Lists of BDO Kabayan Loan Requirements & Qualifications for OFWs
BDO KABAYAN LOAN REQUIREMENTS FOR OFWs – Check here the qualifications and the documents required in applying for the loan offer.
Banks are among the entities that Filipinos who are working abroad may turn to in times of need for extra funds. In facts, there are banks that have special loan offers for OFWs. One of them is BDO Unibank.
BDO offers the Kabayan Personal Loan or also popularly called the Kabayan Loan for Filipinos who are working abroad. It is open to finance home improvements, vacations, payment of school fees, etc.
The loan offer is open for land-based OFWs, seafarers, and domestic helpers. The bank has set different BDO Kabayan Loan requirements for application.
Are you a land-based overseas Filipino worker (OFW)? Here are the eligibility criteria set by the bank under the loan offer:
- at least 25 years old at the time of application
- up to 65 years old 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
- with at least one (1) landline in either local or foreign residence or employment location, and beneficiary must have a landline
- with a gross monthly income of ₱20,000 or its US$ equivalent
- with good credit history
With regards to the BDO Kabayan Loan requirements for land-based OFWs who want to apply for the loan offer, here are the documents that the bank requires:
- duly-completed and signed BDO Kabayan Loan Application Form
- one (1) government issued ID (front and back)
- Preferred IDs – Philippine Identification System or Philsys ID, Philippine Passport, Driver’s License, TIN ID, SSS ID or GSIS eCard
- Other acceptable IDs – UMID Cards, Voter’s ID, Philippine Postal ID, PRC ID or Philhealth ID
- last six (6) months Certificate of Employment or current employment contract (if applicable); OR [should be one line only]
- latest one (1) full month payslip; AND
- six (6) months bank statements
- six (6) months remittance slips (optional)
If you want the payment to be through an Auto Debit Arrangement or ADA to avoid late payment penalties as the bank will automatically deduct your monthly due, you need to submit a fully-accomplished and signed Automatic Debit Arrangement Form, too.
Here are the fees under the BDO Kabayan Personal Loan:
- Processing Fee – Php 1,300
- Documentary Stamp Tax Fee – Php 1.50 for every ₱200 approved loan amount or fraction thereof, whichever is higher. This is applied for approved loan amount greater than Php 250,000 or for business purposes regardless of the amount of the loan.
- Penalty Fee – 5% per month of the unpaid amount due
- Installment Processing Fee – 5% of the outstanding principal balance, or ₱300, whichever is higher.
- Certification Request Fee – ₱100 per request
