Catamora, Lari Jane P.

BSBM 1-C

BPI - Policies

For applying a short term loan on Bank of the Philippine Island (BPI), requirements are

needed such as Government issued photo-bearing Id’s and three months of original pay slip or

latest income tax return with BIR or Bank stamp. In this bank the borrower may get as much as

three times of the borrowers gross monthly income with the amounts ranging from PHP 20,000

to PHP 1,000,000 depending on banks approval. Upon borrowing the borrower can pay his/her

monthly installments thru his/her BPI deposit account. The borrower may pay in advance

without any penalty and fees but failing to pay the monthly installment will cause a 5% additional

penalty fee. Applying for a short term loan in BPI a onetime processing fee of 1,500 is needed. It

will be deducted from the loan proceeds once avail. The processing time for approval takes five

to seven working days from signing of the loan documents. The first installment is to be due 1

month from the date the loans proceeds credited to the borrowers account. Renewal of a loan is

impossible but re-applying for a new one is good, borrower is credit for approval.

An example of monthly installment depending on chosen amount:

Loan amount 12 months

20,000 1,907

30,000 2,860

50,000 4,767

RETRIEVED FR. https://www.bpiexpressonline.com/p/0/38/personal-loan

Land Bank – Policies

Having a short term loan on land bank requires the borrower that must be a Filipino

citizen at least 21 years of age but no more than 65, and has to be employed or have a

profitable business. For general requirements a fully filled loan application form a certificate of

employment, billing statements such as; electric bills, phone bills, water bills and credit card bills

and a latest pay slip declaring your net take home pay. Applying for a loan usually take around

thirty working days and the borrower will be notified by Land Bank if the borrower’s application is

approved.

In Land Bank there are many types of short term loans such as:

Housing Opportunities Made Easy (HOME) Program.

Is where the borrower may use the loan for purchasing a housing lot, residential lot, town

house and also can be used for home renovation and refinancing an existing mortgage loan.

Bahay para sa Bagong Bayani Program.

This is a type of loan mad for borrowers that are OFWs allowing them to acquire, build or

renovate homes at a fair interest rate and flexible terms.

An example of monthly installment depending on chosen amount:

Loan amount 12 months

20,000 1800

30,000 2700

50,000 4500

RETRIEVED FR. https://www.landbank.com/loans