2017 has been a new beginning and seen as a ray of hope for Overseas Filipino Workers. The Philippines is one of the emerging markets and is the sixth richest in Southeast Asia and is primarily considered a newly industrialized country.
Availing OFW loan today is a 1-day process at the best possible interest rates available nationwide in the Philippines. This country’s economy has undergone a remarkable transition and rapid growth, and that is the reason it deserves to have access to the best financial services in their country.
There are two types of the financial establishment who grant loans and give OFW loan assistance. Banks and credible lenders are the two in the Philippines that we are talking about. Banks provide loans on attractive low-interest rates and flexible payment terms after righteous screening process and meeting the guidelines of eligibility criteria’s. Private Lenders are also a great and reliable option for people needing a loan.
Ideally, they want to ensure that the person is fully equipped physically and emotionally to repay the loan in a deciding frame of time.
Banks provide multipurpose collateral free loans (Personal Loans) namely Banco De Oro (BDO) Asenso Kabayan Loan with very attractive and flexible interest rates which mean the bank will lend the person money without any bond. They are two types of variation here one is for Land Based OFW’s and secondly for a Seafarers. Both have their defined loan amounts, interest per month, payment terms, and conditions requirements of documentation.
Similarly, Bank of Philippines Islands, Philippines National Bank, China Bank, Land Bank, UCBP provide Home and Auto Loans and Reintegration Programs.
Private Lending Companies
These are financial establishments that grant all types of loan to people. They are also regulated by Banko Sentral Pilipinas (BSP,) which make then as credible lenders as Banks. They ideally determine loans depending on the monthly salary of the applicant. The good news and a breather here is that the application process is faster as compared to more paperwork in banks.
These credit landings come into the picture when bank loan requirement is not fulfilled then they are considered to be the best alternative available.
Understanding the specific needs of the OFW’s and their families the respective agents and staff of the Philippines largest loan market either Banks or Private Lenders help them with loan inquiries, application processes. They make all the documentation simpler and convenient for them and encourage them to apply for a Loan in the Philippines Loan online Portals.
With the help of Personal Loan Calculator, both the entities look for the eligibility criteria’s based on the following:
- Age Limit
- Residential Status
- Employment Status
- Applicant’s Documents
Isn’t this simple? If you take things step-by-step, everything is simplified and getting a loan can become uncomplicated. Are you having trouble with borrowing OFW loans on low-interest rates? This guide will surely help!