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.
