OFW Loans Filipinos Can Apply For in Malaysia

Let’s face it. Working as an OFW does not earn us A LOT of money – well, at least not right away. But if there’s one thing that makes this job very appealing to many, it’s the promise of financial stability.

Though you may not turn into a millionaire in a few months’ time (just yet), there is the hope of being able to better provide food on the table for your family, and eventually, save up for other important expenses.

And this is what money lenders, whether banks or government agencies, have come to acknowledge, as well. Hence, there are several loans offered to OFWs, which serve various purposes. Perhaps you’re interested to know about them. Read the following sections to learn more.

Contents

What Are Some OFW Loans (Banks and Gov’t Agencies) To Apply For?
FINAL THOUGHTS

What Are Some OFW Loans (Banks and Gov’t Agencies) To Apply For?

As an OFW, you have been paying for many things. At times, it can even feel that it’s unreasonable to ask for help because there are so many things that you have to shoulder.

But did you know that aside from banks and insurance companies, the government also offers various programs and services to help people get back on their feet after suffering a financial setback or even for some assistance?

Even if it’s not ideal, applying for a loan can still be a good idea. The important thing is to know where to get the most out of it. Here are some institutions you should consider transacting with for their reputation, security, and affordability:

Home Development Mutual Fund (Pag-IBIG) Loan

Filipino citizens who have contributed for at least 24 months, can avail of the housing loans offered by the Pag-IBIG Fund. The maximum age for eligibility is 65 years old.

The Home Development Mutual Fund, also known as Pag-IBIG, is a government-owned housing finance agency that offers home loans for low-cost houses. Pag-IBIG’s home loans are cheaper than those offered by banks. They can also be used for low-cost purchases.

Social Security System (SSS) OFW Loan

OFWs can also get a loan from the Social Security System. Those with more than 36 months’ worth of contributions can apply for an SSS Direct Housing loan.

The Social Security System (SSS) provides housing loans to overseas Filipino workers (OFWs). These loans can be used to purchase a house or a lot on which you can build a new home.

That being said, the only limitation to this program is that OFWs can avail of this loan once. If their spouse has already availed of it prior to getting married, the OFW can still apply for one so long as they are not categorized as delinquents in the system.

Bank of the Philippine Islands (BPI) OFW Loan

OFWs who have been working abroad for at least two years may qualify for a personal loan or an auto loan. Aside from home loans, BPI also offers various loan products for OFWs. These are available for persons with a minimum monthly income of P40,000.

A non-collateral loan from BPI is a good alternative to having to pay over the counter or pay installments due to insufficient funds. It eliminates this issue entirely. With a variety of loan amounts ranging from 20,000 to 1,000,000, it’s more than enough to meet your immediate cash needs. The approval process typically takes about 5 to 7 banking days. The terms are usually flexible and can be renewed for up to 3 years. Before you can apply for a loan, you need to confirm that you’re a land-based OFW with a monthly income of at least Php 25,000.

What are the various types of personal loans offered by BPI?

If you wish to finance with BPI, you have a few alternatives based on your needs and the type of financing you desire:

BPI Personal Loan: The loan is unsecured and can be utilized for any personal expenses. It does not require collateral. It can be borrowed up to 3 times your monthly income and is subject to bank approval.
BPI Auto Loan: An auto loan is a type of loan that allows individuals to borrow up to PHP 200,000 and then pay off the loan in installment.

What Are The BPI Personal Loan Features?

Flexible loan amounts. From PHP20,000 to PHP1,000.00, you can borrow up to 3 times your monthly income.
Choice of loan terms. To fit your budget, you can borrow up to 12 months, 24 months, or 36 months.
Auto-debit repayment. You can easily set up an automated debit facility or loan repayment facility from your BPI deposit account. This will allow you to pay your monthly loan installments without writing checks.
Fast approval and disbursement. Usually, these types of loans are approved within 5 to 7 days after applying. After submitting the required documents, you can receive the funds within a couple of working days!

Security Bank OFW Loan

Security Bank, a bank that offers home loans and auto loans to overseas Filipino workers, also accepts applications from those who have been working abroad for at least two years.

Security Bank offers loans to overseas Filipino workers who have worked abroad for at least two years.

To qualify for a home loan, the household income of the borrowers must be at least P50,000. The monthly income for car buyers must be at least P40,000.

What are the various types of personal loans offered by Security Bank?

