Check here the BDO Kabayan Loan Offer’s Features & Requirements
BDO KABAYAN LOAN – You can check here the important details about the multi-purpose cash loan offer of BDO Unibank for overseas Filipino workers (OFWs).
Nowadays, Filipinos who are working abroad have several options during times of financial needs. One of the entities that OFWs can turn to is the BDO Unibank.
BDO Unibank has several offers encompassing both finance products for personal and business purposes. Aside from its different kinds of deposit accounts and credit cards, it got several types of loan offers.
Have you heard about the BDO Kabayan Loan? It is the multi-purpose cash loan offer of the reputable bank designed for overseas Filipino workers (OFWs) whether you are land-based or a seafarer. The loan offer may be secured or with a collateral or unsecured or non-collateral.
The loanable amounts under the cash loan offer for OFWs depend if you want a secured loan or an unsecured loan. Here is a guide on the amounts that you may borrow from the bank:
Unsecured Loan
- Minimum Loanable Amount — Php 10,000
- Maximum Loanable Amount — Php 2 million
Secured Loan
Under the secured BDO Kabayan Personal Loan, the loanable amount is dependent on the CASA or the Time Deposit balance:
- For Peso account, maximum of 90% of the deposit account balance
- For Dollar account, maximum of 80% of the deposit balance
The loan is payable in 6, 12,18, 24, or 36 monthly installments. In the case of contract-based employees, the loan term must be parallel with the contract duration. For open-ended contracts, the maximum loan term allowed by the bank is 24 months.
With regards to the interest rate under the BDO Kabayan Loan offer, it depends on the loan term and whether it is secured or unsecured. Here are the interest rates set by the bank:
Unsecured Loan
| 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% |
Secured Loan
| 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% |
The BDO Kabayan Loan offer has different sets of requirements for application depending if the loan applicant is a land-based OFW, a seafarer, or a domestic helper.
