BPI Personal Loans How to Get: Requirements And Process

BPI Personal Loans

BPI Personal Loans: Regarding reaching your objectives, how are you doing thus far? Finances, or the lack thereof, shouldn’t stop you from pursuing your goals, whether to send your child to college, remodel your house, or eventually take up your plans to travel abroad.

Consider taking a personal loan if you require additional funds to reach your goal this year. Not sure which alternatives to think about? Check out the Personal Loan offered by BPI.

This page contains all the information you require to apply for and be approved for a BPI personal loan, as well as details on the features, advantages, and repayment schedule of the loan.  

Also Read: Cash Loan For Home Credit How to Apply and How Credit Works

A BPI personal loan: what is it?

A cash loan with multiple uses is the BPI Personal Loan. Since it doesn’t require collateral, you won’t need to give up anything of value in exchange for repayment.

Is there a valid BPI Personal Loan? Indeed! After all, it’s a product provided by one of the nation’s top and most reputable banks.  

💸 Types of BPI Personal Loans

BPI provides the following categories of personal loans:

• BPI Regular Personal Loan: This loan can be used for several purposes, including travel, business, education, and home improvement.
•  BPI Seafarer Loan: Seafarers are the intended recipient of the. It can be applied to other necessities, such as tuition or house improvements.
• BPI Salary Loan: Employers may provide their staff with BPI cash loans by forming a relationship with the bank.

What Uses Are Allowed by BPI Personal Loans?

There are several uses for the BPI Personal Loan. Here are a few of them:

👉 Your Education for Yourself

Ensure you pay your child’s tuition on time to avoid promissory notes. Pay for school-related costs with a BPI personal loan, including matriculation, supplies, and even technology.

👉 Remodeling Your Home

Perhaps you’ve always wanted to renovate your house to a Scandinavian theme or rent out one of your properties on Airbnb. Borrow money from BPI to pay for the renovations.

After a tragedy strikes and your property needs extensive repairs, you can also utilize the BPI Personal Loan to pay for such expenses. 

👉 Ideal Getaway

Ready for a well-earned vacation? To begin your trip planning, secure some funds. When your application for a BPI Personal Loan is approved, use the funds to reserve hotel rooms and airfare, as well as to purchase necessities for your trip, such as baggage and shoes.

👉Significant Life Shifts

You need money to support yourself whether you’re getting married, relocating to a new place, or grieving the loss of a family member. Undoubtedly, the funds from the BPI Personal Loan can be useful.  

👉 Emergencies

Should a member of your family become ill and require hospitalization, you may apply the loan proceeds to cover the associated costs.

If your automobile breaks down, you can also utilize the money to get it mended.

Why Would I Need a Personal Loan from BPI? 

You can decide if the BPI Personal Loan is good for you by reading the review that is provided below: 

✔️Huge Loan Amount 

The loan amounts range from ₱20,000 to ₱3 million, depending on the type of loan. Recall, however, that BPI’s approval is a need for the actual loan amount.

✔️ Versatile Terms of Payment

Repayment terms vary based on the type of loan and might range from two to thirty-six monthly payments. If you are unable to make larger repayments at first, this enables you to accept smaller monthly payments over a longer time.  

✔️Discounted Interest Rates

In the personal loan market, the BPI Personal Loan has one of the lowest interest rates.

Consolidating debt is made easier with this function. Additionally, you will just have to pay one interest rate rather than the various interest rates charged by several lenders. Finally, there will just be one deadline per month for you to remember.

✔️ No Need for Collateral

Collateral is not needed for a BPI Personal Loan, as was previously stated. This implies that you won’t have to give up possessions like jewelry, your automobile, or high-end items to receive further funding.  

✔️ Simple Payment

By turning on the automatic debit feature for your online account, you may wave goodbye to missed deadlines. There won’t be any need for you to visit a bank or payment facility.

Important Features of BPI Personal Loans

A summary of the features of the BPI Personal Loan is provided below, along with information on interest rates in 2024, processing times, approval times, and other related topics: 

• Amount of loan:
• Regular Personal Loan: ₱20,000 to ₱3 million, up to three times your monthly income
• Loan for Seafarers: ₱20,000 to ₱300,000.
• Salary Loan: Up to ₱1 million, or three times your monthly income
• Maximum contractual rate per year: 25.60 percent
• Add-on rate per month:
• 1.2% for a regular personal loan
• 1.5% for Seafarer Loan
• Pay Loan: May differ based on the business  
• Conditions of the loan:
• Normal Personal Loan: between 12 and 36 months
• Seafarer Credit: Duration: 2–11 months
• • Processing time: After all requirements are submitted, five to seven working days will pass.
  • Time of disbursement: One to two banking days following the date of loan document signature
  • Processing fee: ₱1,500; this amount is subtracted from loan proceeds.
  • Documentary stamp tax: ₱1.50 for every ₱200 loan amount (for BPI loans more than ₱250,000).
  • Penalty for late payments: 5% of the total amount owed
• Collateral is not necessary. 

