OFW Loan in Philippines

July 11th, 2011 posted by Philippines Review
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OFW loan in the Philippines come in many forms. By the name itself, you have to be an OFW or overseas Filipino worker to be qualified. As per making an online inquiry via Google search, I found out these details describing the loan requirements for either a migrant worker, alotee, seaman or the OFW himself/herself. Take a look at the OFW loan requirements listed below. Please note that this is just a product of online search with loan companies and lenders I chose not to disclose here.

OFW Loan Philippines

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OFW Loan Requirements:

- Contract Employment, POEA Info Sheet
- Visa, Passport, E-Receipt, Plane Ticket
- Salary at least P13,500
- Completely filled-up Application Form
- 2×2 picture (two copies)
- Photocopy of 2 valid IDs (company ID, passport, driver’s license, SSS, voter’s ID)
- Proof of Billing (Meralco, water) – doesn’t need to be under your name as long as it is the same as with your submitted valid ID
- For Placement Fee: Job Offer / Contract / Medical Exam Certificate
- For Direct Hire/Immigrant: COE / VISA / Passport / Plane Ticket and Flight Details

Loan Interest Rate (Add-on):

Option 1: 5% per month
Option 2: 3.75% per month (first amortization to be deducted from loan proceeds)

Loan Processing Fee: 5.5%
Loanable Amount: Up to P300K
Loan Terms: 3-12 months
Mode of Payment: PDC with joint account with borrower