Lists of BDO Kabayan Loan Requirements & Qualifications for Seaman Applicants
BDO KABAYAN LOAN REQUIREMENTS FOR SEAMAN – Check here the qualifications and the documents required in applying for the loan offer.
Seafarers are among the individuals with the biggest salaries. However, truth be told that many of them are breadwinners and there are also instances of unforeseen financial needs like when medical emergencies happen.
Meanwhile, in case of insufficient funds or to fast-track the achievement of a goal, there are loan offers that seafarers may turn to. One of these loan options is the BDO Kabayan Personal Loan by the BDO Unibank.
The said loan offer of BDO Unibank, a reputable entity in the country, is open for land-based overseas Filipino workers (OFWs) and seafarers. The bank has set unique lists of qualifications and BDO Kabayan Loan requirements for seaman applicants.
For seafarers to qualify for the loan offer, here are the eligibility requirements that a loan applicant must meet:
- 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
If you pass the qualifications set by BDO Unibank, the next step is the preparation and the submission of the BDO Kabayan Loan requirements for application. Here are the documents required by the bank from seaman applicants:
- 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
- POEA Contract of Employment
- Seaman’s Book
Do you want to have the easiest payment mode? You can have your loan repayment under an Automatic Debit Arrangement or ADA. It will automatically deduct the monthly due from your account. Just submit the Automatic Debit Arrangement Form.
Just like in other loan offers, there are fees under the BDO Kabayan Personal Loan offer such as the following:
- 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
