If you are an OFW and are constrained financially, here is good news for you. There are many loan providers in the Philippines from whom you can avail the personal loan. You can get for any of the purposes like education, business opportunity, vacation funding, debt consolidation, and emergency fund. The following are the types OFW loans with a lower rate of interest, easy installments, and affordable means.
- Home Development Mutual Fund
You can get affordable housing loans from PAG-IBIG if you have contributed continuously for 24 months. You must be below the age of 65 years and should not be having any foreclosed PAG-IBIG loans, or outstanding or defaulted loans.
- Social Security System (SSS) of Philippines
If you are not above the age of 65 years and have contributed for the previous twelve months, without interruption, you can get socialized home loan up to P30, 000 and low-cost housing loans that may vary between P500, 000 to 1,000,000. It bears an interest of 9 to 14% and repayment period of 5 to 30 years.
- Bank of Philippine Island (BPI) Loan
You can get this type of loan if you have been working overseas for more than two years and presently have a monthly income of P 30, 000 or more. The loan covers Personal Loan and Auto Loan. You can get a Home loan if your monthly income is more than P 40,000. You must be above 21 years and below 60 years of maturity of the loan.
- Security Bank Loan
If have served as OFW for more than two years, you can avail P 40,000 as Home Loan and P 50, 000 as Auto loans from the Security Bank.
- Philippines Savings Bank
If you have served as OFW for more than two years and have a monthly household income of P 30,000, you can avail Home Loan and Car Loan. But you must of above 21 years of age and below 65 years.
- Pinoy Abroad Loan
You can avail OFW loan in the Philippines, without collateral security, through Pinoy Abroad, both for sea-based and land-based status.
- Land-Based OFW Loan
If you are OFW professional, you can avail this loan if you are residing in the Philippines during the application process of the loan.
- Sea-Based OFW Loan
You can avail this loan, free of collateral security if you are working as a seaman. Your loan application will be processed quickly, without much of documentary requirement. But, you need to be residing in the Philippines while your loan application is in the process.
- BDO Unibank OFW Loan
Under the Aseno Kabyan Program of BDO, you can get a personal loan for home and auto. For this, you must have been working as OFW for a minimum period of two years and are having a monthly income of P50, 000. You must be above 21 years and below 65 years of age upon the maturity of the loan.