Guide on the Requirements for BDO Term Loan Application Process
REQUIREMENTS FOR BDO TERM LOAN FOR BUSINESS — Here are the documents needed in applying for the business loan offer of BDO Unibank.
In the Philippines, one of the entities that you may turn to for a business loan is the BDO Unibank. It is one of the trusted and the most popular banks in the countr with multiple offers for the public.
BDO Unibank offers savings and checking bank accounts, credit cards, loans, and other financial services. Aside from the BDO Auto Loan 2023, another loan offer of the bank is the Term Loan which is a type of business loan with its own set of purposes.
You may apply for the BDO Term Loan offer to finance any of the following business-related purposes:
- Purchase of new assets such as machines and equipment
- Acquisition of real estate properties
- Construction, repair and renovation of business facilities
Under the loan offer, the eligibility requirements includes qualifications for both the loan applicant and the business. For the borrower, he/she must comply with the following eligibility criteria:
- at least 21 years upon the loan application
- 70 years old and below upon the loan maturity
As mentioned, there are qualifications for the business. Here are the eligibility requirements for BDO Term Loan application in the case of business:
- Sole Proprietorship, Partnership, Corporation
- Business is in profitable operation for at least 2 consecutive years
- Minimum annual gross sales of ₱1M
- Business is within a BDO serviceable area
Aside from the qualifications, there are documentary requirements for BDO Term Loan for business application. Here are the documents that must be submitted to the bank depending if the applicant is an individual or sole proprietorship, a partnership, or a corporation:
Individual or Sole Proprietorship
- For Locally Employed Applicants
- Filled-out and signed application form
- Clear copy of one (1) valid ID matching application details
- Marriage Contract (if applicable)
- Latest Income Tax Return or BIR Form 2316 or latest payslip
- Certificate of Employment (COE) with Salary
- For Self-Employed Applicants
- Filled-out and signed application form
- Clear copy of one (1) valid ID matching application details
- Marriage Contract (if applicable)
- Photocopy of Audited Financial Statements for the last 2 years with latest ITR
- Bank Statements for the last 6 months or Photocopy of Passbook showing at least 6 months transactions
- Certificate of Business Registration with DTI
- Business Background/Company Profile
- For Overseas Filipino Workers (OFWs)
- Filled-out and signed application form
- Clear copy of one (1) valid ID matching application details
- Marriage Contract (if applicable)
- Certificate of Employment with Salary/Employment Contract
Partnership
- Photocopy of Audited Financial Statements for the last 2 years with latest ITR
- Bank Statements for the last 6 months or Photocopy of Passbook showing at least 6 months transactions
- Articles of Partnership and Certificate of Registration issued by SEC
- Business Background / Company Profile
- Proof of other income
Corporation
- Photocopy of Audited Financial Statements for the last 2 years with latest ITR
- Bank Statements for the last 6 months or Photocopy of Passbook showing at least 6 months transactions
- Certificate of Registration issued by SEC, Latest Amended Articles of Incorporation and By-Laws , List of Elected Officers / General Information Sheet, Board Resolution or Secretary’s Certificate
- Business Background / Company Profile
- Proof of other income
Submit your requirements for BDO Term Loan offer application to a branch of the bank nearest to you. The loan processing may take a few working days before the loan result is out.