Personal loans is probably the best answer to all those needs in life that either come as a surprise to us or as planned. It can be availed for a wide range of casual and emergency needs and has been redefining the way we borrow over the last two decades. In the Philippines, all major banking institutions offer this loan as a part of their retail lending portfolio. Some of the requirements that can be a Personal Loan in the Philippines are as below.
- Home Renovation
- Vacation Expenses
- Debt Consolidation
- Medical Expenses
- Higher Education
- Purchasing Appliances & Furniture
While the list above is infinite, the loan amount can be utilized to fulfill any legally accepted requirement under the sun. Owing to its features such as affordable interest rates, quick processing and the quantum of loan amount, it is fast becoming one of the most sought after retail loans not only in the Philippines, but around the world. Assuming that most of us apply for a Personal Loan on the basis of requirements that are best fulfilled within a stipulated time, it's imperative to choose a loan that quickly turns around your paperwork and disburses the loan amount.
As the efforts from bankbazaar.ph has always been to provide the most comprehensive information at your disposal, lets talk about bank’s that are known to provide quick personal loan in the Philippines to help you filter the loan offers you want to apply for.
Leading Banks That Offer Quickest Personal Loan in The Philippines
A leading bank in the Philippine banking industry, Robinsons provides multipurpose loan to meet various financial obligations. Known to fulfill loan requirements on a quick turnaround basis, it takes just 3-5 business days to process your loan application and approve the loan amount.
One can apply for a loan amount anywhere between P5,000 to P250,000 with a flexible repayment tenor available in 6, 9, 12, 18, 24 or 36 months and payment is based on Equated Monthly Installment(EMI) basis.
This bank offers two different Personal Loan products for aspirants in the Philippines. One for the Carded segment(Existing card holders of the bank) and the second for Non-Carded segment(new customers). Known for efficiently processing applications and disbursing on time, Eastwest the loan is processed and approved within 5-7 working days.
It offers loans of up to P2 million and offers a low monthly interest rates starting at just 1.49% for the carded segment. Tenor options starts at 12 months and can be stretched up to 36 months depending on the customer’s choice.
Maybank’s enAble personal loan is your gateway to getting a personal loan for a plethora of requirements. The bank understands the fact that getting a loan amount can be sensitive and therefore ensures adherence to quoted processing time which is 5-10 business days for approval, from the time of receipt of all documents along with the application.
It offers a loan amount starting at P50,000 and up to P1 million towards fulfilment of various financial needs. This unsecured loan is available in repayment term options of 12, 18, 24 or 36 months with interest rates starting at 1.10%(Fixed).
This multinational banking giant ensures loan approval in just under 5 days after receipt of related paperwork which includes the application form. If you’re requirement is urgent and would like to have the loan amount asap, you may want to consider HSBC as your personal loan partner.
At a low monthly Add-On rate of just 0.83% per month, you’re sure to end up saving a lot on interest charges when compared to availing a loan from other banks. The bank offers a flexible loan repayment terms of 6, 12, 18, 24, or 36 months.
PBCOM is one of the topmost bank when we talk about banks in the Philippines that offer quick personal loans. Known for its processing efficiency, it takes anywhere between 3-5 working days to process and approve the loan request.
PBCOM offers loan amounts starting at P40,000 with an upper cap of P1 million. The most distinctive feature of this Personal Loan offer is that it comes with tenor options of up to 48 months. Therefore, if you’re looking to limit your monthly EMI payment, this loan should be considered.
Factors That Affect Approval Time
Though it's every bank’s prerogative to ensure fast approval of your personal loan application, there can be potential bottlenecks that can hamper or prolongate the approval process. Let's list some of the potential hurdles that can affect the overall turnaround time.
Incomplete Application: Factors such as unavailability of the required information, missing signatures affect the approval time to a great extent. Incomplete applications are sent back to the customers, thereby eating up considerable time.
Fulfillment of Documents: Non provision of required documents can lead to the application being sent back to the relevant branch or to the customer directly.
Lack of Communication: Delay in verification due to lags in various sources can lead to delay. Some banks outsource the verification process which is sophisticated and involves rigorous processes.
What Can You Do To Ensure Timely Approval
The onus is on the applicant as well to ensure complete cooperation during the application process. Ensure all telephone call and requests to provide information are fulfilled in a timely manner. If required, follow up at regular intervals with a single contact at the bank.
To make sure there is no delay in terms of documentation, ask for a checklist so that nothing is missed from your end. Since processing and approving a personal loan is a multistage process and involves people at various levels in the bank, a slight bottleneck at any of the level can lead to delay in terms of the paperwork being passed onto the next. The bank is likely to keep you posted at regular intervals.
One of the most recommended ways to apply for a personal loan is the online channel. Most of them let you apply on their web portal, sending your application directly to the centralized processing center, thereby cutting out all the middlemen such as branches and agencies. This way, you also save time to a great extent.