Security Bank OFW Loan Requirements

Security Bank offers a tailored loan product for Overseas Filipino Workers (OFWs) designed to meet the specific needs of Filipino workers residing abroad. This article will guide you through the essential requirements for applying for an OFW loan with Security Bank.

1. Proof of Identity To apply for an OFW loan, you must present valid identification documents. Acceptable forms include:

• Passport
• Overseas Employment Certificate (OEC)
• A valid government-issued ID from the country of employment

2. Proof of Income Evidence of your financial capacity is crucial. You need to provide:

• Certificate of Employment with Compensation
• Latest payslips (usually the last three months)
• Bank statements showing salary deposits

3. Proof of Overseas Employment Verification of your employment abroad is required. This can be shown through:

• Employment contract
• Certificate of Employment issued by your employer
• Pay stubs or salary statements

4. Proof of Residence Security Bank requires proof of your residence in the country where you are employed. Suitable documents include:

• Utility bills (water, electricity, internet) with your name and address
• Lease or rental agreement

5. Additional Documents Depending on your specific loan type, additional documents might be required, such as:

• A signed application form provided by Security Bank
• Two recent passport-sized photos
• Authorization to verify your employment and financial status

6. Co-Borrower or Guarantor For some loan types, especially larger amounts, Security Bank might require a co-borrower or guarantor. The guarantor should also provide:

• Proof of income
• Valid ID
• Proof of residence

7. Credit History A good credit history is beneficial for loan approval. Security Bank will assess your creditworthiness based on:

• Credit report from the Philippines or your country of employment
• Previous loan repayment history

8. Loan-Specific Requirements Depending on the loan product you choose, there may be additional requirements. For instance, if you are applying for a housing loan, you might need:

• Property documents
• Appraisal report

Summary To ensure a smooth application process for the OFW loan with Security Bank, gather and prepare the required documents meticulously. Meeting these requirements not only facilitates quicker processing but also increases your chances of loan approval.

Table: OFW Loan Requirements

Requirement	Details
Proof of Identity	Passport, OEC, or a valid government-issued ID
Proof of Income	Employment certificate, payslips, bank statements
Proof of Overseas Employment	Employment contract, pay stubs
Proof of Residence	Utility bills, lease agreement
Additional Documents	Signed application, photos, authorization form
Co-Borrower/Guarantor	Proof of income, ID, proof of residence
Credit History	Credit report, previous loan history
Loan-Specific Requirements	Property documents, appraisal report (for housing loans)

By ensuring that you meet all these requirements, you will be well-prepared to apply for an OFW loan with Security Bank and achieve your financial goals while working abroad.