BDO offers several loan programs suitable to the preference of their clients not only local but also those working abroad. The BDO Asenso Kabayan is a personal loan plan designed for Overseas Filipino Workers having individual or joint account deposits with the bank. It covers peso or dollar time deposit and peso or dollar savings account.
With this loan program, the borrower can enjoy low rate per annum that ranges from 17.06% to 17.08%. The loanable amount ranges from Php10,000 to Php3 million. The loanable amount is payable within 6 months to 36 months whichever is applicable.
Who qualifies to avail BDO Asenso Kabayan?
Aside from being an OFW, the borrower must be 25 to 65 years old. Must have a permanent work or employed for a minimum of 2 consecutive years and the minimum salary requirement is Php10,000 monthly gross incomes.
The basic requirements include the following:
- Automatic Debit Arrangement Form (signed by the OFW)
- Authorization letter for beneficiary (signed by the OFW)
- Information form of the beneficiary
Additional requirements may be requested during the credit evaluation.
Fees and Charges for BDO Asenso Kabayan
The processing fee for the BDO Asenso Kapamilya loan application is Php1,200. It also comes with stamp duty and you will pay Php1 for every Php200 of the total loan amount (for business use) or if the loan amount exceeds Php250,000. Once the loan application is approved, you can expect to receive the fund within 2 working weeks.
Unlike other loan options, BDO does not impose penalties for early settlement or late payment. But, as much as possible you should pay diligently on time to ensure good credit rating. Likewise, you also need to open linked bank account.
If the BDO Asenso Kabayan loan does not fit your preference, there are other options to choose from.