Guide on BDO Loan Interest for OFW Clients
BDO LOAN INTEREST OFW – You can check here the interest rates set by BDO Unibank under the Kabayan Loan offer.
One of the reputable banks in the Philippines is the BDO Unibank. It has several loan offers not only for individuals who are residing in the country but as well as Filipinos who are working abroad.
The multi-purpose cash loan offer of BDO for Filipinos who are working abroad is the BDO Kabayan Personal Loan. It can be secured or with a collateral or unsecured or non-collateral.
The loan being collateral or non-collateral affects the BDO loan interest for overseas Filipino workers (OFWs). If the loan has a collateral, here are the rates implemented by the trusted bank:
| Tenor | Factor Rate | Monthly Add-on Rate | Effective Rate/Annum |
|---|---|---|---|
| 6 | 0.175067218 | 0.84% | 17.08% |
| 12 | 0.091237975 | 0.79% | 17.07% |
| 18 | 0.063358579 | 0.78% | 17.06% |
| 24 | 0.049471099 | 0.78% | 17.06% |
| 36 | 0.035682596 | 0.79% | 17.06% |
If you prefer a non-collateral loan, there is a different set of interest rates set by BDO Unibank. Here is a guide on the BDO loan interest rates for non-collateral loans for overseas Filipino workers (OFWs):
| Tenor | Factor Rate | Monthly Add-on Rate | Effective Rate/Annum |
|---|---|---|---|
| 3 | 0.353337798 | 2% | 35.66% |
| 6 | 0.186667698 | 2% | 40.05% |
| 12 | 0.103336822 | 2% | 41.71% |
| 18 | 0.075560430 | 2% | 41.51% |
| 24 | 0.061669382 | 2% | 40.89% |
| 36 | 0.047778078 | 2% | 39.43% |
The multi-purpose cash loan offer of BDO Unibank for overseas Filipino workers is payable for up to 36 monthly installments. As seen above, the loan term is also a factor on the interest rate implemented by the bank.
Overseas Filipino Workers who are contractual employees abroad must have the same term as their employment contract. For OFWs with open-ended contracts, the loan can be repaid for up to 24 monthly amortizations subject to the approval of the bank.
Aside from knowing the BDO loan interest rates set under the offer, it is best to know the charges you may be charged as well. Here are the fees implemented by BDO Unibank under the offer:
- Processing Fee – ₱1,300 (Deducted from the loan proceeds)
- Documentary Stamp Tax Fee – ₱1.50 for every ₱200 approved loan amount or fraction thereof, whichever is higher. Applicable for approved loan amount greater than ₱250,000 or for business purpose (regardless of the amount).
- Penalty Fee – 5% per month of the unpaid amount due
- Late Payment Fee – 5% per month of the unpaid principal
- Installment Processing Fee – 5% of the outstanding principal balance, or ₱300, whichever is higher. For processing of full payment of outstanding balance before end of payment term.
- Certification Request Fee – ₱100 per request