List of BPI Cash Loan Requirements for OFW Individuals
BPI CASH LOAN REQUIREMENTS – If you are an OFW, listed here are the qualifications and the documents required for application.
Are you an overseas Filipino worker (OFW) who is in need of some financial solutions? In the country, one of the reputable entities that you may turn to for a multi-purpose loan is the Bank of the Philippine Islands.
The Bank of the Philippine Islands’ loan offers are really accessible as it has several branches across the nation. If you are looking for a multi-purpose cash loan offer, turn to the Personal Loan or also called the BPI cash loan.
It can provide the financial solutions to your needs. To qualify for the loan offer, here are the eligibility requirements that a loan applicant must meet in applying for the loan:
- a Filipino citizen
- 21 years old and above upon the loan application filing
- 60 years and below upon the date of the loan maturity
- proof of income:
- If employed, the loan applicant must have a minimum gross income of P20,000 per month.
- If self-employed, 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.
In applying for the loan offer of the Bank of the Philippine Islands, there are BPI cash loan requirements that an OFW must submit to the bank. Here are the documents that the bank requires from Pinoys working abroad who want to apply for the loan offer:
- duly-accomplished and signed BPI Personal Loan Application Form
- one (1) government-issued ID bearing photo of borrower
- POEA contract or an employment contract with boarding date if hired through an recruitment agency
- For OFWs who were directly hired, submit the following:
- Proof of remittance for the last three months
- Latest and unexpired POEA validated information sheet or latest POEA Overseas Employment Certificate (OEC)
- Employment Contract
- Consularized Certificate of Employment
The proof of identity is required in applying for any loan. In the case of the BPI loan offer, there is a wide range of IDs that an applicant can choose from. Here are the IDs accepted by the bank 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)
For every loan application, the Bank of the Philippine Islands charges a one-time processing fee. There is also a Documentary Stamps Tax for loans with loan amounts Php 200,000 and above. Here are the charges set by the bank under the loan offer:
- 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