Bank Loans

        Bank Loans

While many Filipinos rarely turn to banks while they need to borrow or save money, the number of consumers who opt for formal lending such as banks is expanding. During Q2 of 2019, banks saw an increased growth in the demand for bank loans.

₱1,000,000
Loan amount ₱10,000 - ₱1,000,000
Interest 5.9 %
Maturity 12 - 60 months

Fast information

Properties of this loan

  • Online loans up to ₱1 000 000
  • Term 12 - 60 months
  • Easy bank application

Loan requirements

  • Must be at least 21 years old and no older than 65
  • Must be a Philippine citizen
  • Must have a Philippine mailing address and active local mobile number
  • Must have a minimum gross monthly income of PHP 15,000
  • If employed, must be tenured for at least 6 months or 1 year of continuous employment
  • If self-employed, must be operating for at least 1 year

About company

More information about the company CIMB Bank Philippines Inc.

Borrow from ₱10,000 with interest from the 5.9 % Moread
₱2,000,000
Loan amount ₱25,000 - ₱2,000,000
Interest 1.49 %
Maturity 12 - 36 months

Fast information

Properties of this loan

  • Online loans up to ₱2 000 000
  • Term 12 - 36 months
  • Easy bank application

Loan requirements

  • Completely fill out application form
  • 2×2 picture
  • Certificate of Employment
  • Latest Payslip(s)
  • Income Tax Document
  • Latest Utility bill statements
  • Company Identification
  • Government-issued Identification

About company

More information about the company East West Banking Corporation

Borrow from ₱25,000 with interest from the 1.49 % Moread
₱2,000,000
Loan amount ₱30,000 - ₱2,000,000
Interest 29.48 %
Maturity 12 - 36 months

Fast information

Properties of this loan

  • Online loans up to ₱2 000 000
  • Term 12 - 36 months
  • Easy bank application

Loan requirements

  • At least 21 years old at the time of application but not more than 65 years old upon loan maturity
  • Must be a Filipino Citizen Must have an office or residence landline

About company

More information about the company Security Bank Corporation

Borrow from ₱30,000 with interest from the 29.48 % Moread
₱250,000
Loan amount ₱20,000 - ₱250,000
Interest 2.5 %
Maturity 24 - 36 months

Fast information

Properties of this loan

  • Online loans up to ₱250 000
  • Term 24 - 36 months
  • Easy bank application

Loan requirements

  • Filipino Individuals residing in the Philippines
  • Age of borrower from 22 years old to 54 years old upon application
  • If employed, must be at least two years permanent work status with one year tenure in current employer
  • If engaged in business, must be operating profitably for the last three years
  • Gross monthly income of at least PhP15,000 for employed and PhP30,000 for self-employed
  • With residential landline or mobile number, business landline and email address
  • Preferably an active credit cardholder

About company

More information about the company Philippine Savings Bank

Borrow from ₱20,000 with interest from the 2.5 % Moread
₱10,000,000
Loan amount ₱500,000 - ₱10,000,000
Interest 10 %
Maturity 12 - 60 months

Fast information

Properties of this loan

  • Online loans up to ₱10 000 000
  • Term 12 - 60 months

Loan requirements

  • Filipino citizens
  • 21 years old (must not be more than 65 years of age upon loan's maturity)
  • Borrowers who are either gainfully employed or with lawful and profitable business

About company

More information about the company Land Bank of the Philippines

Borrow from ₱500,000 with interest from the 10 % Moread
₱500,000
Loan amount ₱10,000 - ₱500,000
Interest 1.8 %
Maturity 3 - 60 months

Fast information

Properties of this loan

  • Cash loan
  • Term 3 - 60 months

Loan requirements

  • Must be a Philippine citizen
  • Must have a Philippine mailing address and active local mobile number

About company

More information about the company Rizal Commercial Building Corporation (RCBC)

Borrow from ₱10,000 with interest from the 1.8 % Moread
₱500,000
Loan amount ₱1,000 - ₱500,000
Interest 4.5 %
Maturity 1 - 12 months

Fast information

Properties of this loan

  • Variety of credit cards
  • Term 1 - 12 months

Loan requirements

  • Must be a Philippine citizen
  • Must have a Philippine mailing address and active local mobile number

About company

More information about the company Metrobank Card Corporation Inc.

