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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Bank of Makati

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About bank

Bank of Makati is a savings bank in the Philippines that offers financial solutions to individuals and small businesses. Founded in 1956 as a rural bank, the Bank of Makati has helped savers and small businesses in the Philippines achieve their financial goals. The bank is headquartered at Ayala avenue in Makati city.

Motor trade founded the bank of Makati in 1956 as a rural bank in Makati, Philippines. The bank's vision was to help the rural Filipino population make savings and achieve their financial goals. The bank has grown and diversified its services nationwide, with 102 branches. BMI has its headquarters in Ayala avenue near Metropolitan, Makati City.

Features

BMI offers financial solutions to individuals and businesses. You can open business savings account with a ₱3000 minimum amount. The bank also offers loans to customers for 24 months with no upfront fee.

The bank also lends to microfinance at a low interest. No collateral is required, and the loan is payable for up to 12 months. BMI offers cash management services such as Courier, over-the-counter bill payments, and deposit pick-up.

Pros and cons

Every financial institution has benefits and drawbacks, depending on your financial needs. Therefore, you should analyze its features and determine if it meets your financial needs. The pros and cons of BMI include:

Pros

  • You may have low minimum amount for account opening.

  • The bank offers loans to businesses and micro finances without collateral

  • The bank charges low interest on loans with a long repayment period of up to 24 months

  • There are few pre-qualification requirements for loan applicants

  • The bank offers its customers a wide range of cash management services.

Cons

  • The bank charges a high with-holding tax rate of 20% on peso time deposit

  • The bank offers maximum loans to micro finances are low.

Products and services

BMI offers its customers a wide range of products and services. The products include savings accounts, business accounts, and loans. In addition, it offers products such as bill payment services, ATM payroll, Courier services, and HMO collection.

Products

Accounts

  • Regular savings accounts. With a ₱3000 initial deposit, you can open a regular savings account. The bank offers you a passbook to help you track all transactions in your account.

  • Checking account. Business owners can open a checking account to help them make cashless payments with a ₱10,000 minimum initial deposit. Account holders enjoy free over-the-counter interim statements at any time.

  • Checking account plus. Business owners get a passbook and a record book to help them track transactions and business payments. The minimum account opening balance is ₱10,000.

  • CTD peso time deposit. An interest-earning account where you deposit a minimum of ₱5000 for any period starting from 30 days. The bank charges 20% withholding tax for the amount you deposit.

Loans

Sole proprietors, partnerships, and small merchandise enterprises can access business loans to boost their business and run business activities flawlessly. The loans include:

  • Business loans. BMI funds small businesses to help them build business premises or add capital to their business. The interest rate depends on the prevailing market rate, and borrowers can access up to ₱300,000.

  • Housing and construction loans. Offered to property owners to fund their building projects.

  • Developmental loans. Individuals and partnerships can borrow funds to complete an ongoing project such as business premises.

  • End-user financing. Offered to individuals and businesses to help them purchase a home or business building.

Services

BMI customers can access the following cash management services from the bank.

  • ATM Payroll. The bank helps employers to pay their staff in time by debiting the business account and crediting employees' accounts.

  • Courier service. BMI helps businesses and individuals to transport documents from and to the bank to residential and business premises.

  • Deposit pickup. If you are busy, the bank picks deposits from your home or business and deposits them in your account on your behalf.

  • Over-the-counter bills payment. The bank acts as a collecting agent for your bills and settles them in time on your behalf.

HMO Collection. BMI collects and delivers the statement of account from institutions such as health maintenance organizations and helps them collect payments for services rendered.

BMI

FAQ

What is the Bank of Makati?

Bank of Makati is a financial institution in the Philippines that offers different products and services to its customers. The bank is headquartered at Ayala avenue in Makati city and has branches countrywide.

Who owns the Bank of Makati?

BMI was founded by Motortrade company and is governed by a board of directors.

Is Bank of Makati Legitimate?

Yes. Bank of Makati is a legitimate financial institution registered by SEC and regulated by Bangko Sentral ng Pilipinas.

What is the minimum down payment for an auto loan?

First-time buyers are required to make a 20%minimum down payment on the Listed Cash Price (LCP).

For what period can I take out an auto loan?

The maximum term for an auto loan is 60 months.

What is the longest home loan term?

The maximum term of a home loan is 20 years.

What is more profitable-a long home loan term or a short one?

It is more profitable to take out a shorter home loan term. You will pay the same monthly amount for the duration of the loan because the interest rate is fixed. However, with a short-term loan, you will ultimately pay more principal and less overall interest, saving you more money over time.

Company documents

Privacy Statement

We aim to be the mSME bank of choice, creating value through innovative and responsive financial products and services.

© Bank of Makati, Inc.

Financial products

Bank of Makati
CTD peso time deposit
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱5,000
Term
i

Loan term for the financial product

from 30 days
Bank of Makati
Regular savings accounts
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱3,000
Bank of Makati
Checking account plus
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱10,000
Bank of Makati
Checking account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱10,000
Bank of Makati
End-user financing
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
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1000
Bank of Makati
Developmental loans
Rating by Finanso®
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Recommended FinScore™
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300
650
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Bank of Makati
Business loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to ₱300,000
Bank of Makati
Housing and construction loans
Rating by Finanso®
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