware of the terms and characteristics of any loan program you are contemplating. If you do not comply, you may find it more difficult to receive funds from the same or other banks in the future, making compliance with this requirement crucial.
Applying for a Sterling Bank OFW Loan
Overseas Filipino Workers (OFWs) can benefit from a Sterling Bank Of Asia OFW loan, for purposes such as hospitalization, tuition fees, and even putting up a business.
Sterling Bank of Asia was founded to serve retail and commercial customers with financial services and solutions.
Since opening its first branch in 2007, Sterling Bank of Asia has expanded to 47 sites around the country. The bank has been able to create solid ties with its customers thanks to the leadership of its seasoned experts and successful businesspeople.
Sterling Bank of Asia, in addition to being a bank, provides a comprehensive range of financial products and services to its commercial and retail customers. Loans, deposits, and asset management are examples of these.
When it comes to its loan offerings, the bank provides both those that are available to the general public as well as those that are reserved solely for its customers. The Sterling Bank Salary Loan is one of the unique products, and it is only available to employees of companies who have a banking relationship with Sterling Bank.
And for loans available to the public, this is how getting a Sterling Bank Of Asia OFW loan works:
Here’s Why You Should Get a Sterling Bank OFW Loan
Here are a few of the reasons why you should consider obtaining a personal loan from Sterling Bank Of Asia:
The fact that they are a relatively new player in the financial business is a component of Sterling Bank of Asia’s strategy. In 2007, they had seven locations when they first opened. They now have 47 locations across the , having expanded significantly over the years.
Sterling Bank of Asia is able to fulfill the requirements of its clientele because it places a primary emphasis on offering a comprehensive range of financial products and services to a varied customer base. They provide a vast selection of goods and services, including financial ones like loans, deposits, and investments.
Sterling Bank of Asia consistently delivers exceptional service to its clients through its various award-winning programs. Among these bank’s distinctions include the Philippine Quill Merit Award, the BSP Gold Hall of Fame Award, and the PhilPass Participant Servicing Award.
Individuals who are interested in obtaining a personal loan can turn to Sterling Bank of Asia, which offers a number of adaptable payment periods as well as a competitive interest rate.
The maximum amount that can be borrowed through this loan is one million dollars. There is also an additional rate of 1.45 percent that is added on top of the 17.4 percent fixed rate. The approval process for this loan can take anywhere from five to seven days to complete.
Through its philosophy of putting clients first, Sterling Bank of Asia aims to provide its clients with the best possible service. The Bank’s diverse products and services allow its clients to manage their financial well-being.
Advantages Of Applying With Sterling Bank OFW Loan
The Sterling Bank of Asia provides a service that takes a client-focused, individualized approach to meeting their requirements.
- Flexible loan tenure.
- Ample loanable amount.
- Competitive interest rate.
Types of Sterling Bank OFW Loan
Sterling Bank Of Asia OFW loan programs includes home and auto loans. More than half of all loans that are given out are for homes. Next to this loan option is for buying new or used cars.
Each Sterling Bank Of Asia OFW loan category’s characteristics, requirements, the application process, and rewards are discussed in detail in the sections that follow.
Sterling Bank Of Asia Personal Loan Program (Persona Loan)
Now, more than ever is not the time to put your life on hold. Today, everyone has their own reasons for needing extra cash. Hence, the need for a personal loan program, such as that offered by Sterling Bank Of Asia
With a Persona loan from Sterling Bank of Asia, you can easily manage your financial expenses during this time. They can help you with everything from medical expenses to settling debts.
Features:
Loanable Amount: Php 50,000 up to Php1,000,000
Loan Terms: 12 to 36 months
Loan Purpose: Multi-purpose loan (emergency needs, travel, business, etc.)
Product Features: No collateral needed; no co-maker required
Payment Options: Post-dated checks
Eligibility
- Filipino Citizen
- 21 – 60 years old
- Minimum gross salary of P30000 per month
- With home and office landline
- No adverse credit findings
- At least 1-year residency, if renting
For Self-employed: Business in operation for at least 3 years & profitable for the last 2 years
For Employed: Employment tenure of at least 2 years with present employer
Requirements
For Employed
- Completely filled-out Application Form
- Copy of latest 1 month payslip
- Latest Income Tax Return (BIR FORM 2316)
- Photocopy of valid Company ID
- Photocopy of valid Government-issued ID
- Latest 2 months credit card statement of account (if applicable)
- Certificate of Employment (for selected companies)
Additional documents for Self-employed
- Completely filled-out Application Form
- Valid Business Permit
- Valid DTI or SEC Registration with General Information Sheet
- Latest 6 months Bank Statements (with signed authorization letter for bank checking)
- Latest 2 years ITR with Audited Financial Statement
- Latest two (2) months credit card statements (if any)
- Trade references (3 major customers & 3 suppliers with contact details)
How to Apply for a Sterling Bank Of Asia Personal Loan (PERSONA Loan)
- Interested clients may apply for a Sterling Bank Of Asia Personal Loan by filling out the online application form using this link.
