BPI Personal Loan Application: What to Prepare and How to Apply
How are you progressing toward achieving your objectives? Whether you’re renovating your house, starting a business, or trying to finally follow through with your international travel plans, don’t let insufficient funds hold you back. BPI Personal Loan Application: What to Prepare and How to Apply
If you require additional funds to fulfill your goals this year, a personal loan from one of the country’s top and most reliable banks can assist you. Check out the BPI Personal Loan.
This article provides a comprehensive overview of the BPI Personal Loan application procedure, as well as the benefits, features, and repayment process.
What is BPI Personal Loan?
The BPI Personal Loan is an unsecured loan that provides cash assistance for your financial requirements. This loan doesn’t require any collateral, which means you don’t have to offer any valuable assets as security for payment.
What Can I Use a BPI Personal Loan For?
The BPI Personal Loan can be used for a variety of purposes. Here are some of them:
👉 Your Child’s Education
One way to avoid using promissory notes for your child’s tuition is to ensure that you pay it on time. To cover education-related expenses such as tuition fees, school supplies, and even gadgets, you can consider using the funds from a BPI personal loan.
👉 Home Renovation
you have had the desire to transform your home into a Scandinavian-style haven or convert one of your properties into an Airbnb rental. BPI offers a solution to cover the expenses of these renovations by providing loans. Additionally, BPI Personal Loans can be utilized for extensive repairs in the event that your property is damaged by a natural disaster.
👉 Business
Do you require more funding to start or expand your business? Are you interested in enhancing your freelance career with a new laptop? BPI Personal Loan can assist you in obtaining the necessary funds to cover your business expenditures.
👉 Dream Vacation
Begin your trip planning by securing some advance funding. The funds obtained through a successful BPI Personal Loan application can be utilized for reserving airplane tickets and hotel accommodations, or purchasing travel necessities like luggage and footwear.
👉 Wedding
your special day is unforgettable, it is important to collaborate with trustworthy vendors. Once your application for a BPI Personal Loan is approved, you can use the funds to cover expenses related to your wedding.
👉 Major Life Changes
If you are experiencing a personal loss in your family or planning to relocate to a different city, having some financial support is crucial. The BPI Personal Loan can provide the necessary funds to assist you during these challenging times.
👉 Emergencies
If a member of your family falls ill and needs to be hospitalized, you can utilize the loan funds to cover the expenses. Additionally, you can use the money to repair your vehicle if it breaks down.
Why Should I Get a BPI Personal Loan?
Below are the top reasons a BPI Personal Loan may be right for you:
✔️ Large Loan Amount
BPI’s personal loan enables you to borrow a maximum of three times your gross monthly income. However, it’s important to note that the final loan amount is still subject to approval by BPI.
✔️ Flexible Payment Terms
You have the option to divide your loan repayments into smaller installments that can be paid monthly over a period of 12, 18, 24, 30, or 36 months. This can help you manage your payments if you are unable to make larger payments immediately, by allowing you to make lower monthly payments over a longer period of time.
✔️ Low Interest Rate
BPI Personal Loan has a monthly add-on rate of 1.2%, which is one of the lowest interest rates in the personal loan industry. This is useful for consolidating debt because it means you only have to pay one interest rate instead of multiple rates from different lenders. It also simplifies your payments as you only need to remember one due date every month.
✔️ No Collateral Required
A BPI Personal Loan doesn’t necessitate any security deposit, which implies that you don’t have to give up any of your possessions, such as your vehicle, jewelry, or high-end items, to receive additional funds.
✔️ Easy Payment
Paying your BPI Personal loan is made easy with the bank’s web and app online facilities. You no longer need to visit the bank or payment center to settle your dues. In addition, you can avoid missed payments by activating the automatic debit feature on your online account.
BPI Personal Loan Key Features
Here’s a quick rundown of the BPI Personal Loan features, how many days BPI Personal Loan approval takes, how long it takes to process a BPI personal loan, and more:
- Loan amount: ₱20,000 to ₱2 million
- Annual contractual rate/Effective interest rate: 25.03% to 25.60%
- Monthly interest rate: 1.20%
- Loan terms: 12 to 36 months
- BPI Personal Loan processing time: Within five to seven working days upon submission of complete requirements
- Disbursement time: Within one to two banking days from the date of signing the loan documents
- Processing fee: ₱1,500 (deducted from the loan proceeds)
- Documentary stamp tax: ₱1.50 per ₱200 of the loan amount (applicable to BPI loans above ₱250,000 or those for business purposes)
- Late payment penalty fee: 5% of the amount due
No collateral requiredExploring loan options from other banks? Check out these providers that offer low interest rates on personal loans like BPI:
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- Citibank Personal Loan
- Metrobank Personal Loan
- PSBank Personal Loan
- CIMB Bank Personal Loan
What are the BPI Personal Loan Requirements?
