BDO Cash Loan Also Up for OFWs, Seafarers, Domestic Helpers Working Outside PH
BDO CASH LOAN QUALIFICATIONS – Here are the eligibility requirements specifically set for OFWs, seaman and domestic helpers abroad.
Most banks in the Philippines have multiple loan offers but not all of these banking entities have offers that were specifically designed for Filipinos working abroad. One of the few lenders with loans of overseas Filipino workers is the BDO Unibank.
The BDO Unibank is in the service of the Filipino people for decades now. It has two (2) cash loan offers for OFWs:
- Kabayan Personal Loan — Secured
- Kabayan Personal Loan — Unsecured
The secured loan is one with the collateral. It is “offered against hold-out on Individual or Joint account deposits maintained in BDO as security”. The bank allows the following types of deposit:
- Peso or Dollar Current or Savings Account
- Peso or Dollar Time Deposit – at least co-terminus with the loan tenor
In case the deposit collateral is a joint account, the beneficiary of the OFW may apply as a principal borrower of the loan. The bank does not accept “In Trust For” accounts and accounts with existing/ongoing hold-out arrangements as collateral.
Who are qualified to apply for the offer? The BDO cash loan qualifications depends if the borrower is working land-based abroad, a seafarer, or a domestic helper. In the case of land-based OFWs, here are the documents required by the bank:
- Filipino citizen or former Filipinos with or without dual citizenship
- at least 25 years old at the time of application
- up to 65 years old at the time of loan maturity
- must have at least two (2) years continuous employment contract
- has at least one (1) landline in either local or foreign residence or employment location, and beneficiary must have a landline
- With good credit history
- gross monthly income of ₱20,000 or its US$ equivalent
In the case of seafarers and domestic helpers abroad, here are the BDO cash loan qualifications that should be met:
- Filipino citizen or former Filipinos with or without dual citizenship
- at least 25 years old at the time of application
- up to 65 years old at the time of loan maturity
- must have at least three (3) years continuous employment contract
- has at least one (1) landline in either local or foreign residence or employment location, and beneficiary must have a landline
- with good credit history
- gross monthly income of ₱20,000 or its US$ equivalent
- at least one (1) of beneficiary’s address (residence or employment/business) should be located within BDO serviceable areas
According to BDO Unibank, in the case of seafarers, the manning agency must be Philippine Overseas Employment Administration (POEA) accredited for the loan applicant to qualify to the offer.
Can I loan using my BDO KABAYAN ACCNT?