Guide on BDO Ready Check Loan 2023 Application Process
BDO READY CHECK LOAN 2023 – You can check the guide below on the application process for the BDO Unibank business loan offer.
There are countless businesses in the Philippines. Among these are small and medium-enterprises which are eligible for some business loans like the offers of BDO Unibank. The said banking company is one of the biggest and the most trusted in the country.
BDO Unibank is one of the entities that want to help small and medium enterprises in the Philippines achieve their maximum potential at their current state and get to another level. One of the business loan offers is the BDO Ready Check Loan 2023.
The BDO Ready Check Loan provides a credit line to widen the resources for the business operation. It best works for the following purposes:
- Buying inventory or supplies to address seasonal or bulk orders
- Working capital to address operational requirements
- Paying suppliers while waiting for customer collection
BDO posted the loanable amounts under Ready Check business loan offer but the actual borrowing amounts allowed depend on the assessment of the loan application. All loan applications are subject to the approval of the bank and it considers documents like the proof of income in the assessment of the application.
How much is the interest rate under this BDO business loan offer? It actually depends on the fixing period. The borrowed amount may be repaid for up to five (5) years.
| Fixing Period | BDO Term Loan Interest 2023 |
| 1 year | 7.00% |
| 2 years | 7.25% |
| 3 years | 7.75% |
| 4 years | 8.00% |
| 5 years | 8.25% |
Step 1 — Who are qualified to apply?
There are eligibility requirements that the borrower must meet to qualify for the BDO loan offer. The qualifications challenge both the loan applicant and the business involved.
For the Loan Applicant
- at least 21 years upon the loan application
- 70 years old and below upon the loan maturity
For the 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
Step 2 — Prepare the Requirements.
The next step is to prepare the documentary requirements for BDO Ready Check Loan for business application. Prepare all the original copies of the documents needed even those which are requested to be submitted in photocopy form. They might be sought by the bank.
Step 3 — Go to BDO Unibank.
Visit a branch of BDO nearest to your residence or workplace. Submit all the documents required by the bank for the loan application. Wait for the call from the bank for the interview.