Are you looking for a personal loan from Security Bank? Here’s a high-level overview of what’s available:

Security Bank Personal Loan: With a simple and secure online loan application, you can get the money you need in as little as five (5) banking days.
Security Bank Home Loan: With Security Bank’s home loan, you can get the home of your dreams. With flexible financing, you can sleep in a house that’s always been yours.
Security Bank Car Loan: Security Bank’s flexible loan can help you get a new car with ease. Its terms and conditions are designed to make it easy to get into the vehicle of your dreams.
Salary Advance: With this benefit, employees can enjoy instant cash wherever they are and whenever they need it.
Corporate Salary Loan: This type of loan can be used for various reasons, such as education, health, and wellness. They can also be used to purchase a car or a property.

What Are The Security Bank Personal Loan Features?

Loan terms range from 12-36 months.
Loan amounts range from Php 30,000 to Php 2,000,000.
The monthly add-on fee starts at 1.39 percent.

Philippine Savings Bank (PSBank) OFW Loan

While most loan products are designed to provide you with immediate cash, PSBank has something for everyone. For instance, its Flexi Personal Loan can be used for both a revolving and fixed-term loan.

One of the bank’s features is its revolving credit facility. This feature allows you to borrow money again and pay it back once each month.

PSBank can also help OFWs get a house or car loan through its various products. These include the Drive Your Car OFW loan and the Own Your Home loan.

Like other banks, OFWs need to have at least two years of working experience in the US or other countries with a household income of at least P30,000. PSBank is known for its flexible loan products. This is because the bank’s online application process is very simple and fast.

What are the different forms of personal loans available from PSBank?

PSBank offers a variety of personal loan products. Below are a few of these options:

PSBank Personal Loan. PSBank’s Flexi Personal loan is a good option for individuals wanting to borrow up to PHP250,000.
PSBank Auto Loan. PSBank provides financing for both new and used cars. The terms are flexible and can last for up to 60 months.

What Are the Features of a PSBank Personal Loan?

Revolving line of credit. The amount that you can borrow depends on the amount that has been paid. This feature allows you to set a tighter budget.
Rebates. PSBank’s Prime rebate is a unique feature that gives its customers the opportunity to earn rebate after they make their monthly payments.
Fast turnaround. Usually, it takes around 1 to 3 working days for your loan application to get approval. Once it’s approved, you’ll receive your PSBank Flexi card.

BDO Unibank (BDO) OFW Loan

BDO’s Asenso Kabayan Program offers various OFW loan options. These include Home, Auto, and Personal loans. To qualify, the OFW must be working abroad for at least two years and have a monthly income of at least Php 50,000. A multi-purpose and non-collateral Personal loan for OFWs with fixed income.

What are the various forms of personal loans available from BDO?

BDO Personal Loan: This loan can be used for various expenses, such as college or home renovation. It has favorable terms and low interest rate.
BDO Kabayan Personal Loan Unsecured: With a fixed income, many Filipinos working abroad may want to borrow money to finance their various expenses. A personal loan can help these individuals save their money and cover their monthly expenses. It can be borrowed up to PHP 500,000.
BDO Kabayan Personal Loan Secured: Unlike its alternative, this loan is backed by deposits maintained in the borrowers’ BDO accounts. Because of the reduced interest rates, this loan is a better option than an unsecured personal loan.
BDO Auto Loan: A BDO auto loan is a secured loan that uses the vehicle as collateral. You can pay it off over a period of years or in full.

What Are the Features of a BDO Personal Loan?

Flexible loan amounts. Depending on your monthly income and your financial requirements, you can borrow anywhere between PHP 10,000 and PHP 1 million.
Flexible repayment options. You can also pay your loan installments online or over the phone. These options are available for both in-branch and online transactions.
Fast approval. In most cases, a loan application is accepted within ten days.

PBCOM Personal Loan

The personal loan of PBCOM is an unsecured loan that can be used to finance a variety of needs, such as home refurbishment or holiday travel.

It can be borrowed from PHP40,000 to PHP1,000,000 and can be paid over a period of 12 to 18 months.

This personal loan can be used for a 12-month term and maximum loan duration of 48 months. The interest rate ranges from 1.58 to 1.96 percent.

What are the different types of personal loans available from PBCOM?

