Guide on Seaman Loans in the Philippines by the Different Banks, Lending Entities, Gov’t Institutions
SEAMAN LOANS IN THE PHILIPPINES – Here is a guide on the excellent financial solutions for Filipinos who are working as seafarers.
Countless Filipinos are working in the shipping industry. Many of them are seafarers who are occupying positions as captains and marine engineers. There are also those seafarers who have just started in their career but got their eyes locked on getting positions.
Truth be told that seafarers are known to be among the individuals with the highest salaries most especially for captains and chief engineers. They may earn millions from each contract.
However, there is also another side of the story — the risks that they deal with everyday at work, the tough job that don’t just do on the day but even in the wee hours of the day, and the sacrifice to be away from their loved ones. Most of them even spend more time at sea than at home with their families. They miss a lot of important milestones with their loved ones in their pursuit to give them a comfortable life.
Many seafarers got both big dreams and big responsibilities. Truth be told that many of them are breadwinners of their families, thus, even though they have huge salaries, there might be instances when their savings cannot fully fund the fast-tracked achievement of a goal or meet a financial emergency.
Meanwhile, there are lots of banks, government institutions, and lending entities who take high regard on the sacrifice and hardwork of seafarers who are among the overseas Filipino workers in the country. These entities got special seaman loans which usually have the following benefits for the seafarers:
- huge loanable amount
- low interest rates as they may avail OFW loans
- quick loan processing
- no collateral, guarantor, and credit card requirements
- easy and fast approval
- multi-purpose use
There are several banks, government loan programs, private lending institutions, and online lending firms that offer seaman loans in the Philippines. Here are some of the best offers and their excellent features. Let’s begin with the BPI Seafarer Loan.
