Guide on BDO Cash Loan for OFWs
BDO – The reputable bank offers a multi-purpose cash loan equipped excellent features for Filipinos who are working abroad.
A lot of Filipinos are working abroad. Many of these overseas Filipino workers (OFWs) are land-based employees in Saudi Arabia, Dubai, Abu Dhabi, Singapore, Qatar, Hong Kong, and Japan. There are also many Pinoys who are working in the United States, a country that most Pinoys dream to visit or as a workplace.
The population of the overseas Filipino workers does not only include land-based employees but as well as seafarers. In the case of seafarers, they have no permanent country where they work at as they keep on moving in a route until the end of their contract.
These OFWs are heroes of their families as well as the nation. They battle with the longingness to be with their loved ones daily aside from the risks that their jobs and the situation in the country where they work at post.
Thus, there are banking entities that want to widen the options of these OFWs and help them attain their goals for their families faster. One of them is the BDO Unibank which offers a Kabayan Personal Loan.
The Kabayan Personal Loan is specifically designed for overseas Filipino workers (OFWs) including land-based and sea-based employees. It can be secured or with a collateral or unsecured which requires no collateral.
How much you may borrow under the BDO Cash Loan offer? It depends if you want to avail a secured or unsecured loan. In the case of the loan with no collateral, here are the loanable amounts subject to the approval of the bank:
- Minimum Loanable Amount — Php 10,000
- Maximum Loanable Amount — Php 2 million
With regards to the BDO Kabayan Personal Loan Secured, the loanable amount will depend on the CASA or the Time Deposit balance. The loan is “offered against hold-out on Individual or Joint account deposits maintained in BDO as security”.
According to the bank, the minimum deposit requirement is Php 15,000. Here are the loanable amounts under the secured loan offer:
- For Peso account, maximum of 90% of the deposit account balance
- For Dollar account, maximum of 80% of the deposit balance
The loan is payable for up to 36 monthly amortizations or within three (3) years.
