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Bukas

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About lender

Bukas, which means "tomorrow" in English, was founded to create a better tomorrow for Filipino youths through affordable student loans. They partner with top colleges and universities to offer students an integrated, simple, and safe tuition installment plan.

Bukas is a Filipino financial institution that offers good interest rate loans to Filipino students who can't afford their tuition fees. College and graduate school students in the Philippines can take advantage of Bukas because it features flexible tuition installment plans at an affordable price and is developed in partnership with some of the best universities and schools in the country.

Pros and cons

If you want to make a smart decision, it is best to be cautious and weigh both the benefits and drawbacks of more than one company before submitting a loan application. Here are some honest pros and cons of Bukas.

Pros

  • The loan comes with a very low interest rate.
  • Loan repayment is convenient and easy.
  • The loans are designed to cover the applicant’s full tuition.

Cons

  • The bank takes a lot of time to make their decision after the loan application is successfully submitted
  • Their customer service executives may be not attentive, and the replies are not on time.
  • The bank does not offer 24x7 customer service.

Loan conditions

To apply for a loan, applicants must be Filipino citizens at least 18 years old and be enrolled as undergraduate or postgraduate students at one of their partnered schools. Students can apply for a loan through Bukas' official website, where they must fill out basic personal and contact information. The borrower must then accept the terms of the loan agreement and provide the information of their guarantor. For the final registration of a student loan, several documents must be presented to establish the borrower's identity and creditworthiness.

Funding a loan

The loan amount is between ₱10,000 and ₱100,000, but depending on how much your tuition is, the interest rate starts at 1.5%. The bank also charges an additional one-time service fee of 3% of the loan amount. The bank offers a fixed loan term of 12 months. You can use a loan calculator on their website to determine your monthly payments, which will help you decide if you can repay or not, to avoid defaulting. After the loan application is approved, the borrower receives credit funds in the account specified in the application. On or before the due date, the client should pay their debt to avoid being charged late payment fees, as late payment can harm their credit score too. The company understands that convenience is important to its customers and offers them different means of loan repayment. After your information and documents have been reviewed and deemed valid, you will receive the loan in your Bukas account, which will be transferred straight to your institution.

Bukas

FAQ

What is Bukas?

Bukas is a Filippine financial institution that offers good interest rate loans to Filipino students who can't afford their tuition fees.

Who owns Bukas?

It is co-owned by Naga Tan and Riche Lim.

How do you qualify for a Bukas student loan?

To be eligible, applicants must be Filipino citizens at least 18 years old and be enrolled as undergraduate or postgraduate students at one of their partner schools.

How much can you borrow from Bukas?

This solely depends on your tuition fee, but it must not exceed ₱100,000.

Is Bukas a legitimate company?

Bukas is on the list of regulated financial companies that have been reviewed and are believed to be trustworthy on the SEC's official website.

What is the longest loan term offered by Bukas?

The longest loan term offered by the company is 365 days.

How do I repay a loan at Bukas?

Loans received at the Bukas FC can be repaid in several ways. The borrower can pay off debt online at any partnering financing company like GCash and PayMaya; also, the debtor can pay offline at Bayad Center and DragonPay or the partnering Union Bank.

What are the rates Bukas offers?

Their standard installment plan is payable in 12 monthly installments with a 1.5% flat interest rate per month and a one-time 3% service fee. The maximum amount of tuition that they can cover is 100%.

What documents do I need to apply for a student loan at Bukas?

Applicants need only their student ID, proof of residence, and their assessment form (which may be a document relating to tuition, school billing, registration, SOA, COM, or a screenshot of your student portal).

What happens next after I apply at Bukas?

The process and feedback take three to five days after you submit your application, and you'll be able to view the tuition and plan details approved in your Bukas account once they are completed. Once you've submitted your application, they'll send the full tuition amount to your school within one to two business days. If your application requires revisions, please update your account and resubmit to continue your application process.

Can I still borrow for my next term if I have an existing Bukas tuition installment plan?

Yes, students who sign up for an installment plan today will get additional coverage in the subsequent terms. It's just as easy to apply as you'd expect, so long as you pay your monthly dues on time and submit your application early to avoid delays.

Who is a guardian at Bukas?

They will require that you nominate a guardian currently in the Philippines and at least 21 years of age. Your guardian will be your emergency contact, so they must have a working mobile phone number and an active email address.

Who is a guarantor at Bukas?

A guarantor is someone who will have to make and manage the student's payments and should be prepared to provide proof of income during your application. A guarantor must supply and complete all necessary information to complete your application.

Financial products

Bukas
Tutition Installment Plan
Rating by Finanso®
i

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
10 000 - 100 000 ₱
Rate
i

Effective interest rate on the product

1.5% per month
Term
i

Loan term for the financial product

12 months

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Bukas loan calculator

Calculate loan payments at Bukas. Loans calculator will allow you to calculate an approximate payment schedule for the loan.

Bukas calculator
Interest rates are given in accordance with the rates of the Bukas in Manila as of 04.12.2022
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What to pay attention to when applying for a loan at Bukas?

Recommendations

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