Borrow from ₱1,000 with interest from the 4.5 % Moread
₱500,000
Loan amount ₱1 - ₱500,000
Interest 5 %
Maturity 1 - 12 mnths

Fast information

Properties of this loan

  • Variety of credit cards
  • Secure and premium cards
  • Term 1 - 12 months

Loan requirements

  • Must be a Philippine citizen
  • If employed, must be at least two years permanent work status with one year tenure in current employer
  • Must have a Philippine mailing address and active local mobile number

About company

More information about the company Rizal Commercial Building Corporation (RCBC)

Borrow from ₱1 with interest from the 5 % Moread

        Bank Loans

That’s an interesting observation considering the fact that the majority of Filipinos don’t have a bank account. Perhaps because some live far away from the main branches or it could be many people find banks exceedingly intimidating, which is true.  

What is a bank loan?

A bank loan is money lent to an individual, a business, or a company to be paid back within an agreed period. A loan can be a one-time amount or an open ended credit up to a predetermined amount. Also, the bank sets the interest rate, amount of instalments, and the loan period.

Bank loans vs. private lender loans 

Bank loans come with lower interest rates compared to private lender loans. Banks have access to a large pool of funds as depositors have to hold money in checking and saving accounts. Banks are able to offer lower rates because of the influx of funds from depositors. As for private lenders, the institutions have to rely on investors and other banks for financing. For a private lender to remain in business, the loan usually comes with steeper rates than a bank loan. 

The major downside bank loans have compared to other loans:

Should you opt to go with a bank loan, keep in mind there is no guarantee you will get one. The loans come with a stringent screening process, and the approval time may take several days as the bank reviews your application. 

Plus, even though banks tend to charge a lower interest rate than their counterparts, in most cases, the rates banks offer are slightly below the average rate private loaners are charging.  Let’s a private lender is offering a loan at rate of 12%; a bank loan will probably fall to 9-10%. 

In some cases, private lenders do have an upper hand. However, they aren’t always the option available for customers. 

Supposing you are on the fence on whether to go with bank loans or a loan from a private, the best approach is to weigh which option suits your financial scenario, and go with it. Don’t give it too much though as long as you decide what’s good for you; what will make you happy. 

What do you need to qualify for a bank loan in the Philippines?

For you to qualify for any loan with banks in the industry, there are specific requirements each financial institution will require you to meet. The most typical ones include:

1. Good credit score

A credit score is awarded according to your past loan repayment history. If you paid your loans fully and promptly, you get a good credit score. But if you defaulted, you get a bad credit score.

A good credit score is a requirement for successive loan  approval in Philippines.

2. Proof of a constant income

A bank loan approval requires proof of employment from your employer for the past six months. But,self employed individuals must prove a stable income by attaching bank statements and other financial documents.

A proof of income assures the bank you have a source of money to pay the loan.

3. Attach all required documents

Loan application requires applicants to attach particular documents. Failure to attach all the documents leads to negative feedback.

Make sure to attach all the required documents for your loan to be approved.

4. Honesty

People lie about their income, employment status, and occupation hoping to qualify for a loan. Instead, a loan you could qualify for is denied.

Banks  can detect inconsistency in your answers if you fill in the wrong information and deny your loan. 

Filling the loan form correctly is important if you want you to be approved

Types of Bank loans available in Philippines

Banks in the Philippines offer different types of loans, including personal loans, auto loans, business loans, housing loans, and motorcycle loans. The list is a long one for sure, but here are some popular bank loans in the Philippines:


Bank Loans rating: 4.5/5 from 784 votes.
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