A lot of people have a misconception about loans. Most of them think that having a loan will make your life more difficult and that you will never get out of debt. However, this is different as loans can help you achieve your dreams while paying a small amount of money over a certain period.
One of the trusted banks here in the Philippines is the Bank of the Philippine Islands (BPI). Filipinos choose BPI for their years of banking experience, expertise, and excellent customer service. The BPI also created a special program for Overseas Filipino Workers (OFWs) called My Overseas Pinoy.
My Overseas Pinoy
The BPI wanted to provide easy, affordable, and accessible financing solutions to OFWs and their families. This service made it easy for OFWs to apply and only requires minimal requirements. It is affordable because OFWs can choose payment options that suit their budget and needs. OFWs can also access and ask for financial advice through MyHero Virtual Consultation.
Loans for OFWs
Overseas Filipino Workers (OFWs) who are currently abroad can still apply for personal loans as BPI application is done online. However, the bank requires all clients to be physically present to sign the loan documents in any BPI branch in the Philippines. The validity of the approved loan is only a month so make sure that you have plans to go back to the Philippines before you apply. Here is the list of loans that OFWs can apply for in BPI.
- Personal Loan
The Personal Loan of BPI is a multi-purpose cash loan that you can apply for with budget-friendly payment terms. Click this link to pre-qualify for a loan: https://apply.bpipersonalloans.com/apply
- Auto Loan
We all dream of having our own car and with BPI, it’s possible. Click the link for Auto Loan Self-Assessment to know if you are eligible. https://online.bpiloans.com/autoassess/
- Housing Loan
The BPI offers low rates and downpayment, with flexible payment terms. Downpayments can be as low as 10% of the Total Price Rate and payment terms of up to 20 years. https://www.bpi.com.ph/personal/loans/housing-loan/buy
- Seafarer Loan
The Seafarer Loan is dedicated to seafarers and families. This loan can be used for home renovation, their children’s education, or for building a business.
Requirements
The BPI requires minimal requirements for OFWs to make it easier for them to apply and lessen the hassle.
For Land-Based OFWs:
- Employed by a company
- Latest Certificate of Employment with Income
- Latest proof of remittance for the last three (3) months
- Latest payslip
- Valid government-issued identification card
- Employed by a private household
- Latest Contract of Employment
- Latest proof of remittance for the last three (3) months
- Valid working VISA/Residence ID abroad
- Valid government-issued identification card
- Currently in the Philippines on vacation
- Latest Certificate of Employment with Income
- Latest proof of remittance for the last three (3) months
- Latest payslip
- Copy of return ticket to country of employment
- Valid government-issued identification card
For Sea-Based OFWs
- Currently onboard
- Latest Contract of Employment
- Latest proof of remittance for the last three (3) months
- Valid government-issued identification card
- Currently onshore
- Latest Contract of Employment
- Complete copy of Seaman’s book (copy of all pages)
- Valid government-issued identification card
For remittance beneficiary
- Remittance recipient
- Latest Certificate of Employment with Income
- Latest payslip of the immediate family
- Latest BPI SOA as proof of remittance for the last three (3) months
- Valid government-issued identification card
Tools and Services
To make it easier for OFWs to apply for the loan, the BPI created ready-to-use tools and accessible services on their website.
- Calculator
This tool gives you an estimate of your monthly installment for personal loans, auto loans, or housing loans. (https://calculator.bpipersonalloans.com/)
- Application Form
This tool will let you know if you are qualified for to apply for a loan. (https://apply.bpipersonalloans.com/apply?_ga=2.244743431.325293836.1724208280-1514404702.1721962001)
- Loan Application Terms and Conditions
Transparency is very important when it comes to making a deal, or in this case, taking a loan. Reading the terms and conditions may be tedious but it is necessary for any applications you will take. (https://www.bpi.com.ph/personal/loans/personal-loan/undertaking)
- Site Terms of Use
This is a legal agreement between the bank and the client. (https://www.bpi.com.ph/personal/loans/legal)
- DocuSign
This is a step-by-step instructions on how to sign your loan documents online via DocuSign. (https://www.bpi.com.ph/personal/loans/personal-loan/regular/docusign)
- Telesales Service Providers
To provide quality customer service, the BPI provided a list of active sales hotline numbers that customers may call. (https://www.bpi.com.ph/personal/loans/personal-loan/list-of-telesales-service-providers)
Frequently Asked Questions
I am currently abroad but I want to apply for an Auto and Housing Loan.
The BPI Auto/Housing Loan application is done online. You may go to this link and apply whenever and wherever you are.
- BPI Auto Loan Application Form: https://online.bpiloans.com/autoloan/loan/step_1
- BPI Housing Loan Application Form: https://housingloan.bpi.com.ph/?utm_source=HL-INT
Can OFWs apply for personal loans?
Yes. OFWs are welcome to apply for any loans in BPI even if you are abroad. However, the bank requires applicants to be physically present when signing the documents.
Can foreigners married to Filipinos apply for loans in BPI?
Unfortunately no. The BPI Loans are only available to Filipino citizens or natural-born Filipinos who have different citizenship and reside in the Philippines.
How will I know the status of my loan application?
The BPI Customer Service will send you updates on the mobile number you have provided. You may also send a message or call them through the BPI Contact Center at (+632) 889-10000.
Can I still apply for a loan even if I do not have an account in BPI?
Yes. However, once your loan application is approved, they will ask you to open an account in the bank.
Where can I view my Personal Loan account details?
The Personal Loan details are available in your BPI Online account. You have to create an account online and go to your Portfolio page.
Summary
Our modern-day heroes choose to work abroad to achieve their dream of having a better life for themselves and their families. They dream of owning a house, a car, and a decent and comfortable life and with the help of BPI Loans, it is now possible.
BPI helps OFWs to apply for loans without the unnecessary hassle and multiple documents. If you are interested in the loans they offer, you may visit their website at https://www.bpi.com.ph/personal.