Guide on BDO Cash Loan Interest Rates for Secured, Unsecured Loans
BDO CASH LOAN INTEREST – Here are the interest rates set by the BDO Unibank for its Kabayan Personal Loan offer for overseas Filipino workers (OFWs).
In the Philippines, one of the banks that overseas Filipino workers (OFWs) may turn to for loans is BDO Unibank. It has the BDO Kabayan Personal Loan that can be secured or with a collateral or unsecured or non-collateral.
Aside from the loan amounts depending on whether the loan is secured or unsecured, the BDO cash loan interest rates also depend on the presence/absence of the collateral. The loan is payable for up to 36 monthly installments and the term chosen is a factor on the interest as well.
Below, you can check the tables indicating the BDO cash loan interest rates for secured and unsecured loans. Here are the rates in the case of a cash loan with a collateral:
| Tenor | Factor Rate | Monthly Add-on Rate | Effective Rate/Annum |
|---|---|---|---|
| 6 | 0.175067218 | 0.84% | 17.08% |
| 12 | 0.091237975 | 0.79% | 17.07% |
| 18 | 0.063358579 | 0.78% | 17.06% |
| 24 | 0.049471099 | 0.78% | 17.06% |
| 36 | 0.035682596 | 0.79% | 17.06% |
If you opt to avail the BDO Kabayan Personal Loan offer with no collateral or the unsecured version, there is a different set of interest rates which are as follows based on the loan 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% |
According to BDO Unibank, with regards to the OFWs who are contractual employees abroad, the loan must have the same term as the employment contract. In the case if open-ended contracts, 24 monthly amortizations is the maximum term allowed subject to the approval of the bank
It is important to note that there are fees that BDO Unibank may charge under your loan offer. It is best to be aware of these charges so as you can better decide on how much to borrow. Here are the fees:
- Processing Fee – ₱1,300 (Deducted from the loan proceeds)
- Documentary Stamp Tax Fee – ₱1.50 for every ₱200 approved loan amount or fraction thereof, whichever is higher. Applicable for approved loan amount greater than ₱250,000 or for business purpose (regardless of the amount).
- Penalty Fee – 5% per month of the unpaid amount due
- Late Payment Fee – 5% per month of the unpaid principal
- Installment Processing Fee – 5% of the outstanding principal balance, or ₱300, whichever is higher. For processing of full payment of outstanding balance before end of payment term.
- Certification Request Fee – ₱100 per request
