Learn How To Apply For A BPI Loan

The Bank of the Philippine Islands (BPI) has long been offering a wide range of financial solutions in the country. From personal loans to housing and auto loans, this banking institution is recognized for catering to the various needs and concerns of Filipinos.

Whether it’s securing a better life for your family or simply attending to medical expenses, BPI certainly has a loan for just about anything. BPI prides itself on giving Filipinos access to competitive interest rates and flexible payment schemes.

Thinking of applying for a BPI loan today? Take a look at what a BPI loan can do for you. Continue reading to find out more about these loan offers. 

BPI loan
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BPI Loan Features And Benefits

There are a number of BPI loans to choose from, including an auto loan, a housing loan, and a personal loan. Each of these has its benefits, but for this article, we’ll be focusing on the personal loan.

For one, the BPI personal loan provides borrowers with a high lending amount. Under this, you can get up to three times your gross monthly income, with amounts ranging from P20,000 to P1,000,000.

To complement this feature, BPI also offers a competitive interest rate of just 1.20%.

More than the low-interest rate, BPI provides borrowers with the chance to make convenient and accessible payments on time with its flexible term solutions. Here, individuals can choose their desired repayment period from 12, 18, 24, 30, and 36 months.

Even better, payments are instantly deducted via the bank’s automatic debit facility care of your deposit account. Last but not the least, a personal loan is categorized under a multi-purpose loan, meaning you can use your financial funding on whatever you need.

BPI Loan Eligibility And Application

Individuals who are thinking of applying for a BPI loan should first and foremost have a stable job and income, whether they fall under the employee or professional category or are self-employed.

Other requirements include proof of income and employment. In addition, borrowers must present their proof of identification, and the last three months’ payslips or their income tax return. The same goes for overseas workers and self-employed individuals.

Self-employed individuals must also provide their financial statements from the last three years as well as their business permit. Meanwhile, overseas workers must provide their agency contract or their employment contract.

To proceed with the application, simply fill out the application form found online.

Once you have completed the form, scan and email the income documents to personal_loan@bpi.com.ph. Then, wait for the bank to acknowledge the receipt of your application.

Applicants can receive the bank’s decision within 5 to 7 banking days. Alternatively, interested parties may visit a branch near them to apply for a BPI loan.

Fees And Charges

  • Annual Contract Rate – 25.60% (Monthly rate of 1.20%; Current reduced rate promo – 0.98%)
  • One-time Processing Fee – P1,500
  • Documentary Stamps Tax – P1.50 for every P200 loan amount (applicable for loans above P250,000)

Contact The Bank

For more information, you may send BPI an email at bpidirect@bpi.com.ph or call them at 889-10000. You may also visit them at their head office located at 6768 Ayala Avenue, Makati City 1226. 

BPI loans
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The Bottom Line

Overall, a BPI loan is worth considering if you are in need of extra financial assistance. With this guide, you can easily apply for a BPI loan today.

Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.