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Personal loans

Get your head around personal loans

No tricky insurance lingo here. Just simple articles on complex topics.


31 July 2016
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Frequently asked questions

Q: What are personal loans?

Personal loan is a line of credit provided by banks and lending companies in the Philippines to help the borrower ease into investments, consolidate debt, pay for car repair, home renovation and more.

Q: What documents are required for a personal loan application?

These are the most common documents required when applying for a personal loan. You can use the GoBear search to learn the necessary documents needed per loan offer. It differs for each bank.

1. Proof of Identification: Valid government IDs with a photo and signature

2. Proof of Income

a. Employee: latest BIR Form 2316 or W2 signed by employer's authorized representative, Certificate of Employment and Income or last full month payslip

b. Self-employed: latest ITR with BIR stamp, Latest two years Audited Financial Statements, SEC Registration or DTI Certificate, Business Permit or Mayor’s Permit, Latest six months bank statements, List of 3 suppliers and 3 customers with contact details & Latest GIS (if corporation)

3. Additional documents for Permanent Resident (PR): Employment Contract or Certificate of Employment, Letter from the Embassy (if Embassy Official) & Valid passport with Resident Visa or Work Permit and valid Visa or Special Investor's Resident Visa and Visas Philippine Economic Authority or Visa with Eo226 or ACR or ICR or ACR1.

4. Other documents: Latest utility billing statement with residence address & latest credit card billing statement

Q: What is the lowest personal loan interest rate?

Banks revise their personal loan rates from time to time. The lowest personal loan add-on rate is 13.2% (without collateral) and 9.48% (with collateral) per year. This is the flat interest rate – more importantly, is the effective interest rate, which shows the actual cost of borrowing. Add-on is the flat rate, which is placed on top of the principal amount you borrowed.

Q: What can I use Personal Loan for?

A personal loan is an unsecured installment loan that you can use for pretty much whatever you want. You can use it to finance a medical emergency, a family holiday or even that new laptop you’ve been eyeing on. There are more specialised loan products available if you need to finance your home renovation or education.

Q: How much can I borrow for personal loan?

The amount you want to borrow for your personal loan will depend on your ability to pay for the loan, your proof of employment and income determines the amount you can borrow.

Q: Are there additional bank fees with personal loans?

Some banks charge a fixed processing fee. In addition, you can also incur 3% to 5% late payment fees or early repayment fees.

Q: What are the types of personal loans

There are two main types of personal loan:

Secured Loans – The borrower can only loan while putting a property valuable as the cash you are loaning as collateral and if unabled to pay, you can lose your property.

Unsecured Loans – The borrower can apply for easily because you don’t nsdeed a property.

Q: What are some personal loan features and benefits?

There are a few extra advantage a borrower can get:

- Flexible payment terms that allow you to pay above the required amount for your cash loans, as well as to change the terms of your personal loans, therefore helping you settle your debt faster.

- A revolving credit line, which is a finance service that allows you to get a certain amount of cash advance for when you need the money, in exchange for paying a commitment fee.

Q: What banks offer personal loans in the Philippines?


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Bank of Makati