Types of BDO Loans

April 18, 2011

in Loans

Loans are money borrowed from banks, financial institutions or individuals. Normally, people use loan to have an enough money to purchase a particular thing or investment.

For example, many people nowadays apply for a housing loan to purchase their own home instead of renting a house. Of course, there are some advantages and disadvantages of applying for a loan or getting debt.

A loan is composed of the principal money you borrowed plus the loan interest it will incur for a certain period. In general, the longer the period of loan, the higher the interest rate will be. Some loans have fixed interest rate, some have variable or changing rate depending on the prevailing rate of the market.

 

Tips on Bank Loan Application

What are the things you need to consider before applying a bank loan? Many people sometimes may not be aware of the factors that determines the proper way to apply for a bank account.

In this regard, I have published a post that tackles and discuss some tips on how to apply for a bank loan. You can see the post here to give you more information and better understanding how a bank loan works.

 

Background of BDO Loans

BDO is one of the leading major commercial banks the Philippines. It has numerous branches all over the country and provides a vast selections of banking amenities and services for its clients including bank loans, mortgages, credit cards, investment products, retail banking, and a lot more.

There are different kinds of BDO loans you can apply: home loan, auto loan and personal loan. Every loan has its own requirements and application method you should go through to begin processing of your loan.

Types of BDO Loans

 

Kinds of BDO Loans

Before applying for a loan, you should study how much interest you will pay for the whole period of your loan. Make sure you understand the terms and conditions of the loan agreement.

Depending on your current needs, you can apply a particular BDO loan of your choice. Like I said before, BDO loan can be a personal loan, auto loan or home loan.

1. BDO Personal Loan

Do you have an emergency need for money for personal use? Perhaps, you want to buy that gadget you’ve been wanting for a long time but you don’t have the enough money to buy.

A loan that can be used to make home renovations or upgrades; payment for tuition fee in school; purchasing appliances, furniture or electronic gadgets; money for vacation and travel and other personal purposes.

It has flexible loan amounts and you can pay your loan from 6 and up to 36 months. You can loan a minimum of P10,000 and a maximum of P500,000. Application can be done at any BDO branches all over the country.

2. BDO Auto Loan

Most people don’t have that big amount of money when buying a car unless you’re really a rich guy. However, most people cannot right away the full payment for a brand new car.

In most cases, many people resort to applying for a car or auto loan in major banks in the Philippines. Recently, it is not that hard to get a loan from bank because almost all banks are offering this kind of service. Thus, there are many competitions that can be good for the customers.

If you are planning to buy your dream car or you want a newer vehicle for your business but you don’t have enough money, you may consider to apply for a BDO Auto loan at any BDO branch near your place.

You can pay your loan up to maximum of 6 years with very flexible terms and easy application process. It is applicable for brand new or second-hand vehicles.

3. BDO Home Loan

Building or constructing your own home costs a large amount of money. For example, the average a 2-floor house could range from 3 to 5 million pesos in a typical subdivision. The price is total for house and lot. Of course, there are exceptions for this but my point is you need a big amount to construct your own house from scratch.

Some people cannot save money so fast that they can construct their home right away. Hence, most people look for ways on how to get a loan so that they can earlier build their home.

Other people might apply for a home loan at Pag-IBIG while some people might get a loan from banks. In comparison, bank loan has a higher interest rate than Pag-IBIG.

Owning your own home is the dream of many people. Today, there are also many families renting their house because they cannot afford to buy or build a new one.

BDO can help you buy your dream house through its home loan. You can choose how many years you can complete the payment with fixed rates for each term.

 

To Wrap Up

Before you apply for any BDO loans, make sure you have the capability to pay the monthly payment. Study and research which interest rate and term best suited for your long-term financial condition. Since loan is a long-term debt, make it a point to increase your income or lessen your expenses so that you will not be short or default in paying your loan.

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{ 30 comments… read them below or add one }

Elmer A. Peregrina June 27, 2014 at 12:34

may nakita po akong ninja motorcycle along buendia gusto ko pong mabili kaso po wala po akong ganung kalaking cash … Php 380,000 po ang halaga pwede po bang makapagloan sa Bank at babayaran ko po ng monthly for 3 years to pay …. nagtatrabaho po ako sa Hotel bilang chef at may net income po akong Php 60,000 monthly …. please advice po ….

Reply

Gily Tenorio June 27, 2014 at 22:39

Hi, you can visit any BDO branch near your place to know more about loans.

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Celia Tuano June 3, 2014 at 03:14

gud am. pwede po ba akong mag housing loan pero hindi na po ako employed pero mayroon ako remittance na natatanggap sa anak ko, at mayron din po ako deposit sa bdo, gusto ko po malaman kung how much ang interest ng 2M for 2 yrs to pay at anu-ano po ang mga reqmts, qualified po ba ako, thank you

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melanie August 23, 2013 at 12:39

gud pm,ask ko lang po pag nag cancel po ba ng loan sa bank kailangan bang may pirmahan na cancelation of loan kc nagloan kmi tpos sa sobrang tgal nag decide kming icancel nagtataka lng po kc ako dhil wla kming pinirmahan tungkol sa cancel ng loan

Reply

Gily Tenorio August 25, 2013 at 11:49

Melanie,

As far as I know, you don’t need to sign any cancellation of loan.

