A Quick Guide To Applying For An EastWest Bank Personal Loan In 2023

Written by Christian B Padillo

Life’s journey can lead us to unexpected twists and turns, and sometimes we could use a little financial boost. Should the need arise, a personal loan is certainly a valuable resource to help you meet goals and manage expenses. Enter the EastWest Bank Personal Loan – your trusted companion for managing those ups and downs.

Let’s take a calm and steady stroll through the process of securing your personal loan, covering everything from eligibility and paperwork to rates, benefits, and more.

Eligibility requirements

Before applying for an EastWest Bank Personal Loan, it’s important to ensure you meet the qualifications:

1. Filipino citizen or a foreigner with a valid Philippine residence
2. Age between 21 to 65 years old
3. Regularly employed or with a stable source of income
4. Minimum gross monthly income that meets the bank’s requirement

Documentary requirements

To initiate your EastWest Bank Personal Loan application, you will need to prepare the following documents:

1. Duly accomplished loan application form,
2. Proof of identity (e.g., valid government-issued ID, passport, driver’s license);
3. Proof of income (e.g., recent payslips, income tax return, Certificate of Employment);
4. Proof of residence (e.g., utility bills, lease agreement);
5. Additional documents may be required based on your employment status and loan amount.

Application process

Follow these steps to apply for an EastWest Bank Personal Loan:

1. Gather documents – Compile all necessary documents to support your loan application.
2. Fill out the online form – Provide all the details requested on the online application form and wait for an iMoney agent to reach out about walking you through the next steps.
3. Complete application – You will be sent an application form to fill out accurately and completely. Attach the necessary documents as listed above.
4. Loan assessment – The bank will assess your application, including your creditworthiness, income, and other factors.
5. Loan approval: Upon successful assessment, you will be notified of your loan approval status. This usually takes anywhere between 5-7 business days. If approved, the bank will provide you with a loan offer detailing the loan amount, interest rate, and repayment terms.
6. Loan Disbursement: Once you accept the loan offer, the funds will be disbursed to your designated EastWest Bank account or through a manager’s check.

Loan details, rates, and terms

EastWest Bank offers competitive rates and flexible terms for its personal loans. The interest rates may vary based on the loan amount and tenure. As of 2023, the bank typically offers loan amounts ranging from ₱25,000 to ₱2,000,000 with repayment terms of 12, 18, 24, or 36 months.

It’s important to keep in mind that interest rates are subject to change based on the bank’s policies and prevailing market conditions. This is why we highly suggest you fill out our online form as this will enable our customer care agent to point you to the most up-to-date information.

Benefits of an EastWest Bank Personal Loan

1. Quick access to funds – EastWest Bank offers a streamlined application process, ensuring you get access to the funds you need in a timely manner.
2. Flexible repayment – Choose a repayment term that suits your financial situation, whether it’s a shorter term for faster repayment or a longer term for lower monthly installments.
3. Affordable rates – Benefit from competitive interest rates that make borrowing more affordable.
4. No guarantor or collateral is needed  – which ensures that an EastWest Bank personal loan is accessible for a wide range of borrowers.

Closing remarks

Applying for an EastWest Bank Personal Loan can provide you with the financial assistance you need to achieve your goals and manage unexpected expenses. Beyond the paperwork and figures, it’s a reminder that financial resources can be a means to an end – a means to embark on ventures, tackle challenges, and craft the life you envision.

This voyage serves as a reminder that the right financial support can be a stepping stone, offering a helping hand along the way as you navigate life’s terrain. Here’s to your financial independence and the opportunities it brings forth!