Personal Loans

[bosstl]

i hope no offense was taken, as we were just giving some advice.

anyways, how much are you planning to borrow from the bank?

i myself had a personal loan from standard chartered bank. they were offering a 1.5% interest monthly for a year. Sounds pretty neat at that time for me until i learned that the 1.5% is based from the whole amount. since i just needed extra cash, i still persisted taking the offer by SCBC. my salary back then was only P23K. that was three years ago i think. I was hoping to get about 80K, just an additional cash to get myself a 2nd hand car. after two weeks, i was informed i'll be able to borrow only around 42K. then they had deducted the processing fee of about 2k i think. and also my first monthly due. aside from that they required that i submit 12 months equivalent of PDCs. at that time i don't have a checking account so i had to borrow from a friend another 10k to open one. anyways, i was able to return the 10K immediately after that. but had to pay monthly fine of 100 pesos because my account balance was below minimum. in summary, i only got about 35K worth of loan plus an effective 20% interest. not enough for the hassle i went thru. with that amount, i still had to borrow extra money from friends to get the 80K i needed.

my point is, if you could borrow money from other sources, it is way better than borrowing from a bank. less hassle, less payment. as long as you pay your dues on time to whoever you borrowed money from, then it is a better setup.

[MarcusDamascus]

no offense taken. promise

that sucks. you went through too much hassle. maliit lang naman kelangan ko. just enough to assure me na manganganak ng maayos asawa ko. actually, pwede akong di magloan. naniniguro nga lang. mahirap na.

i already found one. i'm still trying to complete the requirements. kelangan ko na lang ng co-maker. still looking for one.

thanks for the advice and info

[pauster007]

bump! baka may mga leads pa kayo kung saan puwede mag loan mga around 50-100K lang. Yung medyo mababa sana ang interest...that is kung meron pang ganun ngayon hehe

[floreno]

PErsonal Loans are mostly used as cover payment to Credit Card Bills.....Imagine paying your Credit Card 3.5% Interest while on Personal Loan....at most 2% lang per month ang interest

[Pin@tubo]

you're right, floreno.

Just got my loan from Citibank approved. I can now pay a credit card debt. come to think of it, i'm only paying minimum of my card bill and my finance charge is so high already. at least with my loan, i can pay off my debt in two years with a fixed interest. now, i have to thrash that freaking credit card and start transacting with cash...

[Pin@tubo]

bosstl, nagkamali ka lang siguro ng pili ng bankong uutangan. my relatives are complaining of that standard chartered arrangement e. kahit sa credit card, mababa nga ang interest pero grabe mag deduct sa late payment.

pero bottomline is, kelangan isipin mabuti kung san gagamitin ang loan. kung pang bili lang ng luho, hindi sya advisable. at kung may loan ka na, make sure nalang na wag mong sasabayan ng credit card kasi madodoble lang ang utang mo. imbis na nakatulong, naging pabigat pa.

[lost_boy]

guy in early twenties here.. not yet familiar with life after college..
been working for a year now.. planning to start a business..hehe
where i can i get a personal loan.. **** 'round 50K lang

[saywhat]

Try Banco de Oro. Monthly interest rate is 0.88%.

[jovhelle]

anong requirements sa BDO??

[saywhat]

From the BDO website:

All BDO Superlite loan application received from January 22, 2007 up to March 31, 2007, will enjoy the lowest add on rate of 0.88% per month. Promo Mechanics: 1. All BDO SuperLite Personal Loan applications received and approved from January 22, 2007 up to March 31, 2007 and subsequently approved and availed by April 30, 2007 are qualified for the 0.88% monthly add-on interest promo rate.

2. The 0.88% monthly add-on interest rate will cover the entire tenor (12, 18, 24 or 36 months) of all qualified accounts.

3. All applications will be subject to the credit policies and guidelines, and the terms and conditions of Banco de Oro Universal Bank.

4. Employees of Banco de Oro Universal Bank, its affiliates and advertising agencies, and relatives up to the second degree of affinity or consanguinity are not qualified for the promo rate.

5. In cases of dispute, the decision of Banco de Oro Universal Bank with the concurrence of the Department of Trade and Industry shall be deemed as final.

6. Promo period from January 22, 2007 to March 31, 2007.

7. Loan accounts under the 0.88% monthly add-on per month interest promo rate are not
covered by the Free Family Accident Insurance from Generali.

» Competitive/Low Processing Fees
• Processing Fee: P1,200
• Documentary Stamps: P1.00 for every P200 approved loan amount (applicable to approved loan amount > P250 or for business purpose regardless of the amount)
• Late Payment Fee: 3% per month (on unpaid installments)

» No Collateral, No Guarantor, No Deposit Required
» Multipurpose
Use it for almost anything and everything
• Tuition/Education
• Health and Wellness
• Emergencies (medical/memorial/etc.)
• Appliances/Furniture/Electronic Gadgets
• Vacation/Travel
• Special Events (weddings/anniversaries/etc.)
• Balance Transfer/Debt Consolidation
• Personal Investments (business/insurance)
• Car Repairs/Upgrades
• House Renovation/Upgrades
• Lot Down Payments

» Loan Amount
• Minimum: P10,000.00
• Maximum: P300,000.00

» Loan Release
• Credit to BDO account
• Manager's Check

» Flexible Payment Terms
• Choice of payment terms that suit client's needs
• Pay in 6 months, 12 months, 18 months, 24 months or 36 months

» Fixed Monthly Payments
• Easy on the budget
• Pay the same amount every month

» Various Payment Options
• Auto-debit BDO account
• Post Dated Checks

» Earn Reward Points via BDO Rewards
Which can be redeemed at any SM Department Store for items of your choice.
» Apply at your Convenience
At any BDO or Onsite Branches nearest you and submit your application form and complete documents.
» Re-Availment Feature or Top-Up Loan
• Additional loan equal to or greater (submission of new income docs) than the original loan
• Subject to at least 50% paid up loan from the original loan term
• Part of the proceeds will be used to pay-off outstanding balance of original loan.



