BDO Loan Application Requirements

BDO (Banco de Oro) is one of the largest banks in the Philippines, offering a variety of loan products to cater to different financial needs. Whether you're planning to purchase a new home, a car, or need personal financing, BDO provides a range of loan options. To ensure a smooth application process, it is essential to understand the specific requirements for each type of loan. Below, we’ll explore the general requirements for applying for a loan with BDO, as well as the specific criteria for various loan types.

General Requirements for All Loan Types:

Regardless of the type of loan you are applying for, BDO has a set of general requirements that all applicants must meet:

1. Age: Applicants must be at least 21 years old at the time of application and should not exceed 70 years old upon loan maturity.
2. Citizenship: Both Filipino citizens and foreign nationals residing in the Philippines are eligible to apply. However, foreign nationals must have a valid Alien Certificate of Registration (ACR) or Special Resident Retiree’s Visa (SRRV).
3. Income Source: Applicants must have a stable source of income. This can be from employment, business, or other regular income sources. BDO typically requires proof of income such as payslips, tax returns, or financial statements.
4. Credit History: A good credit history is crucial. BDO conducts a credit check to assess the applicant's creditworthiness. Poor credit history may lead to a rejection of the application.
5. Identification: Applicants must present valid government-issued identification such as a passport, driver's license, or any other accepted ID.

Specific Loan Requirements:

1. BDO Personal Loan:

A BDO Personal Loan is an unsecured loan that provides flexible financing for various personal needs such as travel, education, or medical expenses.

• Minimum Income: The applicant must have a minimum gross monthly income of PHP 15,000 if employed, or PHP 30,000 if self-employed.
• Employment: For salaried employees, they must be employed for at least 1 year with their current employer. For self-employed individuals, the business must be operational for at least 2 years.
• Documents Required:
  • For Employed Individuals: Latest payslip, Certificate of Employment (COE), and latest Income Tax Return (ITR) or BIR Form 2316.
  • For Self-Employed Individuals: Business registration, latest financial statements, and ITR.

2. BDO Auto Loan:

BDO offers auto loans for purchasing new or second-hand vehicles.

• Down Payment: A minimum down payment of 20% of the vehicle’s selling price is required.
• Minimum Income: The applicant must have a minimum gross monthly income of PHP 50,000.
• Loan Term: Loan terms range from 12 to 60 months.
• Documents Required:
  • For Employed Individuals: Payslip, COE, and ITR.
  • For Self-Employed Individuals: Business registration, financial statements, and ITR.
  • For OFWs: Employment contract and proof of remittance.

3. BDO Home Loan:

BDO Home Loan is designed for those looking to purchase a new home, refinance an existing mortgage, or borrow against the value of their home.

• Minimum Income: The applicant must have a minimum gross monthly income of PHP 50,000.
• Down Payment: A minimum down payment of 20% of the property’s selling price.
• Loan Term: Loan terms can go up to 20 years.
• Documents Required:
  • For Employed Individuals: Payslip, COE, ITR, and a photocopy of the Reservation Agreement or Contract to Sell.
  • For Self-Employed Individuals: Business registration, financial statements, ITR, and a photocopy of the Contract to Sell.
  • For OFWs: Employment contract, proof of remittance, and a Special Power of Attorney (SPA) if the applicant is not in the Philippines.

4. BDO SME Loan:

BDO offers loans to small and medium enterprises (SMEs) to help grow their businesses. These loans can be used for working capital, equipment purchase, or business expansion.

• Minimum Business Operational Period: The business must be operational for at least 3 years.
• Minimum Gross Monthly Income: The business should have a minimum gross monthly income of PHP 1 million.
• Collateral: Collateral is often required, depending on the loan amount and purpose.
• Documents Required:
  • Business registration, financial statements for the last 3 years, ITR, and a detailed business plan outlining the use of the loan funds.

How to Apply:

Applying for a BDO loan can be done through various channels, including online application, visiting a BDO branch, or through BDO’s accredited loan officers. Here’s a step-by-step guide:

1. Prepare Your Documents: Ensure you have all the necessary documents based on the loan type you're applying for.
2. Submit Your Application: You can submit your application online through the BDO website or visit any BDO branch.
3. Wait for Processing: BDO will review your application and documents, which typically takes a few days to a week.
4. Approval and Release of Funds: Once approved, the loan amount will be credited to your BDO account, or in the case of home or auto loans, directly to the seller.

Tips for a Successful Application:

• Ensure Complete Documentation: Incomplete documents can delay the processing time or lead to rejection.
• Check Your Credit Score: Before applying, make sure your credit score is in good standing.
• Be Honest in Your Application: Provide accurate information to avoid any issues during the verification process.

Applying for a loan with BDO is a straightforward process, but it requires careful preparation and understanding of the requirements. By meeting the criteria outlined above and submitting complete documentation, you can enhance your chances of a successful loan application.