How are you coming along when it comes to achieving your goals? Whether it's sending your child to college, renovating your home, or finally pushing through your international travel plans, funding—or the lack of it—shouldn't hold you back.
If you need extra cash to fulfill your goal this year, consider a personal loan. Not sure which options to consider? Take a look at the BPI Personal Loan.
This article outlines everything you need to know about how to get approved for a BPI Personal Loan, as well as the loan's benefits, features, and repayment process.
The BPI Personal Loan is a multi-purpose cash loan. It doesn’t require any collateral, so you won’t have to pledge anything valuable as a form of repayment.
Is the BPI Personal Loan legit? Yes! It's a product offered by one of the leading and most trusted banks in the country, after all.
Here are the types of personal loans BPI offers:
Related reading:
The BPI Personal Loan can be used for a variety of purposes. Here are some of them:
Avoid promissory notes by paying your child’s tuition on time. Use a BPI personal loan to cover education-related expenses, from matriculation to school supplies and even gadgets.
Maybe you’ve been dreaming of turning your home into a Scandinavian-inspired space or converting one of your properties into an Airbnb rental. Cover the costs of renovation by borrowing money from BPI.
You can also use the BPI Personal Loan to cover costs for massive repairs after your property has been hit by a disaster.
Raring to go on a much-deserved vacation? Start planning your trip with some funding. Use the money you’ll receive from your successful BPI Personal Loan application to book plane tickets and hotel rooms or buy travel essentials, such as luggage or shoes.
Whether you’re mourning a familial loss, moving to a new city, or getting married, you need some money to support yourself. The money from the BPI Personal Loan can certainly help.
In case one of your family members gets sick and hospitalized, you can use the loan’s proceeds to pay for hospital expenses.
Likewise, you can use the money to get your car fixed in case it breaks down.
Below is a review of the BPI Personal Loan to help you decide if this product is right for you:
The amounts vary per loan type, ranging from ₱20,000 to ₱3 million. Remember, though, that the actual loan amount is subject to BPI’s approval.
Repayments can be split from two to 36 monthly installments, depending on the loan type. This allows you to settle for lower monthly payments over an extended period of time in case you can’t afford bigger repayments right away.
The BPI Personal Loan offers one of the lowest interest rates in the personal loan industry.
This feature comes in handy for debt consolidation. Plus, instead of paying multiple lenders’ varying interest rates, you’ll need to cover only a single interest rate. Lastly, you’ll have to remember only one due date every month.
As mentioned, a BPI Personal Loan doesn’t require any collateral. This means that you won’t have to surrender assets, such as your car, jewelry, or luxury goods, to get extra cash.
Say goodbye to missed due dates by enabling your online account’s automatic debit feature. You won’t have to take trips to the bank or any payment center.
Here's a quick rundown of the BPI Personal Loan features—including how much interest rates are in 2024, how long the processing time takes, how many days approval takes, and more:
Exploring loan options from other banks? Check out these providers:
Ready to proceed with your BPI loan application? Here are the requirements you need to submit:
Check if you meet all these criteria:
How to get approved for a BPI Personal Loan? Submit authentic documents with accurate details to avoid getting rejected.
The requirements vary for employees/professionals, self-employed individuals, and OFWs:
If you're planning to get the Salary Loan, coordinate with your HR representative regarding the process.
Otherwise, you have two options: through the bank’s official website or in person at any BPI branch. Here's a walkthrough of the BPI Personal Loan application process:
It's easy to apply for a BPI Personal Loan, as the process involves only three steps:
Go to BPI's online facility for personal loan applications.[1] Complete the pre-qualification form to see if you’re eligible for the loan.
If you’re eligible, fill in the form with your loan details, personal data, and requirements.
How to check, track, or follow up on the status of your BPI Personal Loan application? Call the bank’s hotline at 8891-0000.
How to know if your BPI Personal Loan is approved? How many days does approval take? BPI Personal Loan processing time takes five to seven banking days. You'll be notified via SMS.
