Lists of BDO Kabayan Loan Requirements & Qualifications for Domestic Helpers
BDO KABAYAN LOAN REQUIREMENTS FOR DOMESTIC HELPERS – Check here the qualifications and the documents required in applying for the loan offer.
There are countless loan offers out there. However, undeniably, many of these loans are exclusive for locally-employed and self-employed Filipinos in the Philippines. Meanwhile, if you are an overseas Filipino worker, you still have entities that you can turn to like BDO Unibank.
BDO is one of the most trusted banks in the country. It has several offers which include loans. One of them is the BDO Kabayan Personal Loan which was crafted for Filipinos who are working abroad.
Many Filipinos work as domestic helpers in other countries. The bank has set a specific list of qualifications as well as BDO Kabayan Loan requirements for application for domestic helpers. To qualify, the loan applicant must meet the following qualifications:
- Filipino citizen or former Filipinos with or without dual citizenship
- at least 25 years old at the time of application
- up to 65 years old at the time of loan maturity
- has at least three (3) 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
- at least one (1) of beneficiary’s address (residence or employment/business) should be located within the service areas of BDO Unibank
- manning agency must be accredited by Philippine Overseas Employment Administration (POEA)
With regards to the BDO Kabayan Loan requirements that must be submitted in applying for the loan offer, here are the documents required by the bank for application:
- 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)
In case you want the monthly amortization to be automatically deducted from your bank account savings every month, you must submit a duly-accomplished and signed Automatic Debit Arrangement Form. It is one way to avoid fees due to late payments.
With regards to the fees that BDO Unibank implements under the Kabayan Personal Loan offer, here are the charges set by the bank:
- 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
