BDO personal loan requirements, reviews, application, loan calculator

Do you need a personal loan to help you stay afloat amid a weak economy? Then, there is no need to worry. The good news is that there are some banks in the country which provide funding for fulfilling personal needs. Banco de Oro (BDO) is one of the most popular banking structures in the country. With competitively low interest rates and flexible amounts, a BDO personal loan could be just what you're looking for.

BDO is a full-service bank in the Philippines offering a wide array of consumer and business banking products and services. Its range of products include deposits, remittances, trade financing, credit cards, foreign exchange, insurance, trust and investments, and so much more.

Types of personal loans from BDO Bank

Are you interested in taking up a BDO personal loan? Here is an overview of the types of personal financing offered:

Personal loan

This is unsecured financing that allows the borrower to pay for any expenses including medical emergencies, debt consolidation, special events, travel or vacation, appliances, tuition or education, furniture, home renovation, and so much more. For this product, you get to enjoy competitively low-interest rates and a flexible repayment period of 6 to 36 months.

You can borrow any amount between PHP10,000 and PHP1,000,000. Overseas Filipino workers (OFW) with a fixed income may want to consider taking up the Kabayan secured or unsecured loan.

Auto loan

This is secured financing to help you finance the purchase of a new or used car for business or personal use. You are required to repay it within a minimum of 2 years and a maximum of 5 years, depending on the type of car that you choose.

Home loan

This is secured financing to help you finance the purchase of a house. With this product, you can enjoy low interest rates with options for longer fixing periods to help you manage your monthly payments. The repayment period varies from 1 to 5 years.

SME loan

This is a one-time fund release which helps your business finance long-term investments such as the purchase of new equipment to address production increase and the acquisition or construction of a new warehouse or office space. The repayment period is 1 to 5 years.

BDO personal loan calculator

• Visit the company website
• Tap on the "Loan Calculator" tab
• Select the type of product that you want to apply for either auto, home, or SME loan
• You will be redirected to another page where you will be allowed to compete for the package that suits your budget.
• You will be able to know the important details such as the amount, repayment term, monthly amortization, and interest rate.

BDO personal loan requirements

This service is offered to Filipinos and permanent residents who have lived in the country for two years. Here are the requirements that you must fulfill to be eligible:

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• Must be 21 years old at the time of application but no more than 70 years old upon maturity
• You must be earning a minimum salary of PHP12000 per annum if you are employed. For self-employed persons, the minimum salary is PHP400,000.
• If you are self-employed, you will be required to submit more documents as proof that you have been earning on a regular basis over two years. To be eligible, you must be the sole proprietor or major shareholder of the company that has been in operation for more than two years.
• Employed persons only require their payslips and COE to prove that they have been in employment for more than one year.
• You will be required to submit your contact details, including a mobile phone number and a landline phone where the bank can contact you during office hours.

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BDO personal loan application documentation

If you have fulfilled the above requirements, you are eligible to apply for the credit. You should also carry these documents with you when submitting your application to the nearest branch:

Salaried employees

• Latest payslip
• A photocopy of at least two pieces of identification documents such as your passport, driving license, or PRC
• Copy of the latest BIR Form 2316 or W2 signed by your authorized representative of your employer
• Original Certificate of Employment and Income (COEI) issued in the last three months that indicates status, length of service, and compensation.

Self-employed persons

• A photocopy of at least two pieces of identification documents such as your passport, driving license, or PRC
• Copy of the Registration of Business Name certificate

Partnerships issued by the Securities and Exchange Commission (SEC)

• A copy of the latest income tax return and W4 with a BIR/bank stamp
• A copy of the latest audited financial statements for the last two years
• A copy of the bank statements for the last six months (optional)

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Resident foreigners

• A photocopy of at least two pieces of identification (front and back), such as a passport, a driver's license or a PRC
• A photocopy of the employment contract or certificate of employment
• If you are an embassy official, you need a letter from the embassy
• Valid passport with resident visa; or
• Work permit and valid visa; or
• Special Investor's Resident Visa and Visas Philippine Economic Authority or Visa with Eo226; or
• ACR or ICR or ACR1

BDO personal loan application

Follow these steps to apply for personal loan BDO:

• Check to see if you qualify
• Download the application form on the BDO website and fill it.
• Prepare the requirements and documentation.
• Submit the form and requirements to the branch closest to you.
• Wait for the application to be reviewed.

BDO personal loan interest rate

How much interest does BDO charge on the personal loan? Well, the interest rate varies depending on the amount borrowed and the repayment period. If you are going to repay it in 6 months, the rate is 1.30% per month. The interest rate for loans with repayment periods of 12, 18, 24, and 36 months is 1.25%. Remember to pay the installment on the agreed date.

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Interest rates for home and SME products vary between 6.5% and 8% per annum depending on the repayment period. If you fail to do so, then you will be charged with 5% of the unpaid installment amount or P300, whichever is higher.

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BDO personal loan processing time

The average processing time is approximately 7 working days from the date of the submission of the application form and prerequisite documents. All applications are subject to evaluation and final approval by the BDO bank.

BDO personal loan reviews

This product has received positive reviews from customers who have used the platform before. It has a 4.2-star rating.

There you have it. A simple and comprehensive guide on BDO personal loan requirements, reviews, application, loan calculator, and so much more. If you are in dire need of a loan to fulfill your personal needs, BDO will get you sorted. You will be able to enjoy very competitive interest rates and flexible repayment terms and conditions.

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Alex Maina (SEO writer)