Sterling Bank Of Asia Home Loan Program (Discovery Home Loan)
You may be able to move closer to purchasing the home of your dreams with assistance from the Sterling Bank of Asia Home Loan Program, also referred to as the Discovery Home Loan.
Discovery Home Loan will help you experience a whole new future, whether you’re looking to buy a residential property, a house and lot, a townhouse, a condominium unit, or even do some remodeling on your existing home.
Features
Loanable Amount: Php 500,000.00 up to P10M or 80% of the property’s appraised value
Loan Terms: 1 year to 25 years. Age upon maturity not exceeding 65
Payment Options: Post-dated checks; Auto-debit arrangements
Eligibility
- Filipino Citizen
- 21 years old, but not more than 65 years old upon maturity of the loan
- If the borrower is more than 60 years old, a co-maker is required
For Employed
At least 2 years with present employer End Buyer/Borrower
- Duly accomplished loan application form with 1″ X 1″ photo
- Latest certificate of income and employment
- Latest Income Tax Return with BIR stamp
- Marriage Contract, if applicable
For Self-employed:
- Business should be at least 3 years in operation and profitable for the last 2 years and must be duly registered with Securities and Exchange Commission (SEC) or the Department of Trade and Industry (DTI)
- Combined monthly gross family income of at least P40,000.00
- For married borrower/s, the spouse will act as co-maker
Developer:
- Photocopy of TCT/CCT
- Photocopy of tax declaration (land improvements)
- Certified Lot Plan
- Certified Location and Vicinity Map
- Latest Real Estates Tax Receipt
- Photocopy of TCT/CCTContract to Sell/Presell
- Master Deed of Restriction, in case of a condominium
- HLURB Certification of Registration of Project
- HLURB Locational Clearance
Requirements
General Requirements
- Accomplished loan application form
- Photocopy of TCTs/CCTs offered as collateral
- Vicinity map, lot plan, tax declaration
- Tax clearance and RETRs
- Bill of materials / cost estimates and floor plans (for house construction/renovation/expansion)
- Copy of two (2) valid IDs
- Marriage contract (if married)
- Cash or check payment for appraisal fee payable to Sterling Bank of Asia
- Credit card/utility billing statements for the past three (3) months
- Statement of account (for loan take-out) and proof of payment of last three (3) amortizations
- Authority to appraise
Post-approval Requirements:
- Insurance coverage on Housing unit
- Mortgage Redemption Insurance (MRI) on borrower
- Post-dated checks
- Submission of affidavit for the mortgage of family home
Additional Requirements for Self-employed
- Business papers / permits / certificates (SEC, DTI, etc.)
- Three (3) years audited or BIR filed and in-house financial statements
- Accomplished basic business information
- Bank statements for the last three (3) months
Additional Requirements for Employed Locally
- Income tax return (ITR) for the past two (2) years
- ITR of co-maker (if applicable) or W-2/BIR Form 2316
- Original certificate of employment (COE) with compensation data and length of stay in the company
- Two (2) months payslip
Additional Requirements for Employed Overseas
- Recent and active certificate of employment (COE) with salary and/or compensation data
- ITR, if any
- Proof of remittances or allotment papers with beneficiary data
- Copy of job contract with duties and responsibilities
- Special power of attorney (SPA)
- Proof of income (if any)
How to Apply for a Sterling Bank Of Asia Home Loan (Discovery Home Loan)
Interested clients may apply for a Sterling Bank Of Asia Home Loan by filling out the online application form using this link.
Sterling Bank Of Asia Auto Loan (Ultima 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.
With the Ultima Auto Loan’s flexible terms, easy payment modes, and fast processing, you can finally buy your first car or get a second or third vehicle for your growing family.
Features
Loanable Amount: P100,000.00 and up
Loan Terms
- 12 to 60 mos.(Brand New)
- 12 to 48 mos. (Second Hand)
Payment Options
- Post-dated checks
- Automatic debit arrangement
Eligibility
- Not less than 18 and not more than 65 years old.
- Monthly amortization of the vehicle to be financed should not exceed 30% of the gross monthly income of the borrower.
For Employed:
- At least 2 years of continuous employment with current employer.
- Employer must be at least operating for 3 yrs.
For Self-employed:
- Engaged in the business or profession for at least 3 yrs.
- Business or profession must be profitable at least in the immediately preceding year
For Corporate:
- At least operating profitably for at least 2 yrs.
