OFW Personal Loan Purpose
- Home Renovation / Upgrades
- Tuition / Education
- Furniture
- Appliances / Electronic Gadgets
- Vacation / Travel
- Balance Transfer / Debt Consolidation
- Special Events
- Health and Wellness
- Medical Emergencies
Types of BDO Personal Loan for OFWs
Secured BDO Kabayan Personal Loan
This type of loan is secured through the OFW’s joint or individual savings account with BDO and serves as security against the loan. The types of deposits made available for this program include:
- Peso or Dollar Current or Savings Account
- Peso or Dollar Time Deposit which is at least co-terminous with the loan tenor.
When availing this kind of personal loan, the borrower must have a minimum deposit of Php 15,000 or its equivalent amount in dollars. Only the OFW is considered as the principal borrower in this type of loan. Unless the deposit collateral is a joint account, the beneficiary may be allowed to apply for such a loan.
However, “In Trust For” accounts or those with existing hold-out arrangements will not be accepted to be held as collateral.
Unsecured BDO Kabayan Personal Loan
This type of loan is made available for OFWs who earn regularly or have a fixed income, which is why the need for collateral is not required. OFWs will be able to borrow up to Php 500,000 depending on their salary or the equivalent of twice of the OFW’s monthly wage, provided that he/she works as an OFW for more than three (3) years.
Loan Features
Loan Amount: Minimum of Php10,000
Loan Term: 6 months to 36 months
Effective Interest Rate per Annum:
- Unsecured – 39.43% to 40.05%
- Secured – 17.06% to 17.08%
How to Apply for an OFW Personal Loan in BDO?
For convenient application of BDO Personal Loans for OFWs, you may use the following guide:
- Visit the website of BDO.
- Download BDO Personal Loans for OFWs application form.
- Fill out the required fields with your details.
- Submit your application form to any nationwide branches of BDO.
Eligibility
- At least 25 years old during the loan application and shall not be more than 65 years old during the loan maturity.
- Citizenship
- Seaman / Unskilled / Domestic Helpers: Must be a Filipino Citizen
- Overseas Filipino Worker: Former Filipinos with or without dual citizenship, Filipinos married to foreigners, Filipinos based abroad/OFW and their Beneficiaries
- Employment
- Seaman / Unskilled / Domestic Helpers: 3 years continuous employment / employment contract
- Overseas Filipino Worker:
- 2 years continuous / employment contract
- 3 years continuous / employment for domestic helpers
- With at least one (1) landline at home or workplace.
- No adverse findings in BAP-NFIS and other internal negative files
Benefits of BDO Personal Loans for OFWs
- Easy application process and tracking of current balance.
- Convenient payment method in such a way that borrowers may repay their loan at any branch of BDO nationwide through over-the-counter or Automatic Debit Arrangement (ADA).
- Loan proceeds may be credited to BDO savings account
- Flexible loan amounts where OFWs can borrow for a low minimum of Php 10,000 up to Php 1,000,000 when approved.
- Flexible payment terms
- Existing personal loans may be allowed to re-avail or have a top-up plan as long as the borrower maintains good credit history.
Conclusion
As one of the many bank companies which offer quality service with special benefits, BDO brings Filipinos’ – including OFWs – plans into reality. With BDO’s special loan program for OFWs, easy access of cash is now possible apart from the income OFWs obtain abroad to support their loved ones in the Philippines.