If you want to proceed with your BPI Personal Loan application, here are the documents that you need to submit.
📌 Eligibility Requirements
To be eligible for a personal loan from BPI, you must meet the following criteria:
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- You must be a Filipino citizen.
- You must be at least 21 years old but not more than 60 years old upon maturity of the loan.
- If you are employed, your minimum gross monthly income should be ₱20,000.
If you are self-employed, you must be the owner or majority owner of the business with at least a 40% stake, and your minimum gross monthly income should be ₱50,000. Additionally, your business must have been operating profitably for at least two years and have at least one trade reference.
📌 Required Documents for BPI Personal Loan Application
The requirements vary for employees/professionals, self-employed individuals, and OFWs. Make sure to submit authentic documents with accurate details to avoid getting rejected.
For Employees/Professionals
- Duly accomplished and signed application form
- One government-issued ID bearing your picture
- Three months’ worth of pay slips (original copy) and/or your latest Income Tax Return (BIR Form 2316)
For Self-Employed Individuals
- Duly accompalshed and signed application form
- One government-issued ID bearing your picture
- Latest audited financial statements
- DTI Business Registration or SEC Registration Certificate
For Overseas Filipino Workers (OFWs)
- Duly accomplished and signed application form
- One government-issued ID with a photo
- For agency hires: POEA contract or an employment contract with boarding date
For direct hires: Proof of remittance for the last three months, latest and unexpired POEA validated information sheet or latest POEA Overseas Employment Certificate (OEC), employment contract, and consularized Certificate of Employment (if the remitter is a permanent resident in the country)
For Allottees (Individuals Whose Income Come From Remittance)
- Fill out and sign the application form completely.
- Submit one government-issued ID that includes your photo.
- Provide proof of remittance or the latest bank statement showing where the remittance was sent.
- Present the latest and unexpired POEA validated information sheet or the latest employment contract or a consularized Certificate of Employment (COE) if the remitter is a permanent resident in the country.
How to Start Your BPI Personal Loan Application
There are two choices available for individuals who wish to apply for a BPI Personal Loan: either via the bank’s official website or by visiting any BPI branch in person.
Below is a step-by-step guide for the loan application process for each of these options.
👉 Online BPI Personal Loan Application Steps
The online BPI application process has only three steps:
Step 1. Complete the Loan Application Form
Access BPI’s online platform for personal loan applications. First, fill out the pre-qualification form to determine if you meet the requirements for the loan. If you are deemed eligible, proceed to complete the BPI Personal Loan application form online, providing the necessary information about your loan and personal details.”
Step 2. Submit the BPI Personal Loan Requirements
Send a copy of your documents via email to plviaonlinemailbox1@bpi.com.ph.
Step 3. Wait for the Results of your BPI Personal Loan Application
To determine the approval status of your BPI Personal Loan, you will receive an SMS notification within five to seven banking days. If you wish to inquire about the status of your application, you can contact the bank’s hotline at 8891-0000.
In the event that your application is approved and you have an existing BPI Online account, your personal loan account will be automatically added to your Portfolio page.
👉 In-Branch BPI Personal Loan Application Steps
To apply for a personal loan with BPI through in-person transactions, simply visit the nearest BPI branch. Complete the BPI Personal Loan Application Form and submit it along with the other required documents for a BPI personal loan.
FAQs on BPI Personal Loan Application and Payment
Curious about how other aspects of the BPI Personal Loan work? The items below may offer some answers:
1. I don’t have a BPI account. Will my BPI Personal Loan application be accepted?
you can proceed with your BPI Personal Loan application. When your application is in line for approval, the bank will request you to open a BPI account. This will allow for the loan funds to be conveniently transferred to that account, and your monthly payments will also be automatically debited from the same account.
2. Can I still submit my BPI Personal Loan application even if my monthly income doesn’t meet the bank’s minimum requirement?
BPI reminds applicants that all personal loan applications are subject to credit evaluation and approval. You may try, but your application may be rejected.