Application Requirements

» Eligibility Criteria
• 21-70 years old
• Filipino citizen
• Employment
o Employed: Regular employee at current employer for at least 2 years; or at least 2 years combined employment with present and previous employer
o Self-employed:
:: Sole proprietor, partner, or a shareholder of a company
:: Business should have been operating for at least 2 continuously successful and profitable years;
:: Business is acceptable

o Professional:
:: Practicing his/her profession for at least 2 continuously successful and profitable years
:: Profession is acceptable

• Minimum Income Requirement:
o P120,000/yr - Employed
o P400,000/yr - Self-employed & Professional
• Residence
o Must be residing at BDO serviceable areas
o Must be a resident at his/her current or previous address for at least two years
o Residence area must be acceptable

» Documentary Requirements
• Properly accomplished and signed SuperLite application form
• Valid ID (Passport; Driver's License; PRC ID; TIN, SSS, GSIS, or Pag-Ibig ID; Company ID; Other government issued IDs)
• If Employed:
o Latest BIR Form 2316
o Any of the following:
:: Original Certificate of Employment & Compensation
(issued within the past 3 months)
:: Copy of latest full month payslip (original)

• If Self-Employed:
o Latest BIR Form 1701
o Complete business papers (single, partnership or corporation)
o Audited Financial Statements for the last two years
o Any of the ff: Bank Statements for the last 6 months/Other verifiable proof of income or business volume such as amount of purchases from suppliers, volume of sales to investments.



Frequently Asked Questions

1. How do you compute for the monthly amortization?
• The formula is PTR, where P stands for principal, T stands for the term, and R stands for interest rate:
o R X T = AOR (Add-on Rate)
o P X (AOR + 100%) = TLA (Total Loan Amount)
o TLA/T = MA (Monthly Amortization)

Example:
• Let's assume for a SuperLite Personal Loan:
o P = P30,000
o T = 12 months
o R = 1.3%

• Therefore:
o 1.3% X 12 months = 15.60
o P30,000 X (15.60 + 100) = P34,680.00
o P34,680.00/12 months = P2,890.00/month

2. Is the total loan proceeds the same as the approved loan amount?
• No, the Processing Fee and DST will be deducted from the loan proceeds.

3. Can the client pay for the entire loan before it matures? How?
• Yes, the client can. Client calls up BDO Call Center to inquire about his/her remaining balance.

4. Will the client be charged a pre-termination fee?
• No pre-termination fee will be charged from clients.

5. When can a borrower avail of another loan?
• As soon as client has paid up at least 50% of the original loan tenor.

6. Are all re-availments guaranteed of approval?
• No, all application is subject for credit evaluation.

[chucklechuckle]

Hi, lost_boy. Have you had help with your loan application?

If you want advice and help, pls pm me or send me an email at pesolending@yahoo.com

I can help with BDO, Chinatrust, HSBC, PSBank, etc, loan applications

We also assist with credit card applications

[ezra is better]

chucklechuckle, i submitted my application form for a bdo personal loan last thursday. i also submitted an application form w/ gebank bec next to bdo at .88% gebank at 1.3 seem to be the lowest. can you send me a matrix of the amt & their corresponding mo amortization under each term for loans offerd by chinatrust, hsbc, psbank and other banks that you're offering? ezraisbetter@gmail.com thanks!

[goldhart]

I still have an existing personal loan sa bdo from last year, it was rated at 1.3%, pero ng apply ako dun sa .88% nila this year and until now, di pa ko nakakapag verify kung na approve na, kasi kahapon sobrang busy ang toll free nila. ok naman ang bdo, okay ang service.

[earathou]

i am planning to get a personal loan.
kindly send me the best offer and computation details at earathou@yahoo.com / contact me at +639178832784

[lunedi]

I'm was looking at HSBC's load, but I saw this thread and mukhang ok naman yung sa BDO. Any others who can give feedback? Thanks.

[ehm-shane]

wala bang mas mababa na interest rate....plan ko kasi mag-loan..as in housing loan...baka may alam naman kayo...

[council]

wala bang mas mababa na interest rate....plan ko kasi mag-loan..as in housing loan...baka may alam naman kayo...

Housing Loan mas madali (in a way) sa PAG-IBIG/HDMF since you're not tied down to a particular institution, and payable up to 30 years.

[Tikibu'smom]

any advise on getting educational of pension plans of phil am?

[Battousai1]

I need help, is there any way for me to be able to get a personal loan? I have already applied one in PS Bank, Chinatrust and HSBC pero na decline and mga applications ko for reason they did not tell me (eh di naman talaga nila sinasabi reasons eh). I am an exisitng credit card holder of three credit cards.

I am not sure what is the exact reason pero lahat ng requirements ko ay authentic and pasado sa mga requirements nila. Ano pa bang bank or private financing company na pwede ko applyan ng personal loan? and if ever somebody here who can offer me one and nadecline nanaman pwede bang malaman ang exact reason kung bakit? BTW may mga past credit card applications ako na nadeclinle pero despite that may mga naapprove din kaya nga may tatlo akong cards ngayon na hawak.

[DaNa8]

Try BDO, they have 0.88% add on interest only.