10/13/2011

Personal Loan Philippines -- Banco de Oro

Which is the best personal loan in the Philippines? One from Banco de Oro or one from the other banks? We will evaluate several of these personal loans in several articles.

Personal Loan Philippines from Banco de Oro:

Promo Rate:  From time to time, BDO offers a promo rate of 0.99% for personal loans of 100,000 pesos and above with a 24-month term. If you have this rate, your personal loan of 100k will be paid with a monthly add-on rate of 0.99%. The monthly payment would be 5,156.76. Total interest over the two-year period is 23,762.16, or a monthly interest of 990.09.

There's also a one-time processing fee of 1,300 pesos (deducted from loan proceeds). This means that it's not sensible to use this loan for small amounts, kasi 1,300 agad ang processing fee.

Loan amounts:

- minimum loan amount is 10,000 pesos
- maximum loan amount is 500,000 pesos

Interest rates for other amounts and terms:

Term  Loan Factor  Monthly Add-on
Interest Rate
6   months   0.179667192   1.30 %
12 months 0.95836960 1.25 %
18 months 0.068058532 1.25 %
24 months 0.051567568 0.99 % promo rate
36 months 0.040279967 1.25 %

To get your monthly amortization or monthly payment amount, multiply your loan amount by the loan factor.

Note: Call BDO 631-8000 if promo rate is still offered.

Are you eligible for this BDO personal loan Philippines?

You can apply for this personal loan if you are or have:

- a Filipino citizen (foreigners can borrow if they have lived here for more than two years)
- at least 21 years old (should not be more than 70 years old upon loan maturity)
- earning a gross annual income of at least 120,000 pesos (for employees)
- been working for more than two years (for employees)
- or earning a gross income of at least 400,000 pesos yearly (for self-employed)
- running a continuously profitable business at least two years (for self-employed)
- working in private practice for at least one year (for professionals)
- at least one landline phone at home or office
- living, working, doing business, or practicing within an area serviced by BDO

Required documents:

* Photocopy of at least two valid primary photo IDs, front and back

* For employees:
- Photocopy of latest BIR Form 2316 or W2, signed by employer's authorized representative
- Original copy of Certificate of Employment and Income issued in the last 3 months, with information on employment status, length of service and compensation breakdown, or Photocopy of latest pay slip or pay slips (full month)

* For self-employed and professionals:
- Photocopy of registration of business name (From DTI, if single proprietor; from SEC, if partner)
- Photocopy of latest ITR and W4 with BIR/bank stamp
- Photocopy of latest Audited Financial Statements for the past two years
- Photocopy of bank statements for the last six months (optional)

* For resident foreigners:
- Certificate of Employment or photocopy of employment contract
- Letter from the Embassy (for embassy officials)
- Photocopy of any one of the following:
Valid passport with resident visa
Work permit and valid visa
Special investor's resident visa
Philippine Economic Zone Authority visa
Visa with EO226
Alien Certificate of Registration (ACR)
ACR1
Immigrant Certificate of Residence (ICR)

How to apply for this personal loan from BDO:

1. Get a BDO Personal Loan application form from any branch of BDO.
2. Fill out the form completely and sign.
3. Prepare the required documents.
4. Submit your application form and the required documents at any BDO branch.

Personal Loan Philippines
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