Guide on BPI Seafarer Loan Features & Application

BPI SEAFARER LOAN – The Bank of the Philippine Islands offers a Seafarer Loan with excellent features and minimal requirements.

One of the most trusted banking giants in the country is the Bank of the Philippine Islands. More popularly called BPI, it has several branches across the nation and it has gained the trust of millions of Filipinos.

The offers of BPI are widely accessible. It got different bank accounts, credit cards, loans, investment products, and a lot more. With regards to its loan offers, one of the loans is the BPI Seafarer Loan.

A seaman may apply for the BPI Seafarer Loan to fund a home renovation, pay for the school fees of the children, put up a business, etc. It is a multi-purpose loan offer that can address multiple financial needs.

Under the loan offer, the borrowing amounts allowed by the bank was not mentioned but the payment can be stretched to up to 36 monthly installments. The loan term must be one month shorter than the job contract of the borrower.

How to apply for the loan offer? You just have to go to a branch of the Bank of the Philippine Islands nearest to you and submit the documents required by the bank. An allottee of a seafarer may also apply for the loan.

The BPI Seafarer Loan requirements vary among seafarers who are agency-based, seaman who are direct-hires, and allottees. Here are the documents required by the bank in applying for the loan offer:

Agency-Based Seafarers

• duly-completed and signed BPI Seafarer Application Form
• one (1) valid government-issued photo-bearing ID
• proof of income:
  • Latest and unexpired signed POEA contract; or
  • Employment contract with boarding date

Direct Hires Seafarers

• duly-completed and signed BPI Seafarer Application Form
• one (1) valid government-issued photo-bearing ID
• proof of income:
  • 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

• duly-completed and signed BPI Seafarer Application Form
• one (1) valid government-issued photo-bearing ID
• proof of income:
  • Proof of remittance OR latest bank statement where remittance is credited
  • Latest and Unexpired POEA Validated Information Sheet; OR
  • Latest Employment Contract; or
  • Consularized COE (If remitter is permanent resident in the country)

Here’s a guide on the acceptable IDs to the bank:

Aside from the Seafarer Loan offer of the Bank of the Philippine Islands, Seafarers who are also members of the Social Security System (SSS) may apply for the Salary Loan.