Put that smile in the faces of your loved ones when one of the things in the bucket list is ticking off. Start-up cash for a new business venture. Education fund for the kids. Dream wedding. A vacation to remember. Life-changing project. And a farm you wanted to own. These are the future you believed because you dream of building a better life.  And the best partner you wanted to have is a reliable bank that could give you the best option, easy steps, and hassle-free application.

In the Philippines, bank loans are coping with time since many lending institutions are offering online loans by applying right in the comfort of your homes. However, a full online loan application is not true. Philippine banks manage to accept documents, but looking for the best bank for auto, home and personal loan in the Philippines is not that difficult. Most of them offer attractive loan interest. You just need a banking partner that will suit your loan needs and make that dream come true.

personal loan fan of 100 U.S. dollar banknotes

A personal Loan is an installment loan that funds borrowers for any purpose, unlike an auto loan or a mortgage, which are reserved solely for the purchase of certain property that is then used as collateral for the loan. Low-interest rates and easy payment terms for a personal loan is usually used on financing needs such as:

  • Home Renovation / Upgrades
  • Tuition / Education
  • Furniture
  • Appliances / Electronic Gadgets
  • Vacation / Travel
  • Balance Transfer / Debt Consolidation
  • Special Events
  • Health and Wellness
  • Medical Emergencies

Here are the easy steps:

First, fill out the form. For convenience, there is an online application. However, online banking needs documents, too. Better talk to a bank representative.

Then, submit the form with necessary requirements. Whether you apply online and on-site, a letter of confirmation will be sent to you either in your email or through a registered mail. Expect that confirmation is available within the week.

Lastly, when your loan is approved, the bank will ask you to open an account with them. On some banks, an average of 30 to 36 days to process a loan, assuming all documents are complete. A project is monitored three months after the loan has been released. For new projects, quarterly visits are conducted.

Loanable Amount

Most of the banks in the Philippines offer P10, 000 to as high as P2, 000, 000 payable within three to six years.

Bank Interest

Banks in the Philippines offer interest rates as low as .55 percent, depending on a special promo, to as high as 26 percent in a year.


Personal application is open to:

Aged 18 or over at the time of application, but not more than 65 years old upon loan maturity

A resident of the Philippines. You’ll also need to provide proof of your identity and address.

With a bank account.

A resident of the Philippines. You’ll also need to provide proof of your identity and address.

With a bank account.

Applicant must have a Philippine mailing address and an active Philippine mobile number

However, some banks guidelines for eligible personal loan creditors are as follows:

If Employed:

               a. Minimum gross monthly income:

                               For Metro Manila: PHP15,000

                               For outside Metro Manila: PHP12,000

If Self-employed:

               a.For Self-Employed or Self-Employed 

Professionals, borrowers must be the owner or a majority owner with at least a 40% stake AND the business has been operating profitably for at least 2 years with at least 1 trade reference.

Minimum gross monthly income:

For Metro Manila: PHP30,000

For outside Metro Manila: PHP25,000

Meanwhile, in other banks, eligible applicants are those who are employed for at least 6 months, or 1 year of continuous employment, unless employed in the top 15,000 corporations. However, a self-employed applicant is eligible to apply for a personal loan when his/her business is operating for at least 1 year.


  • Completely filled-out Online/On-Site Personal Loan Application Form
  • One Photocopy of at least one (1) valid ID with signature of any of the following issued in the Philippines (i.e. Driver’s License, Philippine Passport, Professional Regulation Commission (PRC) I.D., SSS I.D., BIR ID, Integrated Bar of the Philippines I.D., and Unified SSS/GSIS and TIN I.D.). You may submit a private company issued ID registered with or supervised or regulated either by the BSP, SEC, or IC.
  • (For Non-Philippine residents) Submit any of the following: Alien Certificate of Registration, Immigrant Certificate of Registration or Photocopy of Resident Visa stamp on Passport
  • Proof of Income as follows:
  • If employed, submit ANY of the following:
  • Photocopy of latest ITR/BIR Form 2316; or
  • Photocopy of latest three months’ payslips; or
  • Valid Credit Card reference or its latest Statement of Account of Credit Card
  • Kindly prepare any of the following pertinent documents for further verification
  • If self-employed, submit ALL of the following:
  • Latest ITR/BIR Form 1701 and Audited Financial Statements (photocopy)
  • DTI Registration Certificate (for Sole Proprietorship) or SEC Registration Certificate with a page stating shares owned by the applicant (for Partnerships or Corporations)
  • Credit Card reference or the latest Statement of Account of Credit Card Statement
  • Some banks in the Philippine require other documents such as Business Permit or Mayor’s Permit for further verification

Other banks require, if self-employed:

  • 2 years Audited Financial Statements
  • Bank statements in the last six months with average monthly deposit of Php 200,000
  • Other banks, requires a list of 3 major suppliers and 3 major customers

For transparency, banks present charges and other fees like the following:

Processing fee of PHP 2500 Deducted from loan proceeds or paid over the counter and

Documentary stamp of PHP 1.50 for every Php 200 of the loan amount or a fraction thereof.

There are banks in the Philippines that require the borrower to pay in full the remaining unpaid amount.  In the event that the borrower fails to pay the Bank, the Borrower is liable to pay the Bank an LPF equivalent to Php500 per month or 8% per month.

Returned Check Fee PHP 1,000 per check

Closure Handling Fee average of PHP 500 to PHP 800 or 5% of the Total Outstanding Balance, whichever is higher

Manager’s Check PHP 50

The best Philippine bank is your partner towards achieving your dreams. Your desire to have a better life is your motivation, but your commitment to pay your loan on time is the best option.