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Bank of the Philippine Islands (BPI)

The Bank of the Philippine Islands (BPI) is the first bank committed to providing excellent financial service to Filipinos. It’s a pioneer in the banking industry with over a century of experience catering to every Filipino’s needs. People who have been banking with BPI are satisfied with its services because of the convenience it offers and its strong track record.

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4.1/5

Piggyy Rating

Bank of the Philippine Islands
  • BPI Personal Loan

    4.6/5

  • Auto Loan

    4.2/5

  • Home Loan

    4.5/5

  • Cards

    4.5/5

Avail of low interest rates with BPI. Do not miss this offer.

Company Information

 

BPI is regulated by the Bangko Sentral ng Pilipinas (BSP) and has been serving the Filipino people since 1851, being the first bank in the Philippines and the Southeast Asian Region. BPI was first known as El Banco Español Filipino de Isabel II and is a universal bank that offers financial services to retail and corporate clients. 

 

BPI has over 1,176 branches in the Philippines, Hong Kong, and Europe. It has over 3,000 ATMs and CAMs, providing convenience to its clients globally.

 

BPI’s vision has always been to build a better Philippines. As the first bank in the country and in the region, it was the first central bank that provided credit to the National Treasury, printed and issued currency carrying its name. Since then, BPI has continued its commitment to supporting nation-building and economic growth. 

 

BPI is located at Tower One, Ayala North Exchange, 6796 Ayala Avenue corner Salcedo St., Legaspi Village, Makati City, and may be contacted at the 24/7 contact center at ‎(+632) 889-10000. Customers can also drop a message through their website for other inquiries and concerns. 

 

Types of Products & Services Offered

 

Loans

BPI personal loan has three types: BPI Personal Loan, Seafarer Loan, and Salary Loan.

 

BPI Personal Loan

 

This is a collateral-free loan type designed to address any urgent financial needs, from the renovation of your home, tuition fee payment, travel to your dream vacation, starting your own business, and emergencies. 

 

Loan Features:

 

Amount: up to Php2,000,000 or get up to thrice your monthly income

Term: 12 to 36 months                                                                                                                                           

Payment: Auto debit facility

Maximum APR: 25.60%

 

Requirements:

 

Employed:

  • Valid Philippine government-issued, photo-bearing ID with signature
  • Latest 3 months payslips, or latest Income Tax Return (ITR) BIR Form 2316

 

Self Employed:

  • Valid Philippine government-issued, photo-bearing ID with signature
  • Audited Financial Statements (3 years), or latest Income Tax Return
  • DTI/SEC Business Registration Certificate

 

Seafarer Loan

This loan type is just like a personal loan, but it specifically caters to the needs of seafarers.

 

Loan Features:

 

Amount: up to Php300,000 subject to approval 

Term: 12 to 36 months

Payment: Auto debit facility

Maximum APR: 25.60%

 

Requirements:

 

  • 1 government-issued, photo-bearing ID
  • Proof of Income

 

Agency-Based

 

  • Latest and unexpired signed POEA contract; or 
  • Employment contract with boarding date 

 

Direct Hires

 

  • Latest 3 months proof of remittance 
  • Latest and unexpired POEA Validated Information Sheet; or
  • Latest POEA Overseas Employment Certificate (OEC)*
  • Latest Employment Contract

 

Allottee / Income from Remittance

 

  • One (1) Government-issued photo-bearing IDs
  • Proof of income
  • Proof of remittance OR latest bank statement where remittance is credited
  • Latest and Unexpired POEA Validated Information Sheet; OR
  • Latest Employment Contract; or
  • Consularized COE (If remitter is permanent resident in the country)

 

Salary Loan (Corporate) 

 

This loan product is specially designed for employers who want to address their employees’ financial needs, ensuring access to a valuable financing option that provides excellent loan terms and lower interest fees. 

 

Loan Features:

 

Amount: Php10,000 to Php1,000,000

Term: 12 to 36 months

Payment: Auto debit facility

 

For Salary Loans, the requirements for loan application are significantly reduced. The following should be submitted to the company HR:

 

  • Duly accomplished Salary Loan Application Form
  • Copy of your Company ID
  • 3 months latest payslip or Latest ITR or Certificate of Employment

 

Auto Loan

 

Getting your first car, upgrading the current one, or purchasing a vehicle for business use can be pretty hefty if you pay it on the spot in cash. But the good thing is that BPI offers a car financing option that requires a down payment of 15%. 

