Maricor Bunal
With over 164 years of experience in the banking industry, BPI is one of the country’s leading banks offering some of the most innovative financial solutions. Of all its loan offers, many consider BPI salary loan as the most in-demand as it addresses the needs of the general public. Proceeds of this loan may be used for different purposes usually for emergencies, utility bills, travel, school fees and medical expenses.
Are you now planning to borrow money from BPI? If you are, consider these factors first before pursuing your application:
Are you qualified for a BPI Salary Loan?
BPI accepts applications from individuals who are between ages 21 to 60 years old. Minimum income requirement is PHP 25,000 for salaried individuals, PHP 30,000 for OFWs and PHP 50,000 for self-employed applicants. One should also be a Filipino citizen, either by natural birth or legalization.
How much to borrow and how long to pay?
BPI can lend money for as low as PHP 20,000 up to PHP 1,000,000. The bank determines the amount you can borrow by looking at your income or capacity to pay. Borrowers are also given the choice to pay the amount within 1 to 3 years.
Will your income be sufficient in paying off the loan until it matures?
Creditworthiness is a crucial assessment factor. That said, BPI reviewers usually look into your income/expense or cash flow statement to see if you can afford to pay the loan on top of your monthly recurring bills.
Is the interest rate favorable?
When not considered thoroughly, the interest rate can potentially get you into debt as it compounds over time. BPI salary loan’s interest rate is at 1.20% for monthly add-on and at 11.76% per annum, one of the lowest on the market.
What are the features and how would these benefit you?
BPI boasts of its flexible terms, giving borrowers more time to pay their dues. Loan tenure ranges from 1 to 3 years. The bank doesn’t impose charges for early settlement, which means borrowers can pay off their loan sooner if they want to.
What are the payment options and are these convenient on your part?
There are now more or less a hundred BPI branches in the country today, which means borrowers can make payments over-the-counter at the BPI branch nearest them. Apart from branch payments, BPI also offer Auto-Debit Arrangement options, mobile banking and via ATM Kiosks.
How long will it take you to get approved?
BPI will inform applicants whether their loan is declined or approved within 8 to 13 banking days.
What are the consequences for making late payments?
The bank will impose an additional 5% of the outstanding balance per month for delayed payments. Missed remittances will also be reflected on your credit history records in a negative way.
BPI salary loan is one of the most in-demand quick cash solutions today. To ensure you get approved for this loan, make sure to consider the aspects listed above. It’s also a wise decision to get in touch with our loan consultants here at Loansolutions PH for more options and information regarding loan products.
