Personal Loan in Philippines: ₱ 6000 Minimum Salary Required

Personal Loan

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:

  1. Private money lenders
  2. Banks
  3. Online private lenders
  4. 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 NameMinimum Gross Salary Required per Month
1Cashwagon₱ 6,000
2Radiowealth Finance Company₱ 7,000
3Asteria Lending Inc.₱ 10,000
4HSBC₱ 14,000
5CIMB Bank₱ 15,000
6SB Finance₱ 15,000
7EastWest Bank₱ 15,000
8CTBC Bank₱ 15,000
9South Asialink Finance Corporation₱ 20,000
10Zenith Capital Credit Group₱ 20,000
11Global Dominion Financing, Inc.₱ 20,000
12FundKo₱ 20,000
13RCBC Savings Bank₱ 20,000
14Citibank₱ 21,000
15BPI₱ 25,000
16Maybank₱ 25,000
17Esquire Financing₱ 30,000
18Sterling Bank of Asia₱ 30,000
19UCPB₱ 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.

Features

  1. Loan Amount: Varies from ₱ 20,000 to ₱ 2,000,000. Varies for each lender
  2. Loan Tenure: Minimum is 1 year
  3. Interest Rate: Between 15% to 42%
  4. Number of days to approve: 10 minutes to 5 business days
  5. Age limit: 21 to 59 years
  6. 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.

Author Bio:

This article has been written by Chandra Mehta.

CL MehtaChandra 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).

He can be reached at [email protected]. You may also visit his LinkedIn profile.

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