• Personal Loan Eligibility

    Filipinos often apply for personal loans to fund their vacation or wedding, or to fulfill their material desires. They also apply for personal loans to deal with medical and other emergencies. The best part about personal loans is that they are a type of unsecured credit and so the applicants do not need to pledge any collateral security for the loan. Besides, the loan gets approved within a day or two and so it becomes easy for the applicant to access funds in no time. Most of the banks and financial institutions in Philippines offer personal loans. In order to apply for a personal loan, you need to first understand if you are eligible to apply for a personal loan.

    Eligibility Criteria for Personal Loan

    In Philippines, the eligibility criteria for personal loan differs from one lender to another. Some of the common criteria are listed below.

    1. Monthly Income – You need to have a steady income to be eligible for a personal loan. Most banks lend money to applicants with a minimum monthly income of P25,000 (for salaried) or P50,000 (for self-employed).
    2. Age – You Should be aged 21 years and above to be eligible for any of the personal loan products available in the country. Most of the banks and financial institutions do not lend money to minors.
    3. Residency Status – Most lenders in the country offer personal loans only to resident Filipinos. They do not lend money to foreigners residing in the country.
    4. Non-resident Filipinos – Filipinos who work overseas, including members of Overseas Filipino Workers (OFWs) can also apply for personal loans from domestic lenders.
    5. Employment Status – Loans are offered not only to salaried and self-employed applicants, but also to freelancers and other professionals.
    6. Service area – Most banks only offer personal loans to those individuals who reside in an area that is serviceable by them.
    7. Landline phone – The applicants need to have a landline phone at home or at office.

    Personal Loan Eligibility Criteria for Top Banks in Philippines

    The eligibility criteria for personal loans offered by some of the top banks in Philippines are as follows:

    Personal loan Product (Bankwise) Personal Loan Eligibility Criteria
    BPI Personal Loan The applicant:
    • Should be a resident Filipino
    • Should be aged 21 and above but not above 60 years of age
    • Should have a monthly income of P25,000 (if salaried) and P50,000 (if self-employed)
    • Should not be a foreigner
    BDO Personal Loan The applicant:
    • Should be a citizen of Philippines or a Foreigner residing in the country for minimum 2 years
    • Should be aged 21 and above but not above 70 years of age.
    • Should have an annual income of P120,000 (if salaried) and P400,000 (if self-employed)
    • Should be residing in an area serviceable by BDO
    China Bank Savings Personal Loan The applicant:
    • Should be a citizen of Philippines
    • Should be in the age group of 21 – 55
    • Should have a minimum annual income of P360,000
    • must be a credit cardholder
    • must have a deposit account with the bank
    Citibank Personal Loan The applicant:
    • Should be a citizen of Philippines or a foreigner who can provide billing address proof for a Filipino address
    • must be a credit cardholder
    • Should have a minimum annual income of P250,000
    CTBC Personal Loan The applicant:
    • Should be a citizen of Philippines with an office landline phone
    • Should be aged 23 and above
    • Should have a minimum monthly income of P15,000 (residing in Metro Manila) and P10,000 (residing in other provinces)
    EastWest Bank Personal Loan The applicant:
    • Should be a citizen of Philippines
    • Should be aged 21 and above
    • Should have a minimum monthly income of P15,000
    • Should have a landline phone
    Equicom Savings Bank Personal Loan The applicant:
    • Should be aged 21 and above
    • Should possess a landline phone at office or home
    • Should reside in an area serviced by the bank or work in office located in such an area
    HSBC Personal Loan The applicant:
    • Should be aged 21 and above but not older than 60 years
    • Should have a minimum monthly income of P14,000
    • Should be a Filipino resident or citizen
    Maybank Personal Loan The applicant:
    • Should be aged 23 and above
    • Should have a minimum monthly income of P18,000
    PBCOM Personal Loan The applicant:
    • Should be aged 21 and above
    • Should have a credit card with a limit of minimum P30,000
    • Should reside in an area services by the bank
    • Should be a citizen or a permanent resident of Philippines or a foreigner with valid Visa/ work permit
    RCBC Personal Loan The applicant:
    • Should have a minimum monthly income of P20,000
    • Should have worked in the same company for the last 2 years (if salaried)
    • Should be a credit cardholder
    Robinsons Bank Personal Loan The applicant:
    • Should have a minimum monthly income of P20,000
    • Should be aged 21 and above
    Security Bank Personal Loan The applicant:
    • Should be aged 21 and above
    • Should be a resident of Philippines
    • Should have a minimum monthly income of P15,000 (residing in Metro Manila) and P12,000 (residing in other provinces)
    Standard Chartered Personal Loan The applicant:
    • Should be aged 21 and above
    • Should have an annual income of minimum P290,000
    • Should have a landline phone at home or office
    Sterling Bank of Asia Personal Loan The applicant:
    • Should be a Filipino citizen
    • Should have a minimum monthly income of P30,000
    • Should be aged 21 and above
    UCPB Personal Loan The applicant:
    • Should be aged 23 and above
    • Should have a minimum annual income of P360,000
    • Should be a credit cardholder
    • Should have a checking account

    *Please note that the actual personal loan eligibility criteria may differ from the actual criteria set by the bank. The above details have provided only for informational purposes. Please contact the bank to know about the eligibility criteria for their personal loan products.  

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