Guide on Cash Loan Interest Rates Under the BPI and BDO Offers
CASH LOAN INTEREST RATES – Here is a comparison between the interest rates under the multi-purpose loan offers of the BDO Unibank and the Bank of the Philippine Islands (BPI).
Are you currently in the process of deciding which loan offer to apply for? Two of the best choices are provided by the BDO Unibank and the BPI. Before making any decision, it is best to check on the interest rates.
By knowing the cash loan interest rates, you can decide better which offer you afford more or is more manageable for you. Undeniably, this is the part that many people tend to ignore but it is not beneficial for a borrower not to check on the rates.
BPI Personal Loan
With regards to the BPI Personal Loan interest rate, the bank has set the maximum annual contractual rate or ACR at 25.60%. The loan is payable for up to 36 monthly installments.
It is also important to know that the bank charges a one-time processing fee of Php 1,500 which will be deducted from the loan proceeds. The Documentary Stamp applies to the loans above Php 250,000. It is set at Php 1.50 for every Php 200 of loan amount.
BDO Personal Loan
With regards to the cash loan interest rates under the offer of BDO Unibank, it is dependent not only on the amount borrowed but as well as the loan term. Here are the interest rates implemented by the bank:
| 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% |
With regards to the fees and charges under the BDO Personal Loan offer, the bank has set the processing fee at Php 1,300. It will be deducted from the loan proceeds. The Documentary Stamp Tax applies for loans that are greater than Php 250,000 and it is at Php 1.50 for every Php 200 of the approved loan amount.
Just like in other loan offers, both the BDO Unibank and the BPI’s loan offers have specific set of documentary requirements for application.
