Guide on BDO Personal Cash Loan Features & Application
BDO PERSONAL CASH LOAN – BDO Unibank boasts its multi-purpose cash loan offer with low interest rates and easy payment terms for clients.
One of the biggest and the most trusted banks in the Philippines is the BDO Unibank. It is also popularly called Banco de Oro and it is in the service of the Filipino people for decades now since 1976. It has more than 1,400 branches across the nation which makes its offers accessible to countless people.
BDO Unibank offers different kinds of savings and checking accounts, loans, credit cards, and other finance products and services. Its offers encompass both personal and business categories and the bank is also one of those with several subsidiaries across the nation including the BDO Finance, BDO Foundation, BDO Remit, and BDO Life.
With regards to the multi-purpose loan offer of the bank, it is the BDO Personal Cash Loan which is open for the locally-employed and self-employed individuals. For overseas Filipino workers (OFWs), the bank has the BDO Kabayan Loan.
BDO Unibank may lend locally-employed and self-employed individuals at least Php 10,000 under its cash loan offer. The maximum loanable amount is up to Php 2 million. With regards to the loan term, the loan is payable from 12 months up to 36 months.
With regards to the interest rates implemented by the bank, the rates vary among the different loan terms. Here’s a guide:
| Tenor | Factor Rate | Monthly Add-on Rate | Effective Rate/Annum |
|---|---|---|---|
| 6 | 0.179667192 | 1.30% | 26.27% |
| 12 | 0.095836960 | 1.25% | 26.63% |
| 18 | 0.068058532 | 1.25% | 26.76% |
| 24 | 0.054167533 | 1.25% | 26.58% |
| 36 | 0.040279967 | 1.25% | 25.98% |
Who are qualified to apply for the BDO Personal Cash Loan offer? The bank has set varying eligibility requirements in applying for the loan. For a locally-employed individual to qualify for the offer, he/she should meet the following qualifications:
- a Filipino citizen or a foreigner who is a resident of the Philippines
- at least 21 years old at time of application
- not more than 60 years old upon loan maturity
- earning a minimum gross fixed monthly income of ₱15,000
- a regular employee
- has one (1) landline number in either residence or place of work, or mobile number (postpaid or prepaid)
- residing within any area where a BDO branch is located
There is a different set of eligibility requirements for the self-employed individuals. Here is the eligibility criteria for application:
- a Filipino citizen or a foreigner who is a resident of the Philippines
- at least 21 years old at time of application
- not more than 60 years old upon loan maturity
- earning a minimum gross fixed monthly income of ₱35,000
- has a business that operates for at least two (2) years already
- has one (1) landline number in either residence or place of work, or mobile number (postpaid or prepaid)
- office address must be within any area where a BDO branch is located
In the case of overseas Filipino workers, BDO Unibank has set a different offer – the Kabayan Loan. The said BDO personal cash loan offer for OFWs has set its own features and details for application.
Aside from BDO Unibank, another banking giant in the Philippines is the Bank of the Philippine Islands or more popularly called BPI. The banking giant also has multiple multi-purpose cash loan offers with excellent features:
