Applying for a loan can be a hassle but that’s all beginning to change with options like the BPI loan. No more spending hours in a bank office, you can apply for this loan from home. More and more, people are doing things at home that they’d typically do outside.
Thanks to advanced technology, folks can work from home and even learn in virtual classrooms. Banks haven’t been left out of the advancement, they too are growing rapidly thanks to tech and they have a number of their services available online today.
BPI, like other banks, has realized how crucial it is to have people apply for this important service easily in the comfort of their homes. In case you were wondering how you can do that, we’ve looked into the matter for you. The details are all up next.
Am I Eligible For A BPI Loan?
To apply for a loan at BPI, like any other lending institutions out there, you have to meet certain requirements. First and foremost, you should be a Philippine citizen or resident and you must be at least 21 years old. Lastly, you need to show proof of income.
For a comprehensive list of the requirements for a loan with BPI, you can click this link. That link takes you straight to the bank’s page and then you can find the full list of requirements that are needed if you are to successfully apply for that loan.
How Much Can I Borrow?
The next thing you need to know, which is crucial to you getting a loan, is knowing how much you can borrow from the online service.
With BPI, you can get a loan from around PHP 20,000, that’s on the low side of what they are currently offering, and highs of up to PHP 1,000,000.
To determine the amount you will receive, you can access a loan of up to 3 times your gross pay, which is way better than anything you can get in most banks in the current market.
What Are The Fees?
There are fees where loans are involved. If not the fees you pay immediately when you get the loan, then there are fees that come after, such as interest among others that your bank will let you know about.
With BPI, you have a small processing fee of around PHP 1500 that is deducted from your account the moment the loan gets into that account.
With this loan, you can receive a maximum APR of 25.60%.
There also may be charges and penalties for late payment and other cases that you don’t adhere to the terms agreed for the loan.
How To Apply
To apply for a loan at BPI at the comfort of your home, you need access to the internet and a device that you can access the internet with — a computer, smartphone, or tablet. You also need to be an account holder of the bank to even think of applying for the loan.
You can visit the BPI website today and follow the simple instructions there to begin your application process today. The application process for the loans is quite an easy task that can take you at least five minutes to complete.
How Long Before You Get The Loan
In most cases, banks take a few days to process your loan application, and the situation isn’t any different when it comes to BPI online loan application. It takes at least one day for the money to hit your account after your application is a success.
Other times, the process may be a little bit slow due to various reasons and it can take up to three days for the money to reflect in your account.
How To Contact The Bank
If you would like to contact the bank with questions, you can call 1 (800) 225-1202. Alternatively, you can find their main address at 6/F Ayala Wing, BPI Building 6768 Ayala Avenue, Makati City 1226.
Conclusion
Getting a loan has never been as easy as it is today thanks largely to digital advancements. These days, no stuffy offices and waiting for a financial consultant to be with you. With BPI, you have the option to apply for a loan today from the comfort of your home.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.