OFW Loan
Approximately 10.2 million Filipinos work far from their home country, representing 11% of the total Filipino population. Filipinos make up 6% of the population of the United Arab Emirates. They work hard abroad to earn a living. To help Filipino Overseas Workers (OFW), there are many legitimate financial institutions that provide loans to make your dreams come true. In addition to banks in the UAE that offer different loans to expats, there are other ways, such as the OFW loan, in which Filipinos can get financial help from their own home country.
Read more: Does a personal loan hurt your credit score in UAE?
OWWA loan
The Overseas Workers Welfare Administration (OWWA) offers business loans to foreign workers who want to establish their own business in their own country. OWWA provides up to 2 million pesos as the loan amount. The interest rate charged for an OWWA business loan is 7.5% for a maximum period of 7 years. An applicant who is a loyal and accredited foreign worker in business development training can visit the OWWA Center and apply for it.
BPI OFW loan
The Bank of the Philippine Islands (BPI) offers personal loans to Filipinos working abroad. The maximum loan amount is P100,000 - P1,000,000. A monthly income of at least 30,000 pesos is required to take advantage of the BPI OFW Personal Loan.
BDO OFW loan
Banco de Oro (BDO) offers a personal loan based on collateral requirements as an optional option for OFW. In the case of a secured loan, deposits can be pledged as collateral. The interest rates on the loan range from 1.25% to 2%. The minimum monthly income to benefit from the BDO OFW loan is 10,000 pesos.
Loan pag IBIG
Pag-IBIG offers a multipurpose loan and a home loan to its OFW members. The applicant's income proof from the current employer is a required document for a Pag-IBIG loan.
Pag IBIG Multipurpose Loan (MPL): Filipinos who are active members of Pag-IBIG can obtain a multipurpose personal loan. To take advantage of this MPL, the applicant must have a minimum savings of P4800 or 24 minimum membership savings per month. The loan amount in MPL depends on savings and earnings.
Pag IBIG Home Loan: Pag-IBIG provides real estate financing up to a maximum of 750,000 Argentine pesos for any type of property. Active Pag-IBIG members with 24 monthly savings and no more than P17,500 monthly income are eligible to apply.
Overseas Bank of the Philippines (OFB)
The Philippine government plans to open a branch of a Philippine Overseas Bank in the United Arab Emirates. What will be a sigh of relief for Filipinos in the UAE. OFB operates like a conventional bank with regular banking activities. This will be more suitable for Filipinos for incoming and outgoing remittances, as well as for any type of loan.
Eligibility for any OFW loan
- Applicant must be between 21 and 65 years old.
- You must be a loyal worker abroad.
- Must have valid proof of income.
- You must have worked abroad for at least two years.
- Monthly income must be greater than the monthly loan installments.
Filipino workers abroad must learn to manage finances and avoid unnecessary expenses while living abroad. Loans are only considered at peak times when there is a high demand for money.
Do you verify your eligibility for a personal loan in the United Arab Emirates?
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