Bank of the Philippine Islands or commonly known as BPI is one of the leading commercial banks in the Philippines. It offers different products and services that caters to the needs of its customers which includes deposit accounts, checking account, investment funds, credit cards, loans and a lot more.
Overview of BPI Loans
Borrowing money in some cases are really necessary to have a sufficient funds for a particular project or necessity. Most of the time it is hard to borrow from other people or to your relatives so it is very good to know that you have other options.
You may try to apply for a loan in BPI. There are different loans you can avail depending on where will you use the borrowed money. It can be a housing, auto or business loan that you might want to apply.
Types of BPI Loans
BPI offers various kinds of loans that caters for their clients’ needs. Many people apply for home loan, other customers want to have a car loan and some clients like to get a business loan.
BPI Housing Loan
There are many people who want to have their own house that’s why they work so hard or even work abroad in order to speed up the construction or purchase of their dream home. However, most of the time it’s not that easy to raise a considerable big amount of money, say 3 million pesos.
In order to get this large amount of money, most people resort to apply for a housing loan. In Philippines, one of the most popular lender for home construction or purchase is Pag-IBIG. But, there are many disadvantages when applying for a loan in this government agency so most people chose to get loan from banks.
BPI Business Loan
If you are planning to start a business but you don’t have sufficient capital, you may consider to get a loan. Ka-Negosyo loan is the business loan from BPI that primarily caters to customers who want to obtain an enough funds for their business.
You may apply for this type of loan in any branch near your area. Make sure to prepare the basic requirements such as employment certificate, proof of income, valid IDs, TIN, ITR and other related documents.
BPI Auto Loan
Do you like to buy a new car but don’t have enough money? Don’t worry, you can get the money you want through auto loan with flexible payment terms.
Simply calculate how much you can afford to pay per month according to what you earn each month. Furthermore, ready all the necessary requirements like valid IDs, proof of income and other documents.
When you apply for a loan, keep in mind that you are entering a long-term debt so make sure you can complete the payment. There are many cases where the borrower defaults and doesn’t finish the loan payment resulting to taking over of his or her collateral by the bank.
If you cannot afford the payment schemes, don’t get a loan. Just be content on what you have and your current conditions until you are capable of paying the monthly amortization.