A “Personal Loan” is usually the name used by most people to describe borrowing money. Expenses and Fees to Pay? Get an Instant Quick Loan However, getting a “personal loan” from a lender is different from getting a “cash loan”, or a “salary loan” and even a “collateral loan”. Personal Loans are usually more simple […]
BDO Personal Loan
There are several banks and lending companies in the Philippines offering personal loans. In this article, I wanted to over the BDO Personal Loan, and what you can expect from this product.
If you are a BDO customer already, this is going to be a good article for you to read.
If you are NOT a BDO customer, this article will still give you a good understanding of how personal loan products work, as the majority of the big banks here in the Philippines do have similar options and ‘fine print’ for their loans.
The BDO Personal Loan
To get a BDO personal loan, you will need to be a BDO customer. This could be as simple as opening a normal bank account at the time of your application for a personal loan, or weeks or months prior.
Already having an bank account with BDO will mean that your personal details will already be provided with BDO and you will have a ‘personal profile’ with the bank already. This could help speed up the process when applying for a personal loan.
Therefore, if you know that you are not yet ready to apply for a personal loan, you mind it useful to open a BDO account and depositing a small amount into the account. So that, when you are ready to apply for the personal loan, the process will be easier.
The usual requirements are also needed from BDO when applying for a personal loan. Some are straight forward, some will require some processing from your end.
The requirements are:
- Be a Filipino citizen (easy). Or be a foreigner who has lived in the Philippines for more than two (2) years.
- 21-69 years old.
- Minimum gross annual salary of Php120,000 for employees.
- For Self-Employed: Minimum gross annual income of Php400,000
- Active cell phone numbers.
- Active landline number at your house address or your businesses office if self employed.
- Live within the serviceable area of BDO (check where is your local branch)
- Employed with same company for one year or more.
- If self employed, your business must of been operating for two years or more.
Not too bad, right?
But wait, there’s more. And everything I have mentioned already, and everything I am about to mention are all very standard no matter what bank or lending company you go with.
These are the ‘paperwork’ requirements for BDO:
- Government Issued I.Ds.
- Copy of the most recent BIR FORM.
- Original copy a Certificate of Employment showing your tenure and your salary.
- Copy of your most recent month pay slip. If you have more, provide more 🙂 (3 or 4 months will be help your application).
If you are self employed, you also need to provide all your company’s registration details, ITR’s, financial details, annual records, etc, etc. Don’t leave anything out.
Include your barangay permits, or SEC permits too.
Getting approved by a loan with BDO is the same (in a way) no matter who you are. When you really look at the three things that BDO only worry about, they are:
- Is the applicant working and earning a consistent salary?
- Is the applicant a Filipino citizen or based here in the Philippines permanently?
- Does this person have a recent, delinquent account with BDO or someone else?
If you can answer those three questions positively, than you are encouraged to apply for a Personal Loan on in this page.
We’ll check your details, and put you in touch with an authorised loan officer who can answer your questions, and help you with your application and of course, issuing you the loan!
Just click the APPLY NOW button, or the START APPLICATION button on this page, and complete your details. We’ll contact you asap to confirm your details AND to prepare the rest for you (all completely free of charge).