What is a Personal Loan?
Personal Loan is one of the most applied loan products of every registered financial institution in the Philippines. With fast approval, few requirements needed, favorable monthly terms of payments, and the fact that people can apply for and be approved for different personal reasons, it is indeed one of the easiest ways to acquire quick funding when one needs it the most.
Where a Personal Loan Can Be Used
- Education
- Hospitalization
- Home Renovation
- Short-term quick funding for your business (for self-employed)
- Personal Expenses
- Debt Consolidation
Who Is Qualified to Apply for a Personal Loan?
Applying for a personal loan is open to every employed or self-employed individual who meets the requirements of a Financial Institution or Lending Company where you have applied to.
Listed below are the General Requirements that you can prepare that almost all the Institutions need to process a personal loan application:
- Application Form (*application form varies for every Financial institution)
- Government-issued ID – prepare at least two valid IDs
- Proof of Employment/Latest Payslip
- Bank Statement
- Annual Income Tax Return
- Business Permit (for self-employed)
- DTI Registration (for self-employed)
- Audited Financial Statements
Who Offers Easy Approval of Personal Loans
There are banks and non-bank financial institutions in the Philippines that offer easy approval loans for Filipinos who are in need of a financial boost. Among them are the following:
CitiBank
With Citibank, they are offering the following personal loan features for Filipinos who are in need of a quick and easy application process:
- Approval in as fast as 24 hours
- Flexible terms of 1 to 5 years
- No collateral or guarantor needed
- High loan amount of up to P 2 Million (subject to approval)
- Annual loan rate of 26.9% – 30.9% for new to Citi customers
Maybank Philippines
Maybank’s personal loans are open to employed and self-employed Filipinos who are looking at realizing their dreams and turning them into a reality. Those who are interested in applying for a personal loan with Maybank are able to do so through branch and online applications. Among their personal loan features are the following:
- Loan Amount: up to Php1,000,000
- Loan Term: up to 36 months
- Monthly Interest Add-on Rate: 1.3%
With basic requirements, a borrower will be able to start working on their goals and not worry about where to get the financing from.
Conclusion
Applying for a personal loan can be intimidating especially when faced with the long list of eligibility and document requirements. Before people had to be highly financially able to be approved of a personal loan, nowadays, some banks and NBFIs are making their financial products easily accessible and affordable to working class Filipinos.