Lowest Interest OFW Loans In The Philippines

OFW loan is so relevant for our modern day heroes (mga bagong bayani), individual pinoy worker experienced poor working conditions include long hours, low wages and few chances to visit family.

Remittances from OFWs serve as the lifeblood of their families and plays big part to the Philippine economy.

Most of us think they don’t come across any financial crunches. They’re like us working locally, regardless of their monthly income, they also have financial needs.

To help the OFWs, we have loan services exclusive for OFWs.

In this article, let me guide you where you can find different OFW loan services that offer low interest rates.

ofw-loan-in-the-philippines

List of some banks and government agencies have the lowest interest rates for OFW:

  1. BPI (Bank of Philippine Island) OFW loan

OFW can avail personal loan from BPI if the individual earns ₱30,000 or higher monthly income and has been working for 2 years abroad.

The personal loan has 2% monthly interest for land-based OFW and 2.46% monthly for sea-based OFW. Click here to learn more!

  1. BDO (Banco De Oro) Asenso Kabayan Loan

OFWs with active BDO savings account can apply for BDO Asenso Kabayan loan. BDO has the lowest interest rates among other banks and lending institutions. This OFW loan programs include personal and car loans.

  1. PNB (Philippine National Bank) Loan

OFW can avail Philippine Home Loan tailored for OFWs. OFW can apply for at least 80% of the appraised value of the house and lot and payable for 20 years.

  1. SSS (Social Security System) Loan

An OFW SSS member had paid at least 24 months’ contribution continuously can avail for a loan. If you’re planning to own a house, you can borrow as much as ₱2 million and ₱405,000 for socialized housing which are payable within 15 years.

  1. Pag-Ibig (Home Development Mutual Fund) Loan

An OFW can avail maximum loan amount of ₱750,000 if an individual had paid at least 2 years’ monthly contributions with HDMF, this loan is payable within 30 years.

 

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