Requirements:
If Employed Locally
- Completely filled-out Auto Loan Application Form
- At least 2 government-issued IDs (applicant & spouse)
- Original Contract of Employment (COE) with salary, position, and length of service
- 1 month pay slip
- Income Tax Return
If Self-Employed/Sole Proprietor
- Completely filled-out Auto Loan Application Form
- At least 2 government-issued IDs (applicant & spouse)
- Bank Statements (last 3 months)
- Trade References (3 suppliers & 3 customers)
- Certificate of Registration of Business Name (for proprietor)
If Employed Overseas
- Completely filled-out Auto Loan Application Form
- At least 2 government-issued IDs (applicant & spouse)
- Latest COE from the manning agency with salary & position
- Proof of Remittance, Allotment Papers with Beneficiary Data, or any qualified equivalent (if applicable): Remittance Receipt or Slip, Bank Passbook, Bank Statement
Self-Employed/Sole Proprietor
- Bank Statements (last 3 months)
- Trade References (3 suppliers & 3 customers)
- Certificate of Registration of Business Name (for proprietor)
Additional Requirements (Second Hand Vehicle)
- Original OR/CR (under the borrower’s/ applicant’s name)
- Other Requirements For Brand New & 2nd Hand Vehicles (if applicable)
- Notarized Deed of Sale
- PNP Clearance with Macro Etching
- 3 Sets of LTO Stencils
How to Apply for a Sterling Bank Of Asia Auto Loan (Ultima Auto Loan):
Interested clients may apply for a Sterling Bank Of Asia Auto Loan by filling out the online application form using this link.
Sterling Bank Of Asia Business Loan
Aside from personal loans for OFWs, Sterling Bank of Asia also offers several business loans for various purposes. Here are some of them and their features:
Short Term Loans: A loan with a term of one year or less may be used to support the working capital needs of the company, including receivables and inventories.
Standby LC or Bank Guarantee: It is a type of loan that is contingent upon certain conditions being met and is used as a guarantee that the borrower will fulfill their obligations under a domestic contract to a third-party beneficiary.
Trade Check Discounting: A loan in contrast to the post-dated cheques that the borrower’s clients have written out.
Term Loan: A loan with a term longer than one year, typically ranging from five to seven years, that is taken out by a firm in order to finance its capital expenditures.
Developmental Loan: A loan that is given to those who develop real estate. It is put to use in the process of developing real estate property, which not only entails the construction of the improvements but also the task of excavating the land and putting in the necessary infrastructure.
Domestic LC/ TR: A loan facility that is comparable to an Import LC, but in this case, the provider is located within the country.
Import Letter of Credit (LC) & Trust Receipt (TR)
A letter of credit, or LC, is a form of contingent lending that is utilized to guarantee payment to international vendors. Basically, an LC provides the seller, who is typically a foreign supplier, with the confidence that he will be paid for the items that he has supplied.
After successful LC negotiation, the importer’s bank will make payment to the vendor. When this occurs, an LC is converted into a TR, under which the borrower (the importer) receives delivery of the imported items but the bank continues to retain ownership, at least on paper.
Domestic Bills Purchase
It does this by allowing the purchase of dated checks to be made without having to wait for clearing time, which provides day-to-day liquidity.
Eligibility
- Major principal owner/s must be a residing Filipino Citizen
- Major principal owner/s must be at least 21 years of age at the time of application and not more than 65 years of age upon maturity of the loan
- Must be duly registered to operate as a business in the Philippines for at least 3 years;
- Must have profitable operations in the past 3 years
- Must have no adverse credit findings on the company and its principals
Requirements
For Single Proprietorships
- Duly accomplished Application Form
- Company Profile
- Latest 3-year Audited Financial Statements and Income Tax Return
- Latest DTI Certificate of Registration
- Latest Business/Mayor’s Permit with Official Receipt
- 2 Valid, Government-issued ID of primary applicant/proprietor
- Trade References (at least 5 customers and 5 suppliers with contact details and credit terms)
For Corporations
- Duly accomplished Application Form
- Company Profile
- Latest 3-year Audited Financial Statements and Income Tax Return
- Latest General Information Sheet (GIS)
- Latest Business/Mayor’s Permit with Official Receipt
- 2 Valid, Government-issued ID of principal owners (principals with 20% ownership or more)
- Trade References (at least 5 customers and 5 suppliers with contact details and credit terms)
How to Apply for a Sterling Bank Of Asia Business Loan
Interested clients may apply for a Sterling Bank Of Asia Business Loan by filling out the online application form using this link.
Tips when Applying for a Sterling Bank OFW Loan
Before going to the bank, it will be much simpler for you if you write down all of the questions and problems that you want to talk about with the bank officer. If you know all of the facts, it will be much simpler for you to make a decision that is informed.
