Details about the BDO Kabayan Personal Loan Interest 2023 Based on Loan Term
BDO KABAYAN PERSONAL LOAN INTEREST 2023 – Here is a guide for the overseas Filipino workers (OFWs) on the interest rate under the loan offer.
BDO Unibank is one of the entities that overseas Filipino workers (OFWs) who are in need of financial solutions can turn to. It has a loan offer that was specially crafted for Pinoys working abroad — the BDO Kabayan Personal Loan.
The Kabayan Personal Loan is open for both land-based and sea-based overseas Filipino workers. The bank has different eligibility and documentary requirements for land-based and sea-based applicants but it has promising loanable amounts and interest rates.
If you are an overseas Filipino worker (OFW) but not a seafarer or a domestic helper, to qualify for the Kabayan Personal Loan offer, you must meet the following eligibility criteria:
- 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
If you are a seafarer or a domestic helper abroad, here are the eligibility criteria for qualification to the BDO Kabayan Personal Loan offer:
- 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
BDO cited the loanable amounts under the cash loan for OFWs but all loan applications are subject to the approval of the lender. Thus, the borrower’s capacity to pay for the loan plays a role.
The loan will be subject to the BDO Kabayan Personal Loan Interest 2023 based on the loan term chosen. Here is a table of the interest rate under each term:
| Tenor | Factor Rate | Monthly Add-on Rate | Effective Rate/Annum |
|---|---|---|---|
| 3 | 0.353337798 | 2% | 35.66% |
| 6 | 0.186667698 | 2% | 40.05% |
| 12 | 0.103336822 | 2% | 41.71% |
| 18 | 0.075560430 | 2% | 41.51% |
| 24 | 0.061669382 | 2% | 40.89% |
| 36 | 0.047778078 | 2% | 39.43% |
The BDO Kabayan Personal Loan Interest 2023 will apply until the loan is fully-paid. To apply for the offer, prepare the requirements for BDO Cash Loan for OFWs 2023.
Wait for an update from BDO regarding the status of your loan application. It may take a few days to weeks after the filing of the requirements and the interview.