looking for loans offered by different banks? Take a look at these suppliers:

The requirements for a BPI personal loan

Are you prepared to submit your application for a BPI loan? The prerequisites that you must submit are as follows:

📌 Qualifications for BPI Personal Loan Eligibility

• Verify if you fit each of these requirements:
• citizen of the Philippines
• when the loan matures, you must be at least 21 years old and no older than 60.
• If working:
• A minimum gross monthly income of ₱15,000 or ₱195,000 annually is required.
• A minimum of two years with the business
• Long-term worker
• If you work for yourself:
• A minimum gross monthly income of ₱30,000 or ₱360,000 annually is required.
• must have been making money for at least two years.

📌 Documentation Requirements for BPI Personal Loans

How can a BPI personal loan application be approved? Provide genuine documents with precise information to prevent rejection.

It self-employed people, OFWs, and employees/professionals, the requirements differ:

For Workers and Experts

• properly completed and signed application
• One official identification document with your photo and signature
• Pay stubs for the last three months (original copy) or your most recent income tax return (BIR Form 2316) 

The People Who Work for Themselves

• properly completed and signed application
• One official identification document with your photo and signature
• Most recent financial statements that have been audited
• Certificate of SEC Registration or DTI Business Registration 

Regarding Filipino Workers Abroad (OFWs)

• properly completed and signed application
• One official identification document with your photo and signature
• POEA contracts or employment contracts with boarding dates are used for agency recruits.
• For direct hires: employment contract, consumerized Certificate of Employment (if the remitter is a permanent resident in the nation), latest and unexpired POEA Overseas Employment Certificate (OEC), proof of remittance for the previous three months, and employment contract 

For Allottees (People Who Receive Remittances as Their Source of Income)

• properly completed and signed application
• One official identification document with your photo and signature
• Evidence of the transaction or the most recent bank statement containing the remittance
• The most recent, valid POEA information sheet, a consumerized COE (if the remitter is a permanent resident of the country), or the most recent employment contract 

How to Apply in 2024 for a Personal Loan from BPI

If you intend to apply for a salary loan, discuss the procedure with your HR representative.

Otherwise, you can do one of two things: visit any BPI branch in person or use the bank’s official website. The steps involved in applying for a BPI Personal Loan are as follows: 

👉 How to Apply Online for a Personal Loan from BPI

Applying for a BPI personal loan is simple and only requires three steps:

First 1: Verify Your Eligibility

To apply for a personal loan, visit BPI’s website.[1] To find out if you qualify for the loan, fill out the pre-qualification form.

Step 2: Complete the Application.

Fill out the form with your loan information, personal information, and requirements if you are qualified.

Step 3: Await the outcome of your application for a BPI personal loan.

How can you find out the status of your application for a BPI personal loan, or follow up on it? Give the bank’s 8891-0000 hotline a ring.

How will you find out if your BPI personal loan has been accepted? How long does it take to get approved? The processing period for a BPI personal loan is five to seven banking days. You’ll get an SMS alert.

After your application is accepted and you already have a BPI Online account, your personal loan account will automatically show up on the Portfolio tab.

The money from your BPI Personal Loan will be credited to your account in one to two banking days after you complete the paperwork. 

👉 How to Apply In-Branch for a BPI Personal Loan

You can apply for a personal loan in person at the closest BPI branch if you prefer in-person interactions. Together with the other prerequisites for a BPI personal loan, complete the application for a personal loan and submit it.

How to Be Granted a BPI Personal Loan Approval

There are a few things you can do to improve your chances of approval even though BPI doesn’t disclose its approval rate for personal loans:

• Verify that you truly fulfill the prerequisites for qualifying. Every application will be reviewed by the standards set forth by BPI. Make sure you make the requisite minimum income before proceeding.
• Verify your credit rating. If it’s currently in the red, spend some time making improvements before requesting a personal loan. Reduce your current debt, follow up on past-due accounts, and raise your credit utilization ratio.
• Provide precise and comprehensive requirements. Before sending your documents to BPI, make sure to check them two and three times. A single, little mistake could result in BPI rejecting your application.
• Build a connection with BPI. If you can, cultivate a positive rapport with the bank to increase your chances of acceptance. For example, you might be authorized if you’ve been a client of BPI Savings for a long time and are in good standing.

FAQs on How to Be Accepted for a BPI Personal Loan

Are you wondering how the BPI Personal Loan functions in other respects? The following objects might provide some answers: 

1. If I don’t have a BPI account, would my application for a BPI Personal Loan be approved?

You are still eligible to apply for a personal loan from BPI. You will be asked to open a BPI account by the bank after your application is queued for approval. In this manner, it will be simple to transfer the loan funds to this account.