Personal Loan: Aside from paying off debts, this loan can also be used to finance home refurbishments. This loan comes with a variety of flexible terms and a fixed interest rate. It is usually offered with a low rate and flexible payment terms.
Auto Loan: This loan allows individuals to borrow both new and used vehicles as collateral. It has a loan amount of PHP 200,000. There are two types of car loans: new and used. The former can be used for up to 60 months, and the latter for up to 48 months.
Bike Loan: For those who are interested in buying a bike, PBCOM offers financing with low interest rate. You can borrow up to PHP800,000 for a bike, which can be paid over 12, 36, or 48 months.

What Are the Features of a PBCOM Personal Loan?

If you’re looking for some of the features that are included in the package of PBCOM, then the following section will give you some helpful overview.

Range of loan amounts: This loan is ideal for individuals who are in need of a large sum of money. The minimum loanable amount is PHP40,000.
Choice of loan terms: The loan can be paid back in 12 to 18 months, 24 to 36 months, or 48 months.
Fast response to your application: In most cases, a loan application is accepted within three to five days.

LandBank OFW Loan

Landbank OFW loan offer is available to various types of businesses, such as franchised establishments, construction, and trading. This program helps overseas Filipino workers establish their businesses in the country. Individuals who have a live contract but are not more than 65 years old are qualified to receive a loan from Land Bank.

Through the Landbank OFW loan, overseas Filipino workers can establish a business in the Philippines.

What are the different types of personal loans offered by LandBank?

Easy Home Loan: This loan can help individuals get financing for a home or build one. It can also lower the monthly payments of existing homeowners.
Loans to Farmers: This loan is usually available to individuals who are involved in the farming of various crops such as coffee, oil palm, and bananas.
Loans to Fishers: Some of the programs and projects that the Landbank can help are the Agricultural Credit Support Project and the Fishers Financing Program.
Electronic Salary Loan (ESL): LANDBANK has launched Electronic Salary Loan, a new product that enables individuals to get salary loan.

Metrobank OFW Loan

Metrobank’s home loan rates are competitive. They are computed on a fixed rate for a specific period. Metrobank offers a wide range of loans that include home, car, and corporate loans. These loans have competitive rates and terms.

OFWs in the Philippines can get a Metrobank loan even though they’re not qualified to get a credit card there. Aside from filling out an application, they also have to bring other documents with them.

What are the different types of personal loans offered by Metrobank?

Car Loan: Individuals with good credit history can get a Metrobank car loan to purchase a vehicle or replace their existing one.
Business Loan: Metrobank offers various types of business loans such as SMEs Credit Line, Short-term loan, and Long-term loan.
Home Loan: OFWs who wants to borrow a home loan from Metrobank must be a regular employee of the bank for at least five years. For these individuals, the loan must be for a monthly income of $1,000. They need to work for two years to be eligible for the loan.

ChinaBank OFW Loan

Chinabank’s Overseas kababayan services are designed to give Filipinos the flexibility to manage their money and investments. Aside from home loans, Chinabank also offers various types of loans such as car loans and student loans. To be approved, the borrower should be between the age of 21 and 65.

OFWs who are employed for at least 3 years can get a Housing loan at Chinabank. They can only apply for a loan with a minimum of P50,000 a month.

What are the different types of personal loans offered by Chinabank?

ChinaBank Home Plus Loan: A Chinabank HomePlus loan is a type of loan that allows people to borrow up to 80% of their home’s appraised value. It’s usually cheaper than a standard loan.
ChinaBank Auto Plus Loan: AutoPlus is a program that helps you save on the purchase of new or used vehicles within 30 days of purchase.
ChinaBank Commercial Loans: Chinabank offers various types of loans, such as working capital and short-term loans.
- Short-Term Working Capital Loan
  - Discounting of Post-Dated Checks – Availing this feature allows a customer to convert a pre-dated check into cash.
  - Expert Advances and Loans – Export financing is a type of loan that allows export businesses to obtain pre-export financing.
  - Export Bills Purchased – This loan process allows a borrower to sell their assets to a bank or purchase a home outright.
  - Import Letters of Credit – Availing this loan allows a borrower to purchase raw materials overseas or locally.
  - Domestic Letters of Credit Trust Receipts – This feature allows consumers to liquidate the goods they bought on consignment.
  - Receivable Purchase Loan – The seller can then use the money from the sale of the goods to the bank to settle its stored receivables.
  - Loan Line – This feature allows borrowers to easily obtain funds that are for their working capital.
  - Omnibus Line – The feature allows the consumers to get different loan offers.
- Long-Term Working Capital Loan
  - Long-Term Loans – This service aims to assist consumers in various areas such as getting equipment or funding working capital.
  - Project-Based Financing – With this feature, clients of the LBP and SSS can lock-in the terms of their loans and interest rates.

