Comparisonsmaster
Best Personal Loan Providers in the Philippines
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We all have our own plans and goals that usually require huge amounts of funds, which we can only obtain by either saving or getting a loan. But saving money is such a difficult feat, and having a loan isn’t completely bad at all – it serves its purpose as long as the money is used for a worthwhile and essential cause.
Nonetheless, we must still choose the best option among the lending companies because falling into the trap of financial institutions with excessively high-interest rates does not appear to be a good idea. So here, we’ve compiled the best financial institutions in the country that offer personal loans.
We all have our own plans and goals that usually require huge amounts of funds, which we can only obtain by either saving or getting a loan. But saving money is such a difficult feat, and having a loan isn’t completely bad at all – it serves its purpose as long as the money is used for a worthwhile and essential cause.
Nonetheless, we must still choose the best option among the lending companies because falling into the trap of financial institutions with excessively high-interest rates does not appear to be a good idea. So here, we’ve compiled the best financial institutions in the country that offer personal loans.
BPI
The oldest bank in the country offers a collateral-free loan with one of the lowest interest rates at 1.20%. The BPI Personal Loan provides flexible installment terms of 12 to 26 monthly installments and convenience in paying through the BPI’s automatic debit facility; hence, borrowers must have a BPI deposit account.
Eligibility:
• Must be 21 to 60 years old
• An annual income of Php 240,000
• A permanent employee for 1 year or has an existing business for 2 years already
You can loan up to thrice your gross monthly income, from Php 20,000 to 1,000,000. The BPI Personal Loan has Php 1,500 processing fee, will be deducted from the loan proceeds, and a late payment fee that is equivalent to 5% of the missed payment.
HSBC
HSBC has a Personal Installment Loan with a monthly add-on rate of at least 0.65%. You can personalize your payment term from 6 to 36 months, and HSBC has partnered with several payment centers nationwide for your convenience.
Eligibility:
• Must be 21 to 69 years old
• Gross monthly income of at least Php 14,000 (employed) or Php 50,000 (self-employed)
• A permanent employee for 2 years or has an existing business for 2 years already
• Credit card holder
With an HSBC Personal Loan, you can borrow any amount between Php 30,000 and 500,000. It has a Php 1,500 processing fee and a late payment fee of 36% per annum on overdue payments.
Citibank
Another personal loan with good features is the Citi Personal Loan with a monthly add-on rate of 1.26%, in which your application can be approved within 24 hours. In addition, Citibank offers the longest repayment term of 1 to 5 years.
Eligibility:
• Must be 21 to 60 years old
• Minimum annual income of Php 250,000
• A permanent employee for 2 years or has a continuously operating business for 3 years
• Credit card holder
The Citi Personal Loan offers a loan amount of Php 100,000 to 2,000,000. It has a processing fee of Php 1,750, an early repayment penalty of 4% of the unbilled principal, and a Php 500 late payment fee or 6% of the outstanding balance, whichever is higher.
RCBC
RCBC also offers a personal loan with a 1.3% monthly interest rate. It has flexible payment terms of 6 to 36 months.
Eligibility:
• Must be at least 21 (upon application) or at most 65 years old (upon loan maturity)
• Minimum annual income of Php 360,000
• A permanent employee or has been operating a business for 3 years (the business must be profitable for at least 2 years already)
• Credit card holder
With the RCBC Personal Loan, you can borrow from Php 50,000 to 1,000,000. It has a processing fee of Php 1,500 or 1% of the loan amount, whichever is higher, and a 5% late payment fee per annum on any outstanding balance.
Whether you are taking out a loan to start a business, build or renovate a home, pay medical bills, or cover other expenses, just be wise in choosing the loan provider and in handling the money as well.
