Guide on BPI Cash Loans for Seafarers & the Employees of Accredited Companies & their Features

BPI CASH LOANS – Here is a guide on the loan offers for the Bank of the Philippine Islands for seafarers and the employees of accredited companies.

One of the trusted banks in the country with multiple loan offers is the Bank of the Philippine Islands or more popularly called BPI. In fact under its personal loan offers, it has three (3) loan products.

Aside from the regular personal loan, the Bank of the Philippine Islands also offer BPI cash loans for seafarers and the employees of accredited companies. They have different features.

BPI Seafarer Loan

This cash loan offer is open for seafarers and is designed to help them achieve their goals. It is open not only for agency-based and direct hired seafarers but as well as for allotees or those who receive remittance from seafarers.

The loan amount is subject to the approval of the bank. The borrowed amount is payable in 12, 18, 24, 30, and 36 monthly installments. The bank has set minimal requirements depending if you are hired through an agency, a direct hire, or an allotee.

Agency-Based Seafarers

• one (1) government-issued photo-bearing IDs
• latest and unexpired signed POEA contract or employment contract with boarding date

Direct Hires

• one (1) government-issued photo-bearing IDs
• latest 3 months proof of remittance
• latest and unexpired POEA Validated Information Sheet or latest POEA Overseas Employment Certificate (OEC)
• latest Employment Contract

Allottee / Income from Remittance

• one (1) government-issued photo-bearing IDs
• proof of income (any of the following):
  • proof of remittance OR latest bank statement where remittance is credited
  • latest and unexpired POEA Validated Information Sheet or latest POEA Overseas
  • latest Employment Contract
  • Consularized COE

BPI Salary Loan

Also one of the BPI cash loans is the Salary Loan offer for the employees of the companies accredited to the Bank of the Philippine Islands. Under it, the employees may borrow up tp Php 1 million to meet their financial emergencies or achieve long-time goals.

The amount borrowed under the offer is payable in 12, 18, 24, 30, or 36 monthly installments under low monthly add-on rates. To apply for the loan offer, here are the documentary requirements that an employee of an accredited company must submit to the HR:

• duly-accomplished and signed BPI Salary Loan Application Form
• latest payslips (past 3 months) or ITR (BIR Form 2316) or Certificate of Employment
• valid Philippine government-issued ID or company ID

Aside from the Bank of the Philippine Islands, another giant banking entity in the country is BDO Unibank. Its cash loan offer also bears excellent features.