As an OFW, do you want to start a small business and increase your savings? Do you want to build a house for your family or buy a car? Do you need an urgent loan? Whatever your needs, OFW Loan Assistance can help you achieve them.
Fortunately, governments and other financial institutions offer loans and financial assistance programs to OFOs like you. Help us choose the best OFW loan in the Philippines. We’ve listed five of them and provided some quick tips to help you understand how OFW loans work.
What is an OFW loan?
The OFW loan Philippines program allows foreign workers to borrow money for various purposes. Some loans come with special conditions, such as higher or lower interest rates, depending on the borrower’s financial capabilities.
OFW loans are usually personal loans. Car loans are divided into home loans and commercial loans. However, the purposes of these loans may overlap. Therefore, we recommend asking your lender which type of loan is right for you.
Where Can You Apply For OFW Loan Philippines?
- OWWA loan for starting a business
I plan to open a small business in the near future. Are you a foreign worker working in the Philippines? You can apply for financial assistance through the Overseas Workers’ Welfare Administration (OWWA) Business Loan Scheme.
The Philippine Overseas Business Development and Lending Program has interest rates of just 7.5% per annum, which are fixed for the term of the loan. If you are applying for a business partnership or business agency loan, you can borrow up to P22 million or PHP100,000 as separate assets.
What makes government-backed business loans beneficial for OFWs is the need for business training. It’s free to start a business. For more information about OWWA loans, visit the OWWA website.
- SSS Payday Loans for Various Income Needs
Personal loans are very beneficial for Filipinos before they start working abroad. Example: Application fee for a job abroad. If you need additional money to cover administrative or other expenses. You can borrow money from reliable lenders.
Just because your salary is higher than an OFW does not mean you can use your own money to solve your family’s health problems. That’s why low-cost personal loans come in handy to cover emergency expenses.
Do you need a non-guaranteed loan abroad? One of the best OFW loan programs for this is the SSS payday loan with an annual interest rate of 10%. He can borrow up to his average monthly salary or double his payments over a 24-month period.
OFWs can apply for payday loans through the SSS website. You can easily get a loan even if you live abroad.
- PNB Global Philippines Auto Loan for Car Purchase
PNB has a special auto loan program that allows you to purchase the following types of vehicles including SUVs, AUVs and light commercial vehicles (LCVs). This car loan program is only available to OFWs in Hong Kong and Saudi Arabia.
The global car loan in the Philippines is 400,000 pesos. The upper limit is 80% of the purchase price. Interest rates are determined according to the reference price and are calculated using the normal interest rate method.
- Pag-IBIG Housing Loan
Pag-IBIG’s mortgage loans for OFWs have the lowest interest rates among other home loans in the Philippines, with interest rates of up to 10% per annum for a 30-year loan.
Pag-IBIG Mortgage Loan Requirements for OFW:
In addition to the regular documents submitted by ordinary Pag-IBIG members when applying for a home loan, OFWs must also submit these additional documents to obtain OFW home loans.
Provide proof of income via one of the following:
- Employment contract
- Proof of income from previous employer
- Another income guarantee.
- Special authorization letter approved by the Philippine Embassy or Consulate prior to travel.
- Health declaration form for people over 60 years old.
- PNB property loans for OFW
This financing program can help you buy land, house, land, house, apartment or apartment. Loan funds can also be used for home improvement, construction, financing, or refinancing.
OFW Home Loans are available at PNB overseas branches in Los Angeles, New York, Singapore, Hong Kong Worldwide, Japan, Middle East, Guam and Europe.
With PNB’s OFW loan, you can borrow a minimum of 500,000 pesos or its equivalent in foreign currencies (US dollars, Japanese yen and Hong Kong dollars). The loan limit is 80% of the appraised or final value of the property. The interest rate will be based on the rate in effect at the time of loan approval.
Who Can Apply?
You can apply for the OFW loan program if you meet any of the following criteria:
Filipino citizen
Descendants of Filipinos living abroad who lost their Philippine citizenship. However, foreigners cannot purchase residential properties.
You must be between 21 and 65 years old at the time of payment.
The first thing to do is to check if you are eligible for the OFW loan of your choice. Although the programs listed here are limited to OFWs, some programs have strict rules that may result in disqualification. For example, PNB only accepts applicants who have worked abroad in the last two years.
Once you know you qualify for the program, review the requirements. Documentation requirements are not limited. Consider details that may be necessary, such as a high credit score.
Please ensure all information is correct before submitting your loan request. Small mistakes can delay your application process. Consider submitting your application online for a quick and efficient experience. Confirm this option with the bank or institution of your choice.
TOP 8 loans for OFWs
| Loan Provider | Minimum Loan Amount | Maximum Loan Amount | Minimum Annual Income | Approval Time |
| Metrobank | ₱20,000 | ₱1 million | ₱350,000 | 7 days |
| BPI | ₱20,000 | ₱2 million | ₱300,000 | 5 to 7 banking days |
| RFC | ₱10,000 | ₱150,000 | ₱120,000 | As fast as 24 hours |
| Maybank | ₱50,000 | ₱1 million | ₱300,000 | Apply online in just a few clicks |
| RCBC | ₱50,000 | ₱1 million | ₱360,000 | 5 to 7 banking days |
| SB Finance | ₱30,000 | ₱2 million | ₱180,000 | 5 banking days |
| CIMB | ₱30,000 | ₱1 million | ₱180,000 | 24 hours |
| HSBC | ₱30,000 | ₱500,000 or 3x gross monthly salary, whichever is lower | ₱168,000 | 5 to 7 banking days |
| CTBC | ₱20,000 | ₱1 million | ₱180,000 | 3 to 5 banking days |
Author Maria Torres from Upfinance.
You can get a loan here: https://upfinance.com/company/robocash-ph/