RCBC OFW Loan

With a variety of loan products, RCBC can help you meet your financial goals. They’ll even give you flexible terms so that your payment is easier and less costly. OFWs who have been with RCBC for at least two years can now apply for a housing loan.

What are the different types of personal loans offered by RCBC?

RCBC Personal Loan: RCBC MyCash is a personal loan that can be used for many purposes. It allows individuals to borrow up to PHP 1 million.
RCBC Auto Loan: With a low downpayment option of 20%, RCBC can help people finance a new or used vehicle. It also offers various terms and terms.

What Are the Features of an RCBC Personal Loan?

Various loan amounts. You can borrow up to PHP1 million depending on your credit rating and amount of money you can borrow.
Repayment flexibility. You can easily pay off your loan through various means, such as using an online banking facility or availing of a cash or the cheque payment method.
Fast approval. The online application process for the project is very easy. Just fill out all the necessary details and submit the form.

UnionBank OFW Loan

A personal loan is often used for various reasons. Some of these include meeting unexpected financial needs or paying off debts.

Union Bank offers a variety of personal quick loans to fit all your needs. They have a flexible loan repayment plan that allows you to request funds between PHP 1000 and 5000,000.

Moreover, the interest rate on their loans is 1.6% per month on average, and the loan duration is 240 months. Usually, it takes 5 working days for the bank to approve a loan request.

What are the different types of personal loans offered by UnionBank?

Salary Loan: The Salary loan can be used to pay for a variety of purposes. It can be used for home renovation, travel accommodations, or paying bills.
Home Loan: UnionBank Home loan can help you purchase a home. It has various loan options and interest rates.
Auto Loan: Unionbank offers its customers car loan assistance programs. Aside from financing the purchase of a new vehicle, this facility can also be used to purchase a used one.

EastWest Bank OFW Loan

Aside from deposits, EastWest Bank also offers various banking services. If you’re a customer of the bank, then you can get a personal loan. Two ways to get one is through the bank or online.

EastWest Bank’s personal loan is a type of loan that’s available to qualified individuals. It can be used for various purposes, such as paying bills and buying a car. EastWest Bank usually processes personal loan applications within five to seven working days. Due to the local government’s health protocols, this bank’s turnaround time can last longer.

What are the different types of personal loans offered by EastWest Bank?

EastWest Personal Loan: EastWest Bank’s Personal loan is a type of loan that’s available to individuals with good credit. It comes with low monthly installments.
Auto Loan: The acceptance rate of its car loan is also very attractive. Aside from low interest rates, it also has flexible downpayment options.
Home Loan: EastWest Bank’s flexible interest rates can allow you to pay off your loan in 30 years. Another great feature of our loans is that they can be extended up to 30 years.

What Are the Features of an EastWest Bank Personal Loan?

Competitive Interest Rates: Having a low-interest loan will allow you to manage your cash flow more effectively.
Fast Processing: One of the loan’s key features is its convenience. It can be easily applied from anywhere, even if it’s inside your home or office.
Flexible Payment Terms: EastWest Bank Personal Loan can allow you to pay it off in installments of 12 to 36 months. These terms are usually cheaper than the monthly payment terms of other banks.
Loan Amount: The bank’s flexible loanable amount can be used to finance purchases and loans. The loanable amount is flexible, ranging from PHP 25,000 to PHP 2 million.
Multi-Purpose: Aside from loans, the bank also offers Personal Loans that can be used for various purposes. Some of these include settling medical bills and settling weddings.
No Collateral Requirement: You do not need to put your house or car as collateral. With EastWest Bank, you can easily borrow up to 80% on a car loan.

FINAL THOUGHTS

People often have second thoughts when it comes to paying their monthly dues. Getting a loan is the biggest fear many people have. Aside from the stress of paying your dues, the biggest challenge most people face is not finding a legitimate loan institution. We’ve all heard stories of people who got into a huge amount of debt and could not recover from it. It could be that the unforeseen circumstances made the situation worse than it is. But, high-interest rates and other factors could also have caused the situation to get worse. When people stop paying their debts, they often face various unpleasant situations. One of these includes getting threatened or being harassed by the creditors. To avoid getting into such situations, make sure to only deal with various legitimate financial institutions in the Philippines for a loan.