Nowadays, many banks and credit unions in the Philippines are proposing appealing offers in applying for personal loans. Some of these offers are very low interest rates, fast approvals, hassle-free online processes and pre-approved offers.
Here are some trusted banks in the Philippines that offer great deals!
BPI personal loans
In BPI, you can loan up to ₱20,000.00 up to ₱1,000,000.00. They have a fixed add-on interest rate of 1.20% per month. They also offer hassle-free transactions since payments are automatically debited from your BPI account. Loan application will be approved within 8-13 banking days.
They have a clear cut of their fees and charges-₱1.00 for every ₱200.00 of the loan amount if for business use, otherwise, ₱1.00 for every ₱200.00 in excess of ₱250,000.00. For Late payments, they charge 5.00% per month on any outstanding balance.
A Citibank loan offers any amount between ₱20,000 up to ₱2 million which can be used for paying during health-related emergencies and enrolling your children in school.
One of Citibank’s edges from its competitors is the flexible monthly payment terms which start at just 6 months to a maximum of 5 years. Loan application will be approved in just 24 hours, but if more verification is needed, the approval time will be extended. In addition, the bank offers no collateral or guarantor on an application.
Further, a loan calculator is made available in their website to calculate rates. Actual amortizations will be reflected in the loan disclosure statement. A disbursement fee of P1, 750 shall apply. Fees and charges include a documentary stamp tax at P1 per P200 of your loan amount may also apply.
A low interest personal loan under Maybank will allow you from ₱50,000 to as much as ₱1 million with payment terms of 12, 18, 24 and 36 months.
Maybank also have a loan calculator in their website to calculate rates and you’ll quickly see the monthly amortization along with the add-on rate. The only fees you’ll be paying will be ₱2,000 processing fee and a ₱1 documentary stamp tax for every ₱200 loaned if the total loan is over ₱250,000. For example, a personal loan of ₱300,000 will have a documentary stamp tax of ₱1,500.