 

Loan Features:

 

Amount: a minimum amount of Php200,000

Term: 1 to 5 years (Brand New / Second Hand Vehicle), 1 to 3 years (Brand New Big Bike), 1 to 5 years (Brand New Truck)

Down Payment: 15% (Brand New Vehicles), 30% (Second Hand Unit, Brand New Big Bike, Brand New Truck)

Vehicle Type: Passenger Car, Big Bike, Truck

 

Eligibility Criteria

 

  • Must be between 21 to 65 years old
  • Total monthly family income of Php30,000

 

Foreign nationals married to Filipinos, partnerships, or corporations may also apply for an auto loan.

 

Requirements:

 

Employed:

 

  • Certificate of Employment with Compensation and ITR
  • Completely filled-out application form

 

Self Employed:

 

  • Business Registration papers
  • Articles of Incorporation (if applicable)
  • Income Tax Return
  • Latest Financial Statements
  • List of trade references including addresses and contact numbers
  • Completely filled-out application form

 

Home Loan

 

Some people dream of owning a home, and although buying a property is not always cheap, the key is finding a home loan that has a better offer than others. 

 

If you’re planning to buy a house and lot, want to construct a house, renovate a home, or take a property equity loan, this home loan could be an ideal option for you. 

 

Loan Features:

 

Amount: Minimum of Php400,000; Maximum of 70% of the appraised value of house & lot, 60% of the appraised value of the vacant lot or residential condominium, up to 80% of the appraised value of house & lot not to exceed P5M (provided the applicant is employed and purpose is for owner occupancy)

 

Term: Up to 25 years for a house and lot & up to 10 years for a vacant lot, residential condominium, business loan, refinancing, or multi-purpose loans

 

Down Payment: as low as 10%

 

Eligibility

 

  • Must be a Filipino citizen currently residing in the Philippines
  • Applicant must be at least 21 years old but not more than 65 years old
  • Minimum total monthly household income of Php40,000

 

Requirements:

 

Submit the following documents:

  • Accomplished application form
  • 2 valid IDs
  • Proof of Income

 

Locally Employed

 

  • Certificate of Employment (COE) indicating salary, position and length of service
  • Latest Income Tax Return (ITR) for the last 2 years

 

Overseas Filipino Workers (OFWs)

 

  • Contract / Certificate of Employment (COE) authenticated by Philippine Consulate
  • Crew Contract and Exit Pass validated by POEA (seaman)
  • Proof of monthly remittances
  • Notarized or authenticated Special Power of Attorney (BPI FSB Format)

 

If Self-Employed

 

  • Articles of Incorporation and By-Laws with SEC Registration Certificate
  • Audited Financial Statements for the last 2 years
  • DTI Registration
  • Income Tax Return w/ Statement of Assets and Liabilities (SAL) for the last 2 yrs
  • List of Trade References (at least 3 names with telephone nos. of major suppliers/customers)
  • Bank Statements for the past 6 months

 

If a Practicing DoctorClinic address/es and schedule

 

If from CommissionVouchers or Bank Statements (last 6 months reflecting commission income)

 

If from Rental of Properties

 

  • Rental/Lease Contract (indicating name of tenants and rental amounts with complete addresses of properties being rented)
  • Photocopy of Title (TCT/CCT)

 

Collateral Documents

 

  • Clear copy of Owner’s Duplicate Copy of TCT/CCT
  • Lot Plan with Location/Vicinity Map certified by licensed Geodetic Engineer
  • Photocopy of Tax declaration / Tax receipts / Tax clearance
  • Endorsement Letter / computation sheet / Contract to Sell from developer stating the contract price (for accredited developer/project)

 

Cards

 

If you are looking at making an easier purchase of your needs or Payment of your bills on credit, a credit card is the best tool. Here are the credit cards available with BPI:

 

  • BPI Visa Signature Card
  • BPI Platinum Rewards Mastercard
  • BPI Amore Platinum Cashback Card
  • BPI Gold Mastercard
  • BPI Amore Cashback Card
  • BPI Blue Mastercard
  • Petron-BPI Mastercard
  • BPI Edge Mastercard
  • BPI eCredit Card

 

Each card offers specific benefits according to what you need and where you spend the most. 

 

Fees & Applicable Charges

 

Minimum Amount Due: Php850 if the total outstanding balance is less than or equal to Php850. If the total outstanding balance is more than Php850, the amount due is 3.75% of the total outstanding balance. 

