List of BPI Cash Loan Requirements for Self-Employed Individuals
BPI CASH LOAN REQUIREMENTS – If you are a self-employed individual, listed here are the qualifications and the documents required for application.
Are you looking for an entity where you may apply for to provide solutions for your financial needs? In the country, one of the trusted entities that you may turn to is the Bank of the Philippine Islands or more popularly called BPI.
The BPI has a Personal Loan offer, it is a multi-purpose cash loan that you may turn to for personal purchases, travel, event hosting, etc. It is open not only for the salaried individuals but as well as non-salaried or self-employed individuals who want to apply for the loan offer.
In applying for the loan offer, there are qualifications that a loan applicant must. In the case of self-employed individuals who want to apply for the loan offer, here are the qualifications set by the bank for eligibility to the BPI loan application:
- a Filipino citizen
- 21 years old and above upon the loan application filing
- 60 years and below upon the date of the loan maturity
- the borrower must be the owner or the majority stockholder with at leat 40% stake in the business and earning a gross monthly income of at least P50,000 per month. Furthermore, the business must be in a profitable operation for at least two (2) years already with one (1) trade reference.
Qualified individuals who want to apply for the Personal Loan offer must submit the BPI cash loan requirements for application. In the case of the self-employed individuals, here are the documents required by the bank for application:
- duly-accomplished and signed BPI Personal Loan Application Form
- one (1) government-issued ID bearing photo of borrower
- latest audited financial statements
- Department of Trade and Industry (DTI) Business Registration or
- Securities Exchange Commission (SEC) Registration Certificate
With regards to the IDs accepted by the bank, there is a long list of identification documents accepted by the Bank of the Philippine Islands in applying for the loan offer. Here are the IDs accepted by BPI for the loan application:
- Passport
- Professional Regulatory Commission (PRC) ID
- Driver’s License
- Postal ID
- Voter’s ID
- Government Service Insurance Sysytem (GSIS) e-Card
- Taxpayer Identification Number (TIN)
- Social Security System (SSS) card
- Overseas Workers Welfare Administration (OWWA) ID
- Senior Citizen card
- Government office and Government-owned and Controlled
- Overseas Filipino Worker (OFW) ID
- ID issued by the National Council on Disability Affairs
- Corporation (GOCC) ID (e.g., Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs)
- Integrated Bar of the Philippines (IBP) ID
- PhilHealth Health Insurance Card ng Bayan
- Company IDs issued by private entities or institutions registered with or supervised or regulated either by the Banko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC) or Insurance Commission (IC)
- National Bureau of Investigation (NBI) Clearance
- Barangay Certification
- Police Clearance
- Alien Certificate of Registration / Immigrant Certificate of Registration (notapplicable for Housing Loan)
- PhilSys Digital ID
- Department of Social Welfare and Development (DSWD) Certification
- Seaman’s Book
- Printed ePhilID
- Professional ID cards issued by Maritime Industry Authority (MARINA)
How much is the processing fee? The Bank of the Philippine Islands charges a one-time processing fee for application as well as documentary stamps tax to applicable loans. Here are the charges set under the bank loan:
- one-time processing fee — Php 1,500 (to be deducted from the loan proceeds)
- Documentary Stamps Tax — Php 1.50 for every Php 200.00 for loans above Php 250,000 or loans for business purposes