If you have an existing BPI Online account and your application has been approved, your personal loan account will automatically appear on the Portfolio page.
After you sign the documents, the proceeds of your BPI Personal Loan will be credited to your account in one to two banking days.
If you prefer face-to-face transactions, you can visit the nearest BPI branch to apply for a personal loan. Fill out the BPI Personal Loan Application Form and submit it with the other BPI personal loan requirements.
Related reading:
While BPI doesn't publicize its personal loan approval rate, there are a few things you can do to increase your chances of approval:
Curious about how other aspects of the BPI Personal Loan work? The items below may offer some answers:
Yes, you can still apply for a BPI Personal Loan. Once your application is queued for approval, the bank will ask you to open a BPI account. That way, the loan proceeds will be easily directed to this account.
Your monthly installment will also be deducted from the same account.
As mentioned above, all personal loan applications are subject to credit evaluation and approval. You may try, but your application may be rejected.
Yes, but only if you’re currently residing in the Philippines. On top of the general requirements, you will be asked to provide a valid government-issued Alien Certificate Registration (ACR) ID. As in the case of other borrowers, your application will undergo credit evaluation.
Sadly, the BPI Personal Loan is only available to Filipino citizens residing in the Philippines.
Submit your application while you’re abroad via BPI’s online application facility. But take note that once your application has been approved, the bank will require you to be physically present for the signing of the loan documents. Sign these documents at any BPI branch in the Philippines.
Also, remember the validity of loan availment is only within one month from the date of approval.
If you need to update account information, such as address, contact information, due date, ADA account, or account name, you may do so at the nearest BPI branch. You may also call 8891-0000.
Your monthly payment will depend on your chosen amount and term. If you choose to avail of a ₱200,000 loan with a 12-month installment term, the computation is as follows:
Check out the BPI Personal Loan Calculator to get an estimate.[3]
If you’re wondering how to pay your BPI Personal Loan, you need to know your due date first. Your monthly due date will be equivalent to the date of your loan’s booking. For instance, if your loan was booked on May 10, the due date will be every 10th of the month.
For regular personal loan clients, the first installment will start 30 days after the loan’s booking date. On the other hand, seafarer loan clients will start paying the installment 60 days after the loan is booked.
The only way to pay the monthly installments of your BPI Personal Loan is through an automatic debit arrangement (ADA).
Once you get approved for a loan, you’ll be asked to open a BPI deposit account (if you don’t have one yet), to which your loan amount will be credited and from which your monthly repayment will be deducted. You’ll then be required to enroll in the ADA facility. Afterward, your monthly payment will be automatically debited from your BPI account on your due date.
No need to pay online or over the counter or issue post-dated checks. You just have to ensure that your BPI deposit account has sufficient balance before the due date.
That’s great! You’re actually shortening the payment period of your interest.
Make an early loan repayment at a BPI branch. Check your pay-off amount via your Personal Loan Account through the BPI Online account or BPI Online Mobile App. You may also contact 8891-0000 to get the details you need.
Remember that your loan’s interest is computed daily. This means that your pay-off amount is valid for the same day only.
If this happens, your unpaid amount will be charged with the BPI Personal Loan late payment charge of 5%. So if your monthly installment is ₱1,500, your penalty will be ₱75. The total amount due will be ₱1,575.
Yes! You can head to the nearest BPI branch or call 8891-0000 to request a Certificate of Full Payment.
BPI highly recommends that you apply only if you’ve already paid at least half of your outstanding personal loan.
Yes, but BPI doesn't renew personal loans automatically. You'll have to reapply for a new loan. You must also update the documents you'll submit. The application will still undergo regular credit assessment.
You can also check out personal loans from other providers. Compare your options and apply through Moneymax!
Because BPI is one of the most established banks in the Philippines, you can easily count on its personal loan products. If you want to know how to get approved for a BPI Personal Loan, make sure to complete the requirements and know the ins and outs of the application process.
If you need to look for another personal loan online, you can compare your options via Moneymax. Feel free to browse our articles to enrich yourself with useful and practical financial knowledge, too.
Sources: