Guide on BDO Loan for OFW Application Process
BDO LOAN FOR OFW – You can check here the features of the BDO Kabayan Loan and how to apply for the offer.
In the Philippines, one of the banking entities that provide exclusive loans for overseas Filipino workers (OFWs) is the BDO Unibank. It has the BDO Kabayan Loan that is ready to provide for the financial needs of Filipinos working abroad.
Countless Filipinos have benefitted from the Kabayan Loan offer. It is non-collateral thus the loan applicants do not need to have a property to qualify for the loan offer. It does not require a guarantor as well.
How much is loanable under the BDO loan for OFW? Under the offer, the minimum loanable amount is Php 10,000. The maximum loanable amount is Php 2 million.
If you want a secured or a BDO loan with a collateral, the loanable amount depends on the CASA or the Time Deposit Balance. The loan is “offered against hold-out on Individual or Joint account deposits maintained in BDO as security”.
The minimum deposit required by the bank is Php 15,000. For the maximum loanable amounts under the secured loan offer, if it is a Peso account, the maximum loanable amount is 90% of the deposit account balance. For the holders of the Dollar account, the maximum loanable amount is 80% of the deposit balance.
With regards to the loan term, the bank allows a maximum repayment of up to 36 monthly amortizations or up to three (3) years. For a land-based OFW to qualify for the loan offer, he/she must meet the following qualifications set by the bank:
- Filipino citizen or former Filipinos with or without dual citizenship
- at least 25 years old at the time of application
- up to 65 years old at the time of loan maturity
- must have at least two (2) years continuous employment contract
- has at least one (1) landline in either local or foreign residence or employment location, and beneficiary must have a landline
- With good credit history
- gross monthly income of ₱20,000 or its US$ equivalent
For seafarers and domestic helpers, seafarers and domestic helpers abroad, here are the BDO cash loan qualifications that should be met:
- Filipino citizen or former Filipinos with or without dual citizenship
- at least 25 years old at the time of application
- up to 65 years old at the time of loan maturity
- must have at least three (3) years continuous employment contract
- has at least one (1) landline in either local or foreign residence or employment location, and beneficiary must have a landline
- with good credit history
- gross monthly income of ₱20,000 or its US$ equivalent
- at least one (1) of beneficiary’s address (residence or employment/business) should be located within BDO serviceable areas
Aside from the eligibility requirements, there are also documentary requirements in applying for the BDO OFW loan. The list of documents required by the bank depends if you are a land-based OFW or a seafarer.