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
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 a SEC or DTI certificate of registration, last 2 years ITR, 2 years financial statements, latest 6 months bank statements, business permit or mayor's permit, 3 lists of suppliers, 3 list of customers, and latest GIS for corporations.
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