List of Banks Offering Personal Loans in the Philippines

Finding the right bank for a personal loan in the Philippines can be a daunting task, given the number of options available. Personal loans are a popular choice for individuals seeking to cover various expenses, from medical bills to home renovations. This comprehensive guide explores various banks in the Philippines that offer personal loans, providing insights into their offerings, eligibility criteria, and application processes.

1. BDO Unibank, Inc.

Overview: BDO Unibank is one of the largest and most reputable banks in the Philippines. It offers a range of personal loan options tailored to meet different financial needs.

Loan Types:

• Personal Loan: Unsecured loan with flexible repayment terms.
• Salary Loan: Designed for salaried employees with competitive interest rates.

Eligibility:

• Filipino citizens aged 21-65.
• Minimum monthly income of PHP 15,000.
• Stable employment or business for at least two years.

Application Process:

• Submit an application form online or at a branch.
• Provide proof of income, valid ID, and proof of residence.
• Approval typically takes 1-2 business days.

2. Metrobank

Overview: Metropolitan Bank & Trust Company, commonly known as Metrobank, offers various personal loan products suited for different financial situations.

Loan Types:

• Metrobank Personal Loan: Unsecured loan with no collateral required.
• Metrobank Auto Loan: Specifically for purchasing vehicles.

Eligibility:

• Filipino citizens or residents aged 21-65.
• Minimum monthly income of PHP 30,000.
• Good credit standing and stable financial background.

Application Process:

• Apply online or visit a Metrobank branch.
• Submit necessary documents such as proof of income, ID, and residence.
• Approval process usually takes about 3-5 business days.

3. Security Bank

Overview: Security Bank is known for its customer-centric approach and offers personal loans with competitive rates and flexible terms.

Loan Types:

• Security Bank Personal Loan: Unsecured loan with various term options.
• Flexi Personal Loan: Allows borrowers to adjust loan terms as needed.

Eligibility:

• Filipino citizens or residents aged 21-65.
• Minimum monthly income of PHP 20,000.
• At least two years of stable employment or business.

Application Process:

• Apply through the bank’s website or visit a branch.
• Provide documents including proof of income, valid ID, and proof of address.
• The approval process takes approximately 2-4 business days.

4. PNB (Philippine National Bank)

Overview: PNB provides a range of personal loan products designed for various needs, including unsecured and secured loans.

Loan Types:

• PNB Personal Loan: Unsecured loan for general purposes.
• PNB Auto Loan: For financing vehicles with competitive rates.

Eligibility:

• Filipino citizens or residents aged 21-65.
• Minimum monthly income of PHP 20,000.
• Good credit history and stable employment.

Application Process:

• Apply online or at a PNB branch.
• Submit the required documents like proof of income, ID, and residence.
• Approval usually takes 3-5 business days.

5. RCBC (Rizal Commercial Banking Corporation)

Overview: RCBC offers personal loans with flexible terms and competitive interest rates, catering to a wide range of financial needs.

Loan Types:

• RCBC Personal Loan: Unsecured loan with flexible payment options.
• RCBC Auto Loan: For purchasing vehicles with favorable terms.

Eligibility:

• Filipino citizens or residents aged 21-65.
• Minimum monthly income of PHP 18,000.
• Stable employment or business for at least two years.

Application Process:

• Apply through RCBC’s website or visit a branch.
• Provide necessary documents such as proof of income, ID, and proof of residence.
• Approval process typically takes 2-4 business days.

6. UnionBank

Overview: UnionBank is a forward-thinking bank offering personal loans with innovative features and flexible repayment options.

Loan Types:

• UnionBank Personal Loan: Unsecured loan with various term options.
• UnionBank Car Loan: Designed for vehicle purchases with attractive rates.

Eligibility:

• Filipino citizens or residents aged 21-65.
• Minimum monthly income of PHP 25,000.
• Stable financial background and good credit history.

Application Process:

• Apply online or visit a UnionBank branch.
• Submit proof of income, valid ID, and proof of residence.
• Approval usually takes 2-5 business days.

7. EastWest Bank

Overview: EastWest Bank provides personal loan options with competitive rates and flexible terms, catering to a diverse range of needs.

Loan Types:

• EastWest Personal Loan: Unsecured loan for various purposes.
• EastWest Auto Loan: For purchasing vehicles with attractive terms.

Eligibility:

• Filipino citizens or residents aged 21-65.
• Minimum monthly income of PHP 20,000.
• Stable employment or business and good credit history.

Application Process:

• Apply online or visit an EastWest Bank branch.
• Provide necessary documents including proof of income, ID, and proof of address.
• Approval process generally takes 2-4 business days.

8. Standard Chartered Bank

Overview: Standard Chartered offers personal loans with flexible terms and competitive interest rates, designed to meet various financial needs.

Loan Types:

• Standard Chartered Personal Loan: Unsecured loan with flexible repayment options.
• Standard Chartered Auto Loan: Specifically for vehicle purchases.

Eligibility:

• Filipino citizens or residents aged 21-65.
• Minimum monthly income of PHP 30,000.
• Good credit standing and stable financial background.

Application Process:

• Apply through Standard Chartered’s website or visit a branch.
• Submit proof of income, valid ID, and proof of residence.
• Approval typically takes 2-5 business days.

9. China Bank (China Banking Corporation)

Overview: China Bank offers a range of personal loan products with competitive rates and flexible terms, suitable for various financial needs.

Loan Types:

• China Bank Personal Loan: Unsecured loan with various term options.
• China Bank Auto Loan: For vehicle purchases with favorable terms.

Eligibility:

• Filipino citizens or residents aged 21-65.
• Minimum monthly income of PHP 20,000.
• Stable employment or business and good credit history.

Application Process:

• Apply online or visit a China Bank branch.
• Provide the required documents like proof of income, ID, and proof of address.
• Approval usually takes 3-5 business days.

10. Banco de Oro (BDO)

Overview: Banco de Oro, commonly known as BDO, provides a range of personal loan products with flexible terms and competitive interest rates.

Loan Types:

• BDO Personal Loan: Unsecured loan with various repayment options.
• BDO Auto Loan: For purchasing vehicles with attractive terms.

Eligibility:

• Filipino citizens or residents aged 21-65.
• Minimum monthly income of PHP 15,000.
• Good credit standing and stable financial background.

Application Process:

• Apply online or at a BDO branch.
• Submit proof of income, valid ID, and proof of residence.
• Approval typically takes 2-4 business days.

Conclusion

Choosing the right bank for a personal loan in the Philippines involves evaluating various factors such as interest rates, loan terms, and eligibility criteria. By understanding the offerings of these major banks, you can make an informed decision that aligns with your financial needs and goals. Whether you need a loan for personal expenses or a specific purchase, these banks provide diverse options to suit your requirements.