Who can apply for the BPI Personal Loan?
Employed and self-employed people with a regular income, overseas Filipino workers and their allottees can apply. Naturalized citizens of another country can apply if they currently live in the Philippines. BPI applies a minimum monthly income and evaluates your capacity to pay, your existing loans and your record with the Credit Information Corporation; the amount you can borrow is capped at three times your gross monthly income.
You do not need to be a BPI client to apply, but if the loan is approved BPI will ask you to open an account, because the proceeds are credited there and the installments are debited from it.
Requirements for the BPI Personal Loan
✔️ Completed application form and one valid government-issued ID
✔️ Employed: latest payslip, certificate of employment or income tax return (BIR Form 2316)
✔️ Self-employed: latest income tax return (BIR Form 1701), business registration and the last two months of bank statements
✔️ OFW: valid POEA contract or employment contract, or proof of remittance for the last three months
✔️ Allottee: proof of remittance or bank statement where the remittance is credited
✔️ Minimum monthly income and capacity to pay as evaluated by BPI
A tip for you!
Before you apply, check your credit report at the Credit Information Corporation or through an accessing entity. An old unpaid balance on a card or a loan is the most frequent reason a bank declines a personal loan, and it is better to settle it first.
Borrow the amount you need and pick the shortest term you can afford. With the add-on method, every extra month adds a full 1.35% of the original amount in interest, so a 36-month loan costs three times the interest of a 12-month loan of the same size.
Keep the BPI account funded a few days before each due date. Auto-debit only protects your record if the money is there.
What are the fees of the BPI Personal Loan?
BPI publishes a monthly add-on rate of 1.35%, which corresponds to a maximum annual contractual rate of 28.67%. A one-time processing fee of ₱1,500 is deducted from the loan proceeds. Loans above ₱250,000 pay documentary stamp tax equal to 75% of 1% of the amount. In BPI’s example, ₱20,000 over 12 months is repaid with ₱23,240 in total, about ₱1,936.67 a month. Late payments are charged according to the loan agreement.
How to apply for the BPI Personal Loan?
There are two routes. Online, you complete the BPI Personal Loan form and a BPI-accredited telesales agent calls you within 24 hours, except on weekends and holidays, to collect the documents. At a branch, you submit the form and the documents in person. BPI processes the application in 5 to 7 working days after receiving complete documents; once you sign, the proceeds are credited to your BPI account within 1 to 2 banking days.
If your ID and your proof of income are ready, press the button to go to the official BPI page and start your application.
Kredua is not a bank, a lending company or a financial institution, and we do not grant credit. We review products offered in the Philippines so you can decide with more information; every application is made directly with the institution, which is the only one that evaluates and approves it.
