- Interest rate (p.a.)
18.00% - 18.00%
- Loan Tenure
0.5 - 1 years
- Approval Duration
Up to 1-3 working days
- Min. monthly income
What's so great about South Asialink Finance Corporation OFW Personal Loan?
- As low as 1.5% interest rate per month
- Get approved in as fast as 1 day
- No credit card required
|Min. financing amount||₱20,000.00|
|Max.financing amount|| ₱250,000.00|
|Min. loan tenure||6 months|
|Max. loan tenure||12 months|
|Interest rate||1.5% per month|
|Approval duration||Up to 1-3 working days|
Fees & Charges
|One time set up|
|Processing fee||5.5% of loan amount|
|Disbursement & misc. fee||N/A|
|Early settlement||Rebates are computed by Accounting Department & subject for approval|
|Late payment charges||₱1,500 or 15% of monthly amortizations (whichever is higher)|
|Age requirement||Age 21 - 59|
|Employment eligibility||At least 3 months of employment contract|
|Min. salary requirement||₱20,000 gross per month|
|Guarantor / Collateral requirement||No|
|Need to open linked banked account?||No|
|Other details||Method of Payment - through ML or Cebuana Lhuillier payment centers|
Product Review by
South Asialink Finance Corporation is one of the fastest growing financial services companies in the Philippines with branches in Metro Manila, Southern Luzon, the Bicol region, and even up to Mandaue, Cebu. Featuring a wide range of products and services under their belt, their aim is to cater to a variety of financial needs covering different locations and market segments. From second-hand car and truck financing to car and truck loans, they also offer OFW loans to seafarers and land-based overseas workers. For SMEs, they can also provide additional funding with their business loan. Aside from a healthy list of services, one of their primary goals is to make the application process fast and seamless, from filling out the form, to loan disbursement. With their land-based OFW Personal Loan, approval duration is from 1 to 3 working days. You can borrow up to ₱250,000 payable up to 12 months. The interest rate starts at 1.5% per month with a processing free of 5.5% of the total loan amount. If you are currently a land-based overseas Filipino worker that receives a monthly income of ₱20,000, then you can definitely qualify for their OFW Personal Loan.
Advantages Of Applying With SAFC Land-Based OFW Loan
- Get approved in as fast as 1 to 3 business days.
- No credit card or collateral required.
- Interest rate starts at only 1.5% per month.
- Loan repayment terms as long as 12 months.
For OFWs, it is a welcome sight to have options that are readily available when it comes to borrowing additional funds. If you are in this situation, check the details below to learn more about SAFC’s offering.
South Asialink Finance Corporation OFW Personal Loan FAQ
How can I apply for a South Asialink Finance Corporation OFW Personal Loan?
You can apply directly via their website by creating an account and following the instructions. Or, via https://www.imoney.ph/online-loan/south-asialink-finance-corporation/land-based-ofw if you need assistance with the application from one of our representatives.
How much can I borrow?
With an SAFC OFW Personal Loan, borrow as much as 2x of your monthly income, subject to approval.
What are the South Asialink Finance Corporation OFW Personal Loan Requirements?
An applicant must fulfill SAFC's eligibility criteria for a loan:
- At least 21 years old; 59 years old upon loan maturity
- Must have a minimum salary of at least ₱20,000
- No derogatory records with banks and other financing company
- Rank and file employees up to managerial level is allowed.
- At least 3 months of employment contract.
Consequently, after filling out an application form, the following documents are necessary:
- Basic Documentary Requirements
- Copy of latest contract of deployment with POEA validation
- Visa/Working Permit
- E-Receipt/Overseas Employment Certificate (OEC)
- Plane ticket/Flight Details
*Additional documents may be required during credit evaluation. Linked bank account is required for all those with ₱250,000 and above loan approval.
What is the interest rate, fees, and other charges or penalties?
A processing fee equivalent to 5.5% of the loan amount will be deducted from your loan upon disbursement. A fee of ₱1,500 or 15% of monthly amortizations will also be charged for every late payment you make.
How does the South Asialink Finance Corporation OFW Personal Loan Calculator work?
The SAFC OFW Personal Loan calculator computes the estimated cost of borrowing and amount of payment per installment. Input the desired loan amount to automatically get the estimated monthly amortization for different tenors.
What are the payment methods for loan repayment?
You can settle your due via their following partner payment channels:
- Cebuana Lhuillier
- M Lhuillier
- Bayad Center
- Robinsons Bank
- Banco De Oro (BDO)
- Rizal Commercial Banking Corporation (RCBC)
- Asia United Bank (AUB)
- EastWest Bank
How is the South Asialink Finance Corporation OFW Personal Loan different from other loans?
Their loan product, rates, and tenure are standard offerings. However, they have less stringent requirements compared to banks. If you take comfort in borrowing money from an established loan company other than a bank, South Asia Link is the next best thing.
Where can I use the South Asialink Finance Corporation OFW Personal Loan?
OFWs can use the funds to their discretion.
Is South Asialink Finance Corporation OFW Personal Loan the right one for me?
With the purpose of offering financial assistance to land-based overseas Filipino workers, SAFC’s OFW Personal Loan is their way of extending help to OFWs with an urgent need of additional funds. The application process is fast and simple, but most importantly, the rates and payment terms are manageable and fair to our kababayans abroad. So if you are a land-based OFW who needs financial support, you now have a viable option with SAFC’s OFW loan product. Just make sure you check the relevant details of the loan to help you understand and decide if this product fits your needs.
To assist our overseas Filipino workers who are in need of added funds, here are more personal loan options available for OFWs:
You can borrow up to 3x your monthly income with the BPI Personal Loan for land-based OFWs. Receive approved amounts ranging from ₱20,000 up to ₱1,000,000 for whatever use with no collateral requirement. With flexible installments in 12, 18, 24, 30 or 36 months. With the lowest rates offered in the market, get cash fast and easy without worrying about pre-termination fees.
GDFI’s OFW loan is a no collateral loan facility for overseas Filipino workers who are in need of added cash for any purpose. Open to OFWs with at least a 3 months employment contract and ₱20,000 minimum monthly income, you can get approved loanable amounts from as low as ₱20,000 up to twice your monthly salary. Repayment term is 12 months with an interest rate starting at 15.6% per year or 1.3% per month.
If you are a sea-based overseas Filipino worker with an urgent need for additional funds, consider applying for the BPI Seafarer Personal Loan. For a minimum monthly income requirement of ₱30,000 you can borrow from as low as ₱20,000 up to ₱300,000 at 18% interest rate per year. Loan tenure starts from 5 up to a maximum of 9 months with no pre-termination fees. No need for PDCs since monthly amortization is done through an auto-debit process.
Still looking for other possible options in the market? If you are interested in checking out different types of online loans in the Philippines whether or not exclusive for OFWs, our site can give you a general overview on what the industry has to offer.