The Best Personal Loans in the Philippines 2016
In case of emergencies, it’s good to have money saved in the bank. But if money that you have saved for the rainy days is still not enough to cover all of your expenses, it’s reassuring to know that you can always apply for a personal loan. There are many personal loans in the Philippines that you can avail of, and you only need to choose one based on the lowest interest rates, speediness of approval, number of requirements, maximum loanable amount, and maximum repayment terms.
Personal Loan with the Lowest Interest Rate
Most banks have standard requirements when it comes to loan applications. They also usually offer the same loanable amounts and repayment terms. What sets one bank apart from the rest is low interest rates per annum. Why apply for a ₱200,000 loan with Bank A with 15% interest rate per annum, when Bank B can give you 13% for the same amount and loan period?
The MayBank Enable Personal Loan offers 13.20% interest rate per annum, the lowest interest rate available in the market today for a loan amount of ₱200,000. With the MayBank Enable Personal Loan, the loanable amount is ₱50,000 up to ₱1,000,000. To get approved for a loan, you must earn a monthly salary of at least ₱18,000 for employed, and ₱200,000 for self-employed. Fixed interest rate starts at 1.10% and 1.30% respectively, and loan amount can be paid off in one to three years. You also need to open a linked bank account for your monthly loan payments.
Another option that you can avail of is the Security Bank Personal Loan. You can loan up to ₱1,000,000, with an interest rate of 16.68% per annum. If you borrow ₱200,000, you will only be paying about ₱8,935 for the next 36 months. Loan payments can be automatically deducted from your Security Bank account.
Personal Loan with Easy Approval / Requirements
When you have a financial emergency, you want to apply, submit the necessary requirements, and get loan approval in as fast as 24 hours. As much as possible, you want the whole loan application process completed without so many requirements to be submitted and paperwork to be done.
When emergencies arise and you need cash to cover expenses, Standard Chartered can help get you out of your financial bind. Get a personal loan approved in as quick as 48 hours with the Standard Chartered EZ Personal Loan. With a minimum monthly salary of ₱24,167, you can borrow ₱20,000 to as much as ₱2,000,000. You can pay off your loan in 1 to 4 years with 14.40% to 21% interest rate per annum. A Standard Chartered bank account is also required when applying for a personal loan.
If you’re looking for other banks with easy approval and few requirements, you can also try applying for a Citibank Ready Credit Personal Loan. Loan approval can be as quick as 72 hours, and you can enjoy a loan tenure of up to 60 months. You must also earn a minimum monthly income of ₱21,000 to get approved.
Maximum Loanable Amount
You may not need ₱1,000,000 today, but you may need it in a few months when you decide to buy that dream car, or make that down payment for your dream house. When that day comes, it’s good to get a personal loan that can let you borrow a substantial amount to cover the costs.
Whether it’s to pay for your first car, your wedding, your Euro travel, or your first house, the BDO Personal Loan gives you the opportunity to fund your dreams. You can borrow as much as ₱3,000,000 and pay it off in 36 months. If you’re employed, you must be earning at least ₱10,000 every month to qualify. If you’re self-employed or a professional, your minimum monthly income must be ₱33,334.
You can also borrow as much as ₱2,000,000 with the EastWest Bank Personal Loan. Interest is at 17.88% to 20.28% per annum, and you can pay everything off in 1 to 3 years. You only need to meet the monthly income requirement of just ₱15,000 to get approved.
Maximum Repayment Terms
When you need to pay for something in cash and cash is not readily available, a personal loan can be a good option. Whether it’s to pay off another loan or credit card, or for education, home improvement, car financing, business, travel, or medical expenses, a personal loan help when you are in need of cash. Of course, you need to find a loan with the most competitive repayment terms available, which will not be an additional burden to your expenses.
If you want to avail of a loan and not break the bank paying it off, the BPI Personal Loan is the best loan for you. It offers up to ₱1,000,000 loan amount payable up to 3 years. To be approved for this loan, you must have a monthly income of at least ₱25,000 if you’re employed, ₱30,000 if you’re an Overseas Filipino Worker, and ₱50,000 if you’re self-employed. You also need to open a linked bank account.
The RCBC Savings Bank Personal Loan is also among the personal loans available that offers the best repayment terms. A personal loan of ₱200,000, with a loan period of 3 years, will give you a monthly repayment amount of ₱8,555. To qualify for a loan, you only need to have a minimum monthly income of ₱20,000.
It’s important to note that aside from your monthly salary, your overall credit score also determines whether you will be approved a personal loan and how much the loan amount will be. If you find that your credit score is not that good, it can be difficult to apply for a personal loan at a good rate. Take care of your financial records and you will have no problems when it comes to applying for loans in the future.