- 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 Seaman Loan?
- As low as 1.5% interest rate per month
- Get approved in as fast as 1 day
- No collateral 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 offers a wide variety of loans that can cater to every consumer. Ranging from OFW, Seaman’s, and Salary Loans, to Car, Truck, and Business Loans, they have a specific financial solution for whatever type of funding is required by their client. While offering very competitive rates and reasonable loan tenure, their main goal is to provide monetary assistance that is accomplished in an easy, timely, and hassle-free manner. For their Seaman’s Loan, you can borrow from as low as ₱20,000 up to ₱250,000 without any collateral. The entire process is conveniently done online, from application to disbursement, straight to your bank account, with approval in as fast as 1 day. You can pay the loan back as early as 6 months, up to 1 year and you have to earn at least ₱15,000 per month to qualify. The interest rate starts at 1.5% per month.
Advantages Of Applying With SAFC Seaman Loan:
- No collateral required.
- Low monthly income requirement.
- Fast 1 - 3 days approval.
- As low as 1.5% interest per month.
- Flexible loan tenure of 6 up to 12 months.
If you are a sea-based overseas Filipino worker and you want to know more, you can check out the details below.
South Asialink Finance Corporation Seaman Loan FAQ
How much can I borrow?
With an SAFC Seaman Loan, borrow as much as 2x of your monthly income, subject to approval.
What are the South Asialink Finance Corporation Seaman 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
- Seaman Registration Certificate
- Seaman's Book
- Embarkation History
- E-registration from POEA
*Additional documents may be required during credit evaluation. Linked bank account is required for all those with ₱250,000 and above loan approval.
How does the South Asialink Finance Corporation Seaman Loan Calculator work?
The SAFC Seaman 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.
Is South Asialink Finance Corporation Seaman Loan the right one for me?
At the very least, a seafarer will be out of the country and away from his family for a minimum of 6 months. A lot of things can happen during this time especially when it comes to finances. Fortunately, South Asialink Finance Corporation offers a loan that caters specifically to the needs of sea-based overseas Filipino workers. With a fast application and approval process, you can expect to have the much needed funds in as fast as one day. There is also no collateral requirement which offers more flexibility to the borrower. If you are a seaman looking to borrow additional funds with at least a monthly income of ₱20,000, then do consider applying for SAFC’s Seaman Loan.
If you are an OFW or a Seaman in need of immediate funds, there are still other loan options available to you. Check out the following products below and see if it matches your financial requirements:
If you are an OFW working abroad, this loan may be what you are looking for. You can borrow additional funds in just 1 - 3 working days as you get cash straight to your bank account. Receive amounts starting from ₱20,000 up to ₱250,000 and payable as early as 6 months up to a maximum of 1 year. The monthly interest rate is also competitive and starts at 1.5%. There is no collateral or credit card required, you just need to have a co-borrower and show proof as an OFW worker. The required monthly salary is at least ₱18,000 to qualify for the loan.
Gone are the days that OFWs go through a hard time in getting the urgent financial assistance they need. With another personal loan that caters to OFWs, you can get approved and receive the cash in your bank account in as quick as 1 - 3 working days. The interest rate is also competitive which starts at 1.5% per month. You can borrow from as low as ₱20,000 and up to twice your currently monthly salary, payable up to a year. Similar to the other loans featured, you don’t need to have a collateral. You just need to have a minimum required gross salary of ₱20,000 per month, at least a 3 months employment contract, and an available immediate family member to act as a co-borrower.
As a Seaman, you no longer have to worry about urgent financial issues that your family may face back home. BPI, one of the biggest banks in our country, is offering a Seafarer personal loan that provides immediate, additional funds for any purpose. You can borrow from as low as ₱20,000 up to a maximum amount of ₱300,000. You can repay the loan starting from 5 months up to 9 months. Loans can be approved within 7 to 10 banking days at 18% per annum. You must be employed for at least 1 year for officers, and 3 years for non-officers and must earn at least ₱30,000 gross income per month.
Whether you’re going to use it to fund your business, pay for your outstanding bills, or to resolve urgent financial matters, there are now a variety of personal loan options available for OFWs or Seaman workers. To find which one is ideal for your needs, check out our list of online cash loan providers available on our site and apply easily online.