BPI Personal Loan: The Ultimate Guideline You Should Know

The BPI Personal Loan is a non-collateralized loan which makes it a safer bet for borrowers. It can be used for any personal expense you may have, such as medical bills, tuition fees, vacations, weddings, or any other personal cost. 

This article contains valuable information for borrowers looking for the right loan to serve their purpose.

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BPI Personal Loan: Product Overview

bpi-logo

BPI logo

General Data

The below chart is the brief information related to the Bank of the Philippine Islands:

Name: BPI 
Maximum Amount  1,000,000.00
Maximum Loan Tenure 36 months
Minimum Loan Tenure 12 months
Minimum Amount  20,000.00
Remarks: up to 3 times 
Payment Options: Via your account’s Automatic Debit.

BPI Personal Loan Requirements & Eligibility

Before working with any bank, you should check the requirements and conditions for each target. 

Age Range  21-60 
Work Status
  • Two years of Practice for Professionals  
  • Two years Business Operations for Self-employed 
  • 1-year permanent employee 
  • 1-year government employee 
Income Requirement Remarks With a minimum gross monthly income of PHP20,000.00, you can apply
Minimum Annual Income 240,000.00
Other Requirements No particular ones
Credit Card required No
Collateral Required No 
Open Bank Account Yes
Guarantor Required No Co-Maker required

BPI Personal Loan Application & Approval 

The BPI office

The BPI office 

Here we’ll provide the time you can check whether your application is passed or not. 

Duration 5 -7 days
Duration Remarks Accepted as soon as possible (during a week)
Application Channel BPI

Charge & Fees 

The penalty fee is also one of the most vital details you need to know when making a loan. 

Interest Charges for Late Payments 5% per month on any outstanding balance
Dispersal and Processing Costs PHP1,500.00
Interest Charges for Early Repayment No early payoff fee

Rates Of Interest Offered

The table below will help you learn more about the interest rate of each period. 

Product  Effective Interest Rate Type Rate
36 months 25.03% p.a Monthly Rate 1.20%
30 months 25.33% p.a
24 months 25.59% p.a
18 months 25.74% p.a
12 months 25.60% p.a

Why You Should Choose Bank of the Philippine Islands 

The reasons you should choose a personal advance

The reasons you should choose a personal advance

To strengthen their contribution to the Philippines, BPI, through the BPI Foundation, has been given an award due to their support to help Filipinos limit the effects of calamities that were health-related and financial crisis issues. 

The award was received by President and Chairperson of BPI Foundation, Ms. Bea Pineda, and head of Business Development and Advocacy at BPI Foundation, Ms. Isabel Patindol. 

‘The Award was presented by Euromoney Institutional Investor PLC and The Asian Banker Magazine.”

BPI is a recognized leader in financial services and banking. They are known for their fresh take on how people manage money – from phasing out physical transactions to innovative managing employee benefits or facilitating payments to trusting them with one’s savings account.

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How To Apply For Bank of the Philippine Islands 

The registration process of BPI personal loan

The registration process of BPI loan

If you need a BPI loan and want to apply for one, the most convenient (and fastest!) way to do so is by going online to their website and filling out an application in just three steps.

Step 1: Getting money is a significant step, but it’s often one that people tend to overlook. When applying for a loan, you will specify the amount and duration of the loan and other information, such as interest rates and repayment schedule.

Step 2: To be approved for this program, you will need to fill in your personal information. 

These include your name, gender, date of birth, civil status, citizenship, and your Tax Identification Number (TIN), Social Security System (SSS), or Government Service Insurance System (GSIS) number. 

You can find this on the 1st page, after which submission will automatically redirect you to the second portion of the program, where you provide your address information. 

Additionally, customers must enter their email addresses and alternate modes of communication such as mobile phone numbers.

Step 3: Next, you need to answer questions regarding your business. If you have a registered company or non-profit organization, please provide the following information: 

  • Its name and address, your name and position within the company/organization, contact details (telephone number)
  • The dates during which the organization has employed you, gross annual income (or expenses) earned during those periods
  • How much do you spend on employee protections such as insurance?

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FAQs

1. When Applying For A Bpi, What Documents Are Required?

To apply, applicants need to fill out an application form containing their form of contact and all necessary information required by the company, including identification cards and income verification with valid work permits.

Professionals/Employees: What you need is a government-issued valid identification with a photo and one record of original payment and a photocopy of the picture page of their government ID.

Overseas Workers: You’ll provide a Government-issued photo ID, such as a passport (based outside of the Philippines), driver’s license, SSS number, or professional registration number. 

If you’re working with a recruitment agency: Proof of remittance; Overseas Filipino Worker information sheet (if an OFW is applying for Social Security payments), an employment contract.

Self-employed individuals: Essentially, you need to make sure that you have the essential documents in place so you can get started immediately. 

Things like a copy of your last three years’ Financial Statements and a copy of government-issued valid ID (as a primary form), a copy paper of ITR (Income Tax Return) from the previous year, and SEC Registration are necessary.

2. Who Is Eligible For The Bank Of The Philippines Islands Application?

A Filipino applicant must have worked for two years and one month to be considered eligible for citizenship. They must also be employed by the same company they were when they applied for citizenship.

3. What are the BPI modes of payment?

You can set up a monthly deposit to the bank or have money withdrawn to pay your loan.

4. How do I proclaim my loan proceeds?

You may use the registered deposit account for the loan proceeds.

Conclusion

We hope that you enjoyed this article about the BPI Personal Loan. If you have any other concerns about personal loans, please leave a comment below, and we will get back to you as soon as possible. Thank you for reading, and we look forward to your next visit!

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See also: Security Bank Personal Loan – Helpful Information For You

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