The same account will be used to deduct your monthly installment as well. 

2. Should I still submit my application for a BPI Personal Loan even if my monthly income falls short of the bank’s minimal requirements?

As previously stated, credit approval and evaluation are prerequisites for all personal loan applications. Try as you might, but your application might not be accepted.

3. Although I was born in the Philippines, I hold dual citizenship. Do I still qualify for a personal loan from BPI?

Sure, but only if you live in the Philippines at the moment. You will be required to present a valid Alien Certificate Registration (ACR) ID issued by the government in addition to the standard requirements. Similar to other borrowers, a credit review will be performed on your application.

4. I am a foreigner married to a Filipino woman. Can I apply?

Unfortunately, only Filipino residents who reside in the Philippines are eligible for the BPI Personal Loan. 

5. I work overseas as an OFW right now. How can I apply for a personal loan from BPI?

Use BPI’s online application system to submit your application when you’re overseas. However, be aware that the bank will need you to be present in person to sign the loan documentation after your application has been accepted. Sign these documents at any Philippine BPI branch.

Additionally, keep in mind that you can only use a loan within a month of its acceptance date.  

6. I must update the information on my personal loan account. How should I proceed?

The closest BPI branch is where you may amend account details such as name, address, phone number, and due date if necessary. You can also update your ADA account information. Another number to try is 8891-0000.

7. What is the amount I pay each month?

The amount and duration you select will determine your monthly payment. The calculation is as follows if you decide to take out a ₱200,000 loan with a 12-month installment term:  

• Acquire the basic interest first.₱200,000 x 1.2% = ₱2,400 [2]
• Get the monthly principal after that. Twelve months / ₱200,000 = ₱16,666.66
• Add the principal and interest last. This is what you’ll be paid each month: 16,667 + 2,400 = 19,066.66

8. What is my monthly installment’s due date?

You must first ascertain when your BPI Personal Loan is due if you’re wondering how to make payments. The date of your loan’s booking will be the same as your monthly due date. Your loan is due on the tenth of every month, for example, if it was booked on May 10.

The first installment for borrowers with conventional personal loans will begin 30 days following the loan’s booking date. Clients of seafarer loans, however, will begin making installment payments sixty days after the loan is booked. 

9. How can I pay online for my loan from BPI?

An automated debit arrangement is the only method available to you for making monthly installment payments on your BPI Personal Loan (ADA).

If you haven’t already, you will be required to open a BPI bank account after being granted credit. This account will be used to receive the loan amount and will also be the source of your monthly payback. After that, you’ll have to sign up to use the ADA facilities. On the due date, your BPI account will then be automatically deducted from your monthly payment.

There’s no need to write postdated checks or pay over the counter or online. All you need to do is make sure your BPI deposit account has enough money in it before the due date.

10. How can I have my debt paid off early?

That’s fantastic! In actuality, you are reducing the length of time that you must pay interest.

At a BPI branch, make an early loan repayment. Using the BPI Online account or BPI Online Mobile App, you can check the amount you have paid off on your personal loan account. You can also reach out to 8891-0000 to obtain the necessary information.

Recall that the interest on your loan is calculated every day. This indicates that the amount you will be paid back is only good for that day. 

11. There aren’t enough funds in my BPI Personal Account. What happens if I don’t make my payment on schedule?

If this occurs, you will be assessed a 5% late payment fee on your outstanding balance from your BPI Personal Loan. Therefore, you will be penalized ₱75 if your monthly installment is ₱1,500. ₱1,575 is the total amount owed.

12. My loan has been completely repaid. Can I get my money back in full or a certificate of completion?

Indeed! A Certificate of Full Payment can be obtained by calling 8891-0000 or by visiting the closest BPI branch.  

13. Am I eligible to apply for a BPI personal loan again?

It is strongly advised by BPI that you apply only after you have settled at least half of your outstanding personal loan balance.

14. Is it possible to renew a BPI personal loan?

Indeed, BPI doesn’t automatically renew loans for personal use. You’ll need to submit a fresh loan application. Also, the documents you plan to provide need to be updated. Regular credit evaluation will still be performed on the application.

Additionally, you might look into personal loans from other lenders. Proceed to Moneymax to apply after comparing your alternatives! 

Last Words

You can trust BPI’s personal loan products because it is one of the oldest banks in the Philippines. To find out how to get a BPI personal loan accepted, make sure you meet all the conditions and understand the ins and outs of the application procedure.

Use Moneymax to examine your possibilities if you need to search online for another personal loan. Please feel free to peruse our articles to gain practical and helpful financial knowledge.