Working outside the country scares many of us, the idea of interacting with new people, and living in a new country is kinda frightening. However, many Filipinos still take the risk of working abroad, maybe because you will earn more than the amount you earn while working here in the Philippines, and in that way, they will be able to buy all things they need and save for the things they wanted to have in the future including a car, house, business and many more. Good thing there are loans for OFWs that they can apply for.
Buying a car and building a house or a business is not impossible anymore, because there are so many agencies that offer financial assistance or loan. If you’re an OFW and you wanted to find a housing loan, car loan, business loan, or personal loan this might help you.
Here is the list of loans for OFWs available:
SSS Salary Loan for OFWs
What is SSS Salary Loan?
SSS Salary Loan is one of the known loan programs of SSS. In this program, members are allowed to borrow up to twice the average of their 12 latest posted monthly salary. This loan is payable within 24 months installments and the interest rate of 10% per annum will be based on its diminishing principal balance
Who can Apply?
•Employed SSS member, self-employed member, voluntary member
•21 years old and above
•No fraudulent activity against SSS
•With at least 36 posted monthly contributions
If you wanted to apply, this guide might help: Guide on how to apply for SSS Salary Loan
In addition, SSS also offers Housing Loan, if you wanted to know more about SSS Housing Loan this might help you: Guide on How to Apply for SSS OFW Housing Loan
Pag-IBIG Housing Loan for OFWs
What is a Pag-IBIG Housing Loan?
Pag-IBIG is very popular when it comes to providing affordable financial assistance to its members. They offer a low-interest rate of 4.5% for every ₱450,000 loan with a loan term of up to 30 years.
Who can apply?
•Must be a Pag-IBIG Member
•With at least 24 months contribution
•Not more than 65 years old
•With Legal capacity to acquire and encumber real property
•No canceled Pag-IBIG housing loan
What are the requirements needed?
From Borrower:
•Valid ID
•Proof of Income
•Housing Loan Application
From Seller:
• Transfer Certificate of Title
•Sketch Map
•Updated Tax Declaration
BDO Loan for OFWs
What is BDO Kabayan Loan or BDO Personal Loan?
It is a multi-purpose and non-collateral Personal Loan available for OFWs who has a fixed income.
Who can apply?
•Filipino Citizen
•25 years old and above
•2-3 years of continuous employment
•Gross monthly income must be P10,000
•Must have a landline
What are the requirements needed?
•Valid ID
•Proof of Income
•Original Certificate of Employment and Income
•Photocopy of last full month payslip
BDO Auto Loan
Who can apply?
•Filipino Citizen
•21 years old and above
•Minimum gross family income of P50,000/month
•With a stable source of income
•With 2-3 years of employment abroad
What are the requirements needed?
•Application Form
•Valid ID
•Proof of Remittance for the last 3 months
•Consularized Certificate of Employment with Income
BDO Home Loan
Who can apply?
•Filipino Citizen
•21 years old and above
•Minimum gross family income of P50,000/month
•With stable source of income
•With 2-3 years of employment abroad
What are the requirements needed?
•Application Form
•Valid ID
•Proof of Remittance for the last 3 months
•Consularized Certificate of Employment with Income
BPI Loans for OFWs
What is BPI?
Bank of the Philippine Islands or BPI is a universal bank in the Philippines. This bank is considered the most profitable bank in the Philippines. It is the fourth largest bank in terms of assets; second-largest bank in terms of market capitalization.
BPI Car Loan Requirements:
•Application Form
•Valid IDs (2)
•Payslip (3 months latest)
•Certificate of Employment
•Income Tax Return (Latest)
BPI Housing Loan Requirements:
•Application Form
•Valid IDs (2)
•Payslip (3 months latest)
•Certificate of Employment
•Income Tax Return (Latest)
For more information regarding the BPI Loans, this might help: BPI Loans
Global Dominion Financing Incorporated
Personal Loan for OFWs
What is GDFI Pinoy Abroad Loan?
GDFI offers a multi-purpose cash loan for OFWs who are currently outside the country. This loan can be used for home, business, education, and medical.
Who can apply?
OFW with a valid contract
Must be 21 years old above
Minimum basic salary of at least P20,000 and up
Must have a Co-borrower
What are the requirements needed?
For OFW borrower
Passport
Copy of working VISA
Latest Contract of Employment
Photocopy of POEA Overseas Employment Certificate
Plane ticket or Flight Details
Latest Electric or Water Bill. If the bill is not in the name of the borrower, you must submit additional proof of residence
Copy of Remittance (Latest)
For Co-Borrower
Immediate relative it can either be spouse, parents, siblings
Any 2 valid ID’s
2×2 pictures (2 pcs)
Electric or Water bill (Latest)
Marriage contract (if married)
OWWA Business Loan for OFWs
What is OOWA?
Overseas Workers Welfare Administration is an agency that supports Overseas Filipino Workers. They aim to provide any help for labor migrants and their families at all stages by providing an OWWA loan.
What are the businesses supported by the program?
•Agribusiness
•Commercial concession (franchising)
•Rent and leasing
•Transport services
•Service sector
•Market trading
What are the requirements needed?
Documents:
•Must be OWWA member
•Income Tax Return
•Financial Reports from BIR (36 months)
•Certificate of studies at the EDT School of Entrepreneurship
•Recent Interim Financial Report
•Valid IDs
•Biographical Data
Materials:
•Car
•Land plot
•Savings in the bank
• Equipment
•Machinery
•Lease or sublease agreement
All of the loans for OFWs that were listed above were offered by different agencies will be very beneficial to every OFWs. For more info, just visit the official website of every agency.
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