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EastWest Bank Personal Loan
EastWest Bank started in the Philippines back in 1994. The bank's name is a combination of the prudence, warmth and hospitality of the East and the efficiency and progressive-thinking of the West. While the bank is still in it's infancy, it offers services such as the EastWest Bank personal loan competing with the bigger corporations.
EastWest is a subsidiary of the Filinvest Development Corporation (FDC), with interests in banking, real estate, hospitality and tourism, power generation and sugar.
Where can I use the loan?
You may use the EastWest Bank personal loanfor purposes such as school payments, car repairs, medical expenses, home renovations, among others.
Loan amounts range anywhere between ₱25,000 up to ₱2 million with monthly tenors starting at 12 months up to 36 months. This EastWest loan doesn’t require a collateral or co-maker for approval.
Interest rates vary depending on whether it is a carded or non-carded segment of the loan. For the non-carded segment of an EastWest Bank personal loan, a fixed 1.89% add-on monthly rate is applied. While the carded segment has a lower rate starting at 1.49% for 12 months, maxing out at 1.69% for 36 months.
Processing time for the entire application is expected to take 3 to 5 banking days once you are deemed eligible and have submitted the required documents.
Am I eligible to apply for an EastWest Bank loan?
There are a number of EastWest Bank personal loan requirements. You must be a Filipino citizen because the bank currently doesn’t have options for foreigners to apply for a loan. You must also be at least 21 years old upon application and not more than 65 years old upon loan maturity.
You also must either have a home or business landline along with a mobile number. Your monthly income must be at least ₱15,000 or ₱180,000 per year to qualify for an EastWest Bank personal loan.
EastWest personal loan requirements
You must completely fill out the EastWest Bank personal loan application form available from any EastWest branch or from the bank’s website. For identification, a photocopy of either a company or government ID must be submitted but the original must be presented during application.
For employed individuals, you must present a photocopy of your BIR form 2316 or W2 and your latest one-month payslip. Also, a valid credit card reference or the latest Statement of Account of the current credit card must be shown. For those under embassies or tax-exempt companies, the original copy of your Certificate of Employment stating your salary and position will be asked for yourEastWest Bank loan.
For the self-employed, your latest ITR and audited financial statements with the latest statement of account of your existing credit card must be shown. For sole proprietary businesses, you must show your DTI registration certificate for an EastWest bank loan. If the business is a partnership or corporation, you must show the SEC registration certificate with the total shares owned by you.
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There are too many options for loans, and more often, there is too little information about the loan that banks offer. You can now compare details of a EastWest Bank personal loan with loans from other banks like BDO, BPI, Security Bank, Maybank and more. See a side-by-side comparison of fees, interest rates, and requirements if you compare with GoBear. The website is free and easy to use, created to help Filipinos make smarter financial decisions. Learn more about GoBear through the FAQ page.
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