The customer service representative at the bank should be approached with any questions or concerns you may have regarding the loan. Please do not be reluctant to get in touch with them if you have any concerns or queries in that regard. You can also make inquiries regarding the loan rates, the monthly payments, and any other information that may be pertinent to you at this time.
Utilizing the bank’s loan calculator tool, you will be able to visualize what the structure of your monthly payments will be for a specific sum of money that you decide to borrow. If you select the “calculate” option, you will be able to obtain a graphical illustration of how your monthly repayments will seem in the event that you select that option.
A loan calculator can assist you in determining how much money you can afford to borrow for a particular loan, such as a car loan, as well as how much money you will be required to pay back on a monthly basis if you decide to make use of the loan.
If you are in the market for a particular loan, such as a car loan, a loan calculator can help. This tool may also be able to tell you how much money you may expect to borrow based on your current financial situation, as well as how much money you can afford to pay back each month based on your projections, depending on the specifics of your situation.
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.
Make certain that you always have all of the relevant papers with you before beginning to work with a bank. This will make the operation less difficult for you and will allow you to devote more time to what you need to do in the next days and weeks.
Before beginning any kind of commercial engagement with a financial institution such as the Sterling Bank of Asia, you should make sure you have a copy of all the required paperwork and verify it twice to ensure that it is complete. As a direct result of your efforts, you will both save time and be able to focus your attention more intently on the matters at hand.
STERLING BANK OF ASIA OFW Loan FAQs:
1. How can I apply for a Sterling Bank of Asia Personal Loan?
To apply, you only need to complete the online application form and send in the necessary documents. In order to assist you with your application, one of the bank’s Customer Care Agents will be calling you shortly.
2. How much can I borrow?
Borrow up to one million yen with a personal loan from Sterling Bank of Asia, provided you meet the bank’s requirements.
3. What are the interest rate, fees, and other charges or penalties?
The annual percentage rate of interest is 16.80% of the principal amount. A one-time processing fee of 2,000.00 (employed) / 2,500.00 (self-employed) is required (self-employed). There is a late payment fee of either $300.00 or 5% interest per annum on any debt that is still owed, whichever amount is greater. If you alert the bank one month in advance, you will not be responsible for any early settlement expenses.
4. How fast is the application and approval process?
The application for the personal loan and the approval process will take between five and seven working days.
5. What are the monthly loan terms of Sterling Bank of Asia Personal Loan?
Depending on the amount of money you want to borrow, your loan term could be anywhere from 12 to 36 months long.
6. What are the payment methods of Sterling Bank of Asia Personal Loan?
Post-dated checks are the preferred mode of payment for personal loans offered by the Sterling Bank of Asia.
7. How can I check my loan application status?
You can check the status of your personal loan application by reaching out to the bank through various channels.
8. Can I use the Sterling Bank of Asia Personal Loan for any purpose?
Yes. You are free to put the money from your personal loan from Sterling Bank toward whatever purpose you see fit, whether that’s launching a new company, paying off old debt, or taking a trip.
9. How does the Sterling Bank of Asia Personal Loan Calculator work?
The calculator for the Sterling Bank of Asia Personal Loan computes the expected total cost of borrowing as well as the amount that must be paid back in each installment. Simply enter the required loan amount, and the projected monthly amortization for the various loan terms will be generated automatically.
10. Is Sterling Bank of Asia Personal Loan the right one for me?
Sterling Bank of Asia, a relative newcomer in the banking business, has proved that it can compete successfully with the main players in the market by opting for a more individualized approach to customer care that is directed toward a more specific clientele.
They are able to deliver a high degree of service along with items that are a perfect match for the requirements of their customers as a result of their sheer dedication and a more concentrated attitude towards their clientele. However, if their degree of professionalism is obvious in how they conduct business in comparison to other providers, then without a question it would be a wise decision to choose them as your partner provider even though they are a new brand, which can be a cause of concern for most of the consumers.
11. Does Sterling Bank of Asia offer used cars for sale?
The Sterling Bank of Asia now has a selection of pre-owned automobiles up for auction. To view the inventory of pre-owned automobiles that they now have for sale, you may either visit their warehouse right away or click here. When using the bank’s vehicle auction page, do not use commas or periods in any of your sentences. Please take into consideration that the above calculation was performed using the indicative rate.
Summary
The application process for a Sterling Bank of Asia 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 Sterling Bank Of Asia 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 Sterling Bank of Asia. 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
Sterling Bank Of Asia Corporate Center
Address: Sterling Bank Corporate Center, 8004 Ortigas Avenue, Greenhills, 1500, San Juan City, Philippines
Office Hours: Monday through Friday; 8:30 am – 5:30 pm (Monday through Friday)
Customer Service Helplines: (+632) 8721-6000 or (+632) 8672-6300 (Monday through Sunday, 24/7)
Email: customer.service@sterlingbankasia.com
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