 

Finance Charge: 2% of the total unpaid balance

 

Minimum Credit Score

Not indicated. 

pros

Pros

  • Provides loan products to both retail and business customers.
  • Offer flexible payment terms.
  • Offer loan products to Overseas Filipino Workers (OFWs) and allottees. 
cons

Cons

  • Requires complete documentation for loan applications (except for salary loans).
  • A household with an income of less than Php 40,000 per month might have lesser chances of getting approvals on loans.

Why Choose BPI

 

When people talk about BPI, everybody knows that it is a bank they can trust and is one of the biggest banks in the country today. There are a lot of reasons why Filipinos should choose BPI. We highlighted some of them below:

 

Pioneer in the Banking Industry in the Philippines

 

As a pioneer in the country and the Southeast Asia Region, BPI proves its leadership in innovation as it constantly adapts to the ever-changing financial needs of the people while also committing to help build a financially able Philippines. 

 

Provide Excellent Service

 

Customers who transact with BPI receive excellent customer service anywhere they go. They can contact customer support, whether via online or phone banking, and ask for help with any account-related concerns.

 

Very Accessible

 

With over a thousand branches nationwide and overseas, banking with BPI is made easy. 

 

Have Branches in Hong Kong and Europe

 

Their presence in the Philippines and other parts of the world proves that they are available for Filipinos overseas. 

 

How to Sign Up 

 

For Personal Loan

 

Borrowers can apply for loans online or through the branch. For online loan applications, the following steps can be followed: 

1
bpi 1

Fill out the online application form. Provide all the necessary information regarding the loan. Remember that before you start the loan application, you can check the monthly payments you will most probably pay, given the terms, you intend to pay for the loaned amount.

2
bpi 2

Provide your personal, contact, employment information and references.

3
bpi 3

Finally, submit your loan application. Tick on the boxes after reading the terms and conditions of the loan and click the submit button.

4

Once the application form is completed, you will receive an email from BPI to confirm your application. If you have not received it, check your spam folder.

5

You will be required to submit your income information. Once complete and scanned, you can send it to [email protected].

6

The status of your loan application will be sent via SMS.

7

For Salary Loan, check with your employer’s HR to see if the company you are working for is accredited with BPI for the Salary Loan feature. If your employer is accredited, these requirements must be submitted to your HR:

  1. Salary Loan Application Form
  2. Copy of your Company ID 3 months latest payslip or Latest ITR or Certificate of Employment.

You will receive an SMS notification of the status of your loan application.

Frequently asked questions

What happens if I fail to pay my loan on the due date?

Late payments are charged a penalty fee of 5% of the monthly installment. It means that the next monthly installment includes the 5% penalty fee of the previous month’s installment plus last month’s installment plus the current month installment.  

What are the acceptable IDs?
  • Passport
  • Driver’s License
  • Professional Regulatory Commission (PRC) ID
  • Postal ID
  • Voter’s ID
  • Taxpayer Identification Number (TIN)
  • Government Service Insurance System (GSIS) e-Card
  • Social Security System (SSS) card
  • Senior Citizen card
  • Overseas Workers Welfare Administration (OWWA) ID
  • Overseas Filipino Worker (OFW) ID
  • Government office and Government-owned and Controlled Corporation (GOCC) ID (e.g., Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs)
  • ID issued by the National Council on Disability Affairs
  • Integrated Bar of the Philippines (IBP) ID
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the Banko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC) or Insurance Commission (IC)
  • PhilHealth Health Insurance Card ng Bayan
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Barangay Certification
  • Seaman’s Book
  • Alien Certificate of Registration / Immigrant Certificate of Registration (not applicable for Housing Loan)
  • Department of Social Welfare and Development (DSWD) Certification
  • Professional ID cards issued by Maritime Industry Authority (MARINA)
Can I reapply for a loan?

BPI recommends that at least 50% of the existing loan be paid up first before applying for a second one. 

How long will my auto loan application be processed?

Assuming all the documents are complete, the loan application will be processed within 1 to 3 banking days.

What kind of collateral can I use for a multi-purpose loan?

Vehicle collateral that can be used are:

  • Locally distributed brand new Cars, AUV, Van, Pick Up, SUV and Trucks
  • Second Hand units (not more than 5 years old)
  • Brand new imported vehicles

Conclusion

 

If you are looking at a bank that you can rely on with years of proven expertise in addressing the banking needs of Filipinos, you do not have to look further. BPI has a strong track record of providing financial solutions to Filipinos everywhere. 

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

content table close

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

content table close

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates