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The BPI Personal Loan is a flexible financial instrument made to meet a range of individual demands. It comes with a range of loan amounts and flexible repayment terms, making it a convenient choice for individuals in need of financial support. With loan amounts ranging from Php 15,000 to Php 3 million and flexible repayment terms of 12 to 36 months, this loan offers a high degree of adaptability to meet the borrower’s financial circumstances​.

One of the major advantages of the BPI Personal Loan is its lack of collateral requirement, making it a safer and more accessible option for borrowers. It’s a non-collateralized loan, which means individuals can apply without the need to secure the loan against an asset. This feature reduces the risk for borrowers, providing a more secure lending option for covering personal expenses like medical bills, tuition fees, vacations, or weddings among other personal costs​​.

What are the Main Benefits of BPI Personal Loans

The BPI Personal Loan is structured to provide financial relief and support to individuals for a variety of personal needs. Through its features, it aims to offer a balance of accessibility, flexibility, and security. The following are six notable benefits of the BPI Personal Loan, elaborated to provide a clearer understanding of its advantages:

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High Loanable Amounts: The BPI Personal Loan offers a broad range of loanable amounts, ranging from Php 15,000 to Php 3 million. This high loanable amount provides individuals with the financial bandwidth to cover significant expenses or investments, allowing them to manage their finances better.

Flexible Repayment Terms: With repayment terms ranging from 12 to 36 months, borrowers have the flexibility to choose a repayment schedule that aligns with their financial situation. This flexibility can help reduce the financial strain on borrowers and allow for better financial planning over the loan tenure​​.

No Collateral Requirement: The absence of a collateral requirement makes the BPI Personal Loan a more accessible and less risky option for borrowers. Since it’s a non-collateralized loan, individuals don’t need to secure the loan against an asset, thus reducing the risk associated with potential asset forfeiture in case of default​.

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Hassle-free Application Process: With the option to apply online or in person at any BPI branch, the application process for personal loans from BPI is made to be simple and convenient.  This hassle-free application process reduces the barriers to access, making it easier for individuals to obtain the financial support they need​.

Automatic Debit Facility for Repayment: BPI facilitates easy repayment through an automatic debit facility, which ensures that borrowers can avoid the inconvenience of manual payment and late payment penalties. This feature provides a systematic repayment method, making the repayment process more manageable and less stressful for borrowers​.

Competitive Interest Rates: The loan comes with a competitive fixed interest rate of 1.20% of the loan’s principal per month. This translates to clear and predictable costs over the tenure of the loan, aiding in better financial planning and understanding of the total repayment amount over time​.

BPI Personal Loan Simulation

Let’s simplify the simulation for a loan amount of Php 1,000,000 with a repayment term of 36 months (3 years) at a monthly interest rate of 1.20%.

For a BPI Personal Loan of Php 1,000,000 at a monthly interest rate of 1.20% for a term of 36 months, the details would be as follows:

Parameter

Value

                  Principal Loan Amount (Php)            

          1,000,000         

Monthly Interest Rate (%)

1.20

Loan Term (months)

36

Monthly Payment (Php)

33,214.85

Total Payment (Php)

1,195,734.60

Total Interest Paid (Php)

195,734.60

Here’s a breakdown of how the values in the table are derived:

To calculate the Monthly Payment for a BPI Personal Loan, you can follow a simplified three-step process:

  1. Interest Calculation: Multiply your loan amount by the monthly interest rate. For example, if you borrow Php 1,000,000 and the monthly interest rate is 1.20%, you’d multiply 1,000,000 by 0.012.
  2. Interest Addition: Add the interest amount from step 1 to your loan amount.
  3. Monthly Payment: Divide the total from step 2 by the number of months you choose to pay back the loan. For example, if you choose a term of 36 months, divide the total from step 2 by 36.

This method will give you a rough estimate of what the monthly payment would be. It simplifies the complex formula into manageable steps. Note that this simplified method doesn’t account for the declining interest over the term of the loan, so the actual monthly payment may be slightly less. For an accurate monthly payment, using an online loan calculator or contacting BPI for assistance would be recommended.

  • The Monthly Payment is calculated as Php 33,214.85.
  • The Total Payment is the Monthly Payment multiplied by the Loan Term (33,214.85 * 36 = 1,195,734.60).
  • The Total Interest Paid is the Total Payment minus the Principal Loan Amount (1,195,734.60 – 1,000,000 = 195,734.60).

The table gives a clear breakdown of the costs associated with the loan over the term, helping you to understand the financial commitment involved.