3. How much is my monthly installment?
The amount you will pay each month depends on the amount and term you choose. For instance, if you decide to borrow ₱200,000 with a 12-month repayment period, you can calculate your monthly payment by first finding the simple interest, which is ₱2,400 (₱200,000 x 1.2%). Next, calculate the monthly principal, which is ₱16,666.66 (₱200,000 divided by 12). Finally, add the interest and the principal together to get your monthly payment, which would be ₱19,066.66.
4. When is the due date of my monthly installment?
To know how to make payments for your BPI Personal Loan, you should be aware of your due date. Your monthly due date will be the same as the date when you applied for the loan. For example, if you applied for the loan on May 10, your due date will be the 10th day of every month.
If you are a regular personal loan client, BPI will notify you that your first installment payment will start 30 days after the loan’s booking date. However, if you are a seafarer loan client, your installment payments will begin 60 days after the loan has been booked.
5. How do I pay for my BPI Personal Loan online?
To make monthly payments for your BPI Personal Loan, you can only use the automatic debit arrangement (ADA) method. Upon loan approval, you will need to open a BPI deposit account (if you do not have one already) where the loan amount will be credited and monthly repayments will be deducted. You must then enroll in the ADA facility, which will automatically debit your BPI account on the due date each month. There is no need to pay online, over the counter, or issue post-dated checks. Just make sure your BPI deposit account has enough funds before the due date.
6. How do I pay off my loan early?
That’s fantastic! You’re reducing the length of time you’ll be paying interest on your loan. You can make an early repayment at any BPI branch. You can find out your pay-off amount by accessing your Personal Loan Account on the BPI Online website or mobile app. Alternatively, you can call 8891-0000 to get the information you need.
It’s important to keep in mind that your loan’s interest is calculated on a daily basis, so the pay-off amount quoted to you is only valid for the current day.
7. My BPI Personal Account doesn’t have enough funds. What will happen if I fail to pay on time?
In the event of such an occurrence, a late payment fee of 5% based on the outstanding balance will be levied on your unpaid amount using BPI personal loan terms. For instance, if your monthly installment is ₱1,500, the penalty charged will be ₱75, bringing the total amount payable to ₱1,575.
8. I’ve fully paid off my personal loan. Is it possible to request a certificate of completion or full payment?
Yes! You can head to the nearest BPI branch or call 8891-0000 to request a Certificate of Full Payment.
9. I’m planning to apply for another BPI Personal Loan. Is this allowed?
BPI highly recommends that you apply only if you’ve already paid at least half of your outstanding personal loan.
10. Can I make a BPI Personal Loan renewal?
BPI does not automatically renew personal loans. You will need to submit a new loan application and update the necessary documents. Additionally, the application will still be subject to standard credit evaluation.
You may want to explore other personal loan providers and their offerings. It would be helpful to compare your options and apply through Moneymax!
11. I need to update my personal loan account details. What should I do?
To make changes to your account details such as your address, contact information, due date, ADA account, or account name, you can visit the closest BPI branch or dial 8891-0000.
12. I’m a natural-born Filipino but have another citizenship. Am I still eligible for a BPI Personal Loan?
“Yes, you can still apply even if you are currently living in the Philippines. Aside from the usual requirements, you will need to present a valid Alien Certificate Registration (ACR) ID issued by the government. Your application will also undergo a credit assessment similar to other borrowers.”
13. I’m an OFW currently working abroad. How to apply for a BPI Personal Loan?
You have the option to apply for a loan with BPI online even if you are currently abroad. However, it’s important to keep in mind that you will need to physically be in the Philippines to sign the loan documents once your application is approved. You can do this at any BPI branch.
It’s also important to note that the loan is only valid for one month from the date of approval.
14. I’m a foreigner with a Filipino spouse. Am I eligible to apply?
Sadly, the BPI Personal Loan is only available to Filipino citizens residing in the Philippines.
Final Thoughts
Due to its long-standing reputation as one of the top banks in the country, BPI’s personal loan products are reliable options. To improve the likelihood of your BPI Personal Loan application being accepted, make sure to properly prepare and fulfill all necessary requirements and familiarize yourself with their screening process.BPI Personal Loan Application: What to Prepare and How to Apply
In the event that you are searching for alternative personal loan options online, you can utilize Moneymax to compare and contrast different offers. Additionally, you may also find our financial articles to be informative and beneficial.
