How to Apply for a Business Loan in BPI?
The Business Loan can be applied in three different ways:
- Branch Application.
Borrowers have the option of directly visiting the branch along with the requirements and start the business loan application process.
- Phone Application.
For business owners who find it difficult to find the time to visit any of the BPI branches, they have the option of initiating the business loan application by calling BPI through their contact center at (02) 7918-2000 and press 2 for Business loans.
- Email Application.
Another option for applying for a loan is by emailing BPI at [email protected] and providing the details needed for the loan application. A representative from BPI will call back the business owner and guide them through the process.
Through these options, a borrower will no longer be left compelled to visit the branch during banking hours when they are the busiest in running their businesses. BPI offers three different convenient ways that an entrepreneur can choose from.
Types of Business Loan of BPI
There are two types of Business loans that BPI offers: SME Term Loan and SME Credit Line. These two loans serve different purposes depending on the exact business requirements of the borrower.
SME Term Loan
The SME Term Loan is ideal for businesses that require additional fixed asset purchases or for the growth and expansion of the company. Because it is a term loan, the borrower has the option of paying back the loan amount for up to five years.
Loan Features
Loan Amount: minimum of Php300,000
Loan Tenure: maximum of 5 years
SME Credit Line
The SME Credit Line is a financial product that aims to help businesses in their short-term requirements such as working capital to fund their day-to-day operations or for the purchase of additional supplies. Because it is a requirement meant to address short-term needs, the loan amount can be repaid each year and the credit line is renewable.
Loan Features
Loan Amount: minimum of Php300,000
Loan Tenure: 1 year renewable
Conclusion
Business loans have long been a useful option for maintaining the operations of a business, especially for SMEs. With BPI business loans, business owners will have the option of choosing the perfect requirement for their short-term needs or long-term needs. Additionally, through their convenient and easy application process, the precious time of business owners will not be wasted going back and forth with the entire loan processing and can instead focus on the growth and expansion of their businesses.