Prerequisites to Obtain a BPI Personal Loan

To apply for a BPI Personal Loan, there are several prerequisites that applicants must meet to be eligible. The requirements vary slightly depending on whether the applicant is employed, self-employed. Here’s a breakdown of the general and specific requirements:

General Requirements:

A minimum age of 21 at the time of application and a maximum age of 60 at loan maturity

  1. Filipino nationality is required.
  2. Requires a landline at a home or place of business.
  3. Minimum gross monthly income of Php 15,000 if employed.
  4. For self-employed borrowers, the firm must have been running profitably for at least two years and at least one trade reference, and the borrower must be the owner or a majority shareholder with at least 40% of the company. A minimum of PHP 30,000 per month is required.

About BPI Bank

BPI played a crucial role in the development of the Philippine banking sector, at one point functioning as the country’s Central Bank, providing credit to the National Treasury, and issuing currency in its name​​. As a longstanding financial institution, BPI has built a reputation for trust, financial strength, and innovation, nurturing the financial future of Filipinos​​. The bank, with its rich history spanning over 168 years, offers universal banking services under the license from Bangko Sentral ng Pilipinas to a broad customer base of 8.7 million, showcasing its extensive reach and commitment to providing tailored financial services to meet the diverse needs of its clientele​.

Step by Step to Apply for the BPI Personal Loan

Here’s a step-by-step guide on how to apply for a BPI Personal Loan:

  1. Online Application:
    – Visit BPI’s official loan application page to start the process.
    – Fill out the online application form with the required information, including loan amount, repayment term, and personal details.
    – Upon successful submission, you will receive an email confirmation that your application has been received. It’s advisable to check your spam folder in case the email goes there​​.
  • Document Submission:
    – Submit the necessary income documents as required by BPI. This may include at least three months’ worth of payslips for employed applicants or financial statements for self-employed applicants.
    – These documents can be sent to the designated email address as instructed during the online application process​​.
  • Loan Information and Borrower Information:
    – During the online application, you will be asked to provide details about the purpose of your loan, the loan amount, and your preferred payment terms in the Loan Information section.
    – In the Borrower Information section, provide your personal and contact details as required​​.
  • Application Review:
    – After submitting the online application and necessary documents, wait for an SMS notification regarding the status of your loan application​​.
  • Branch Application (if preferred):
    – If you prefer to apply in-person, visit the nearest branch of BPI Philippines.
    – Bring the necessary identification and income documents with you for the application process​​.
  • Application Outcome:
    – Once BPI has reviewed your application and documents, they will notify you of the outcome.
    – If approved, follow the instructions provided by BPI to finalize your loan agreement and receive the loan funds.

Positives and Negatives of the BPI Personal Loan

Here’s a summary of the positives and negatives of the BPI Personal Loan:

PROS

  • High loanable amounts (up to Php 3 million);
  • Flexible repayment terms (12 to 36 months);
  • No collateral requirement;
  • Hassle-free online application process;
  • Automatic Debit Facility for easier repayment;
  • Established and reputable financial institution;

CONS

  • High monthly interest rate of 1.20%;
  • Might not be ideal for long-term financing;
  • The application may require various documents;
  • Minimum income requirement for eligibility;
  • Approval may take time depending on document review (Min. 5/7 working days);

Other Types of Loans Provided by BPI Bank

BPI provides a variety of loan offerings to cater to the different needs of its customers. Here are some of the loans offered by BPI, apart from the Personal Loan:

Auto Loan

Provides financing for individuals looking to purchase a vehicle, whether it’s a brand-new car, a second-hand unit, or a big bike.

Visit the Auto Loan BPI Webpage here

Housing Loan

Aimed at individuals looking to purchase a new home, renovate an existing home or building one from scratch.

Visit the Housing Loan BPI Webpage here

BPI Personal Loan Rates and Fees

Below is a summary table of the rates and fees associated with the BPI Personal Loan:

  • Maximum Annual Contractual Rate (ACR) – 25.60% p.a;
  • Monthly Add-on Rate – 1.20%;
  • Effective Interest Rates (EIR) – 25.03% to 25.74% p.a (Depending on loan term);
  • Processing Fee – Php 1,500;
  • Documentary Stamps Tax (DST) – Php 1.50 for every Php 200 of loan amount (Applicable to loans above Php 250,000);
  • Late Payment Penalty – 5% per month on any outstanding balance;
  • Early Repayment Fee – No early payoff fee;

Contact BPI Customer Service

You can rach BPI Bank through these channels:

  • Phone: (+632) 889-10000 (24-hour Contact Center).
  • Phone: 1-800-188-89-100 Domestic Toll-free Number (using PLDT and calling outside Metro Manila).
  • Address: Bank of the Philippine Islands – Ayala Triangle Gardens Tower 2, Paseo de Roxas corner Makati Avenue, Makati City 1226

BPI App

BPI offers a couple of mobile applications to assist in the loan application and monitoring process:

Here are the download links for the BPI Mobile Apps:

Please note that while these apps can assist with loan monitoring, it’s always a good idea to contact BPI directly for the most accurate information regarding your loan status and other related inquiries.

Check out our other loan options:

Home Credit Loans 

Security Bank Personal Loans