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Butz July 28, 2013 at 14:48

hi!
i have an existing auto loan in BDO and will mature in the next couple of years. can i pay my remaining balance in full before it matures and avail some kind of a rebate? thanks.

butz

Reply

Gily Tenorio August 25, 2013 at 11:40

Butz,

Please contact BDO directly regarding your inquiry.

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emmanuel l esparagoza July 2, 2013 at 03:17

how much do I deposit in a bank like BDO in order to quality for a car loan

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Gily Tenorio July 5, 2013 at 23:07

Hi Emmanuel,

I don’t think you need big amount of deposit in BDO account because the bank needs you proof of income or business ITR to show how much money you can make.

Reply

melanie May 25, 2013 at 11:45

gud evening ask ko lng gaano ba katagal ang processing ng housing loan sa bdo kc lhat ng documents nmin original nsa bdo na at pinagbayad nla kmi ng pera at nag sign na kmi sa documents na pinapirmahan sa amin ng officer ng banco sbi nla approve na loan nmin kso yung title nmin kailangan ma cancel yung restriction under po kc ng nha yung bahay at lupa nmin pro fully paid na po kmi kso after 10yrs pa po bgo macancel yung restriction na nka saad sa contrata.binigyan kmi ng nha ng permit to mortgage na tinanggap ng bdo kso ang tagal na wla kmi balita pag tumatawag kmi sa landline busy at pag nag txt ako sa officer na may hawak sa loan nmin di sya sumasagot pag personal nman kmi nag punta sa banko sasabihin sa amin tatawagan nlang kmi ano po ba magandang gawin nmin naiinip na kmi…..

Reply

Gily Tenorio May 27, 2013 at 08:50

Hi Melanie,

First of all, I don’t have any experience in applying for a BDO loan. It’s true that the process is really slow but you need to be patient. We have experience with Pag-ibig loan and it takes many months also.Just be patient or apply loan to other banks if possible.

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rachel April 7, 2013 at 15:22

Just want to ask personal loan what the requirements?it should be employed?please reply asap

Reply

Gily Tenorio April 13, 2013 at 00:35

Rachel,

You can find the requirements here for applying BDO personal loan: https://www.bdo.com.ph/loans/downloadable-forms. Click the link for personal loan.

Reply

Rodel Cadayong February 15, 2013 at 14:00

just wanna ask,is there a salary category in making a home loan,and what is the range of salary..i have no pag-ibig or gsis how can avail the home loam kindly guide..im working here at jeddah,ksa as a welder

Reply

Gil February 15, 2013 at 14:24

Hi Rodel,

Here’s the requirements for BDO home loan, hope this will help you: http://learninterestrates.com/requirements-for-bdo-housing-loan/

Reply

Gemma January 27, 2013 at 13:49

hi i just availed 2.134M house in Lancaster Cavite. What is the rate? and the computation/factor rate used. for 10 and 15 years.
Will i be approved for checking account even for personal use. I heard BDO requires business permit.

Reply

evelynpatagan January 14, 2013 at 13:01

just want to ask regarding home loan or personal loan ,im x ray technician here in riyadh can i ask what are the requirements asap pls.thanks

Reply

Gil January 20, 2013 at 11:59

Hi, you can see this article about the requirements for BDO housing loan: http://learnfinancialeducation.com/how-to-apply-for-bdo-housing-loan/

Reply

marie fe maglasang December 27, 2012 at 07:25

Just wanna ask about your home loan..what are the requirements?

Reply

Gil January 5, 2013 at 01:55

Hi Maria Fe,

Here’s a good link about BDO home loan: http://www.pacificconcord.com.ph/bdo_4_loanapp.htm

Reply

Abong_joel January 23, 2012 at 11:44

hi i want to avail personal loan in bdo, how many weeks to approve?

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learnfe January 24, 2012 at 13:02

Hi, please contact BDO bank directly.

Reply

melai January 11, 2012 at 02:30

we are bdo consumer since 2008 and we apply for personal last december 21, 2010.. but until now my husband will go back to singapore it has not been approved yet.. i am so disappointed…

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learnfe January 16, 2012 at 13:28

Hi melai,

Yes it is disappointing, BDO should be fast in processing loan application so you will know immediately what is the status of your loan.

Reply

Cherrylen Malunes Torno November 7, 2011 at 05:59

i already apply my bdo loan las october 17,2011 for the record

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Cherrylen Malunes Torno November 7, 2011 at 05:57

hi i just want to know if my bdo superlite loan has been approved or not?

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Jucare2 November 4, 2011 at 01:57

how much will be the interest in 200,000.how much monthly if i will pay it in 12 months.jun

Reply

cai July 22, 2011 at 16:45

how much would be the interest if for example i make a 50,000.oo personal loan and what are the requirements???
thanx

Reply

Anonymous July 27, 2011 at 13:44

Hi Cai,

Just visit BDO website directly to learn the interest rate for personal loans.

Reply

John Price July 4, 2011 at 12:30

Looking for a low rate loan

Reply

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