6 Banks with the Lowest Personal Loan Interest Rates
You can always apply for a personal loan to fund emergencies and necessities. Borrowing money from banks and other lending institutions to pay for your family’s needs is one of the best practical solutions out there. If you are looking at funding your next house renovation project of starting a small online business, then a personal loan is the answer. Prepare your loan documents and other requirements and see if you qualify from these banks with the lowest personal loan interest rates in the country.
Banco de Oro
BDO personal loans can be used to pay for home upgrades, education, special events, medical emergencies, debt consolidation, and even furniture and appliances. Personal loan rates depend on tenor. Personal loan for 6 months has a monthly add-on rate of 1.30% while loans payable in 12-36 months has a monthly rate of 1.25%.
BDO also offers the BDO Kabayan Program-Unsecured which has a rate of 2% per month and the BDO Kabayan Program-Secured with a monthly add-on of .79% depending on the tenor.
Your dreams are now easier to reach with Security Bank personal loan. Whether you borrow for car repair, travel, education or condominium down payments, Security Bank has a standard rate of 1.89% from 12-36 months of repayment. Say your gross monthly income is Php50,000 and you want to apply for Php100,000 payable in 12 months, the monthly installment will be Php10,220 with the add on the rate of 1.89%. Security Bank requires loan applicants to submit a copy of Certificate of Employment issued within the last 6 months, your latest Income Tax Return and latest one-month pay slip.
EastWest bank helps you get quick cash through their unsecured personal loans without collateral. If you have an existing credit card for at least 12 months, you can borrow money with a monthly rate of 1.49% for 12 months, 1.59% for 18-24 months and 1.69% for 36 months. If your card is less than 12 months, you will be paying a monthly rate of 1.89% regardless of the loan tenure.
It is also helpful to note that EastWest Bank personal loans have flexible terms, does not require a co-maker and can be applied online. Once approved, you can pick up the manager’s check from the bank’s head office.
Rizal Commercial Banking Corporation
RCBC consumer loans or MyCash can be used to pay credit card balances, matriculation, medical bills, travel, and big-ticket gadgets. MyCash is a multi-purpose personal loan with amounts from Php50,000 to Php1,000,000. RCBC offers a competitive rate of 1.30% per month. Loan applicants should be earning at least Php240,000 annual income, a permanent employee for two years or have business operations for five years. You should also make sure that you have an existing RCBC credit card.
Some banks may require you to issue personal checks as automatic payment for monthly installments.
Whether you are planning for local or international travel or you just want to prepare your home for the rainy season, Maybank’s personal loan is a good choice. Affordable and flexible, Maybank’s loans also have a competitive rate of 1.3% per month for both employed and self-employed borrowers. Filipino citizens aged 23-65 years old can apply for this loan. You need to be employed for at least two years and have a basic salary of Php25,000. If you are self-employed, make sure that your business has been operating for the last five years. Avail of this low-interest loans by furnishing the bank with a completely filled-out application form, two government-issued IDs, latest credit card billing statement and copy of utility billing statement.
Bank of the Philippine Islands
BPI personal loan has a fixed add-on rate of 1.20 per month with a minimum monthly requirement of Php25,000 gross income for locally-employed borrowers. Overseas Filipino Workers (OFWs) should have at least Php30,000 monthly salary and self-employed individuals should be earning a minimum of Php50,000. BPI does not charge for any disbursement or miscellaneous fees but imposes 5% of the outstanding balance for late payments.
Self-employed borrowers will be required to submit proofs of business operation for three years, audited financial statement and latest income tax return.
Personal loans are helpful financial tools that can save you from stressful situations. Most banks, however, get you pre-approved for the lowest interest rates if you are an existing credit card holder. Pay off your balances on-time and ensure that you only used up about 30% of your credit limit to boost your credit score and your chances of getting approved. Maintaining a healthy credit record can increase your chances to avail of the best financial product out there, just when you need them most.
Debt consolidation is one of the most common reasons why Filipinos apply for personal loan
Check out personal loans offers with GoBear and see which bank offers the best one with the lowest rate. Use GoBear’s comparison tool for unbiased results. You can also call your credit card provider and see if you are eligible for their low-interest multi-purpose loans.
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