Personal Loan in Philippines: ₱ 6000 Minimum Salary Required
Similar to other countries, people from Philippines take help of personal loan during tough economic conditions.
There are three broad categories of lenders in Philippines to get personal loan from:
- Private money lenders
- Online private lenders
- Informal lenders
While each of these lenders have almost similar lending process and eligibility criteria, the minimum salary required is the most important criteria considered by each lender. Depending on the income, lenders evaluate the credit worthiness of the applicant.
Minimum Salary Required
Minimum income required for personal loan in Philippines are listed in the below table
|Sr. No.||Lender’s Name||Minimum Gross Salary Required per Month|
|2||Radiowealth Finance Company||₱ 7,000|
|3||Asteria Lending Inc.||₱ 10,000|
|5||CIMB Bank||₱ 15,000|
|6||SB Finance||₱ 15,000|
|7||EastWest Bank||₱ 15,000|
|8||CTBC Bank||₱ 15,000|
|9||South Asialink Finance Corporation||₱ 20,000|
|10||Zenith Capital Credit Group||₱ 20,000|
|11||Global Dominion Financing, Inc.||₱ 20,000|
|13||RCBC Savings Bank||₱ 20,000|
|17||Esquire Financing||₱ 30,000|
|18||Sterling Bank of Asia||₱ 30,000|
So as you can ₱ 6,000 is the minimum salary required in Philippines for personal loan.
Benefits of Personal Loan
- They get you out of trouble the moment you need them.
- You can choose the amount of money you want.
- You don’t need to mortgage anything, your credit history is enough to support your application.
- You choose the date you want to pay back the loan.
- You can check in advance for interest and any hidden costs.
- Loan Amount: Varies from ₱ 20,000 to ₱ 2,000,000. Varies for each lender
- Loan Tenure: Minimum is 1 year
- Interest Rate: Between 15% to 42%
- Number of days to approve: 10 minutes to 5 business days
- Age limit: 21 to 59 years
- Collateral: May be required depending on the lender and the loan amount
Beware of unregulated lending operators in Philippines
An accredited or accredited agency does not control the interest rates set by informal lending operators. Informal lenders or lenders not regulated by any governing body.
If you opt for it, you have no way to complain about the high interest rates. And if your agreement is not in writing or there is no legal agreement, you can still face hidden charges.
At first, you might consider paying a small amount every day. But if the amount is exaggerated it will not benefit you financially especially once you are in debt.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries. He has authored many articles on this site (allonmoney.com).