Originally a rural bank, Bank of Makati officially entered the bigger market April 16, 2015. As of today, the bank's capital is at ₱ 5.8 billion, with 19 branches, 24 loan centers and 13 microfinance-oriented branches in Manila. From over 50 years of experience when it comes to community banking, Bank of Makati has branched out from savings accounts to credit cards, business loans, microfinance loans to the Bank of Makati personal loan.
A Bank of Makati personal loan can be used for the repair of your car or motorcycle, for funding a portion of your dream business, renovation of your house, for tuition fees, emergency situations, and even medical expenses.
Eligibility for an application involves a minimum annual income of ₱360,000 for BPO employees, ₱240,000 for self-employed individuals and ₱240,000 for local employees.
If you are employed, you must have a minimum employment period. Meanwhile, if you are a business owner, operations must have reached 3 years.
You can borrow a minimum amount of ₱50,000, with a 17.88% add-on rate if you borrow for 1 year, 1.5, or 2 years; and a 20.28% add-on rate if you borrow for 3 years. The maximum loan amount is ₱1,000,000.
If you pay past your due date, there is a late payment fee of 3% per month. Bank of Makati does not enforce early payment fees, so if you have extra cash handy, you can pay your loans early. There is also a fixed processing fee of ₱1,500.
To apply for a Bank of Makati personal loan, you need a copy of 2 Ids. If you are an employee, you need a certificate of employment, last month payslip, and latest BIR form 2316.
For self-employed individuals, you need
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