BPI Salary Loan — Here’s How Much You May Borrow
BPI SALARY LOAN LOANABLE AMOUNTS – Here is a guide on how much the employees of accredited companies of BPI may borrow.
In the Philippines, there are several business and companies who wanted to widen the resources or options of their employees in times of financial needs. Thus, they applied for accreditation to certain banks and institutions to do so.
One of the banks that offer accreditation to qualified companies and businesses is the Bank of the Philippine Islands. More popularly called BPI, it is a giant in the banking field and one of the most popular entities across the nation.
BPI has exclusive offers for the employees of the companies and businesses that are accredited to it. Among these are loan offers which includes the BPI Salary Loan, a multi-purpose cash loan offer for the workers of accredited companies.
The BPI Salary Loan offer was designed to help meet the short-term financial needs of employees of accredited companies. Under it, an employee of an accedited company may borrow up to Php 1 million.
The loan can be repaid to the bank in 12, 18, 24, 30, or 36 monthly installments. This is a collateral-free loan offer thus the workers of accredited companies need not to present a property to qualify for the loan application.
BPI also boasts its offer with low monthly add-on interest rate with a maximum annual contractual rate of 25.60%. There is a different process and set of requirements in applying for the Salary Loan offer when compared to the Personal Loan which can be personally done by the loan applicant.
Make sure to submit the requirements to the HR representative of your company for the loan application. The loan processing may take 5-7 days. Wait for an update from the bank or your HR representative regarding the loan application result.