Operations have been disrupted by the continuing crisis caused by the pandemic and the revenue streams of different industries have been tamped down, resulting in a decrease in the income of the country. This dilemma applies to everyone, including the 2.32M Overseas Filipino Workers (OFWs), who used to make a quarterly contribution to the Philippine economy of approximately P7.2B.
In order to help the people somehow, the government has imposed a moratorium on the payment of loans. However, despite this relief, the people, especially the OFWs, are reeling from the crisis. If you are one of the hard-fought OFWs and you are looking for a legitimate low-interest loan, this list is for you.
Here are the best salary loan choices you can ask for from each bank and government agency. Try checking out the following:
1. PAG-IBIG CASH LOAN AND SOCIAL SECURITY SYSTEM (SSS) SALARY LOAN
The Philippine Government has agencies offering assistance of low interest-bearing loans specific to the OFWs. The loan options of the Philippine Government to the OFW include the Pag-IBIG Cash Loan and the SSS Salary Loans.
2. BANK OF THE PHILIPPINE ISLANDS
Requirements to get a loan in BPI as an OFWs are:
- You must be at least 21 years of age or up to 60 years of age on maturity of the loan;
- You have been working overseas for at least two years;
- It would also be best if you had a minimum monthly income of 25,000;
- You have to work or live within 30 kilometers of the nearest BPI branch.
3. SECURITY BANK
Security Bank Home Loan is available for OFWs who have worked in abroad for 2 years and above. You should have an earning of 40,000-50,000PHP if you want to apply for an Auto loan.
4. BDO UNI BANK
BDO offers Home, Auto, and personal loans to OFWs through its Asenso Kabayan Program. To avail for this, you should be employed for at least two years with an income not lesser than 50,000PHP. Borrowers should also be 25-65 years old.
5. PHILIPPINES SAVINGS BANK
OFWs can avail PSBank’s Own Your Home and Drive Your Car products. But you must be at least 25 years old and have been an OFW for 2 years with a monthly income of at least 30,000PHP to avail the loan.