Details about the BDO Cash Loan for OFWs Loanable Amounts for Borrowers
BDO CASH LOAN FOR OFWS LOANABLE AMOUNTS – Here is a guide on how much you may borrow under the BDO Kabayan Personal Loan.
Are you looking for a cash loan offer? You may turn to banks. In the Philippines, one of the giant banking entities that you may turn to is BDO Unibank. It is one of the most popular and trusted banks in the country with multiple offers.
One of the loan offered by BDO Unibank is the Kabayan Personal Loan. It is a multi-purpose cash loan offer for overseas Filipino workers (OFWs). It is open for both land-based and sea-based OFWs.
Under the BDO Kabayan Personal Loan, the eligibility criteria differ depending if the applicant is a land-based OFW, a seafarer, or a domestic helper abroad. Here are the qualifications set by the bank:
Overseas Filipino Worker (OFW)
- 25 years old and above at the time of application
- 65 years old and below at the time of loan maturity
- Filipino citizen or former Filipinos with or without dual citizenship
- has at least two (2) years continuous employment contract
- at least one (1) landline in either local or foreign residence or employment location, and beneficiary must have a landline
- earning at least ₱20,000 or its US$ equivalent as gross monthly income
Seaman/ Domestic Helpers
- 25 years old and above at the time of application
- 65 years old and below at the time of loan maturity
- Filipino citizen or former Filipinos with or without dual citizenship
- has at least three (3) years continuous employment contract
- at least one (1) landline in either local or foreign residence or employment location, and beneficiary must have a landline
- earning at least ₱20,000 or its US$ equivalent as gross monthly income
- with good credit history
- at least one (1) of beneficiary’s address (residence or employment/business) should be located within BDO serviceable areas. Beneficiary are limited to spouse or children, immediate family members (parents or siblings), and relatives up to 3rd degree of consanguinity
- Seafarers’ manning agency must be Philippine Overseas Employment Administration (POEA)-accredited
With regards to the BDO cash loan for OFWs loanable amounts, the approved amount depends on the assessment of the bank but the loan applicant may borrow up to P2 million. The bank evaluates the capacity of the borrower to repay the loan based on the income requirements submitted.
The loanable amounts under the BDO cash loan for OFWs is payable in 6, 12, 18, 24, or 36 months. To apply for the loan offer, prepare the requirements for BDO Cash Loan for OFWs 2023.
The loan application evaluation may take a few days to a few weeks. Wait for an update from BDO Unibank regarding the status of your loan application.