BankCom offers borrowers salary loans that can help them achieve their desired goals. The highest loanable amount is not mentioned on the website. However, most of the salary loans are given out on the basis of their monthly income. The shortest loan term offered here is 1 month, in most cases.
How to apply for a Bank of Commerce personal loan?
To apply for a personal loan, do the following:
- Visit the Bank of Commerce's main website.
- Move your cursor to the products section. Then move to the Personal section and select Loan products.
- From the personal loan page, choose the loan you want to apply for.
- You will see salary loans listed there.
- To apply for a loan, you will have to visit the branch or call on the given number under salary loans.
- Once you have confirmed with the branch, you can fill out the application form to apply for a salary loan.
- All necessary supplementary documentation must be scanned and uploaded as necessary.
- After submitting your application, wait for a response.
Requirements
Eligibility
To be qualified for a personal loan from the Bank of Commerce, candidates must fulfill the following eligibility status:
You must be between the age of 21 to 65 years.
You should either be a Filipino resident or a foreign resident with a valid Philippine billing address.
You should have your taxpayer identification number (TIN).
You should have a primary credit card.
You should have a ₱250,000 minimum annual gross income.
Documentary requirements
Filled-out application form
Original identification photocopy (personal if employed or self-employed; authorized signers if corporate or partnership).
Driver's license, passport, SSS ID, company ID (if a Top 5,000 Corporation), postal ID, and PRC ID are all accepted forms of identification.
Bank statements or deposit passbooks in digital form for the last 6 months.
Billing records for services like utilities and phones for the last one month.
For employed applicants
Copy of an income tax return (ITR) bearing a bank stamp for the latest year.
Certificate of employment detailing the applicant's title, earnings, and employment history (original copy only).
Copy of payslip for the last three months.
For self-employed applicants
Copy of the company's registration documents with the DTI (if it's a sole proprietorship) or the SEC (if partnership or corporation).
Copy of the audited financial statements for the latest year.
Copy of an income tax return (ITR) bearing a bank stamp for the latest year.
For corporation/partnership
Copy of the company's registration documents with the DTI (if it's a sole proprietorship) or the SEC (if partnership or corporation)
Copy of the audited financial statement for atleast one year.
Copy of an income tax return (ITR) bearing a bank stamp for the latest year.
Certification from the Secretary and Board Resolution
For overseas Filipino Workers (OFWs)
Certification of Employment (original copy or photocopy) stating the applicant's title, salary, and length of employment
Job contract containing the start date, end date, and financial information (warranty must not be expired for land-based OFWs and must be the latest contract for sea-based OFWs)
Copy of the most recent three months' worth of allotment or remittance slips
Payslips or a similar document, most recent month's photocopy.
Pros and cons
Before requesting a personal loan from the Bank of Commerce, you must balance the benefits and drawbacks to make an educated decision.
Pros
Rapid approval procedure. Personal loans from the Bank of Commerce can be obtained quickly and easily. If you complete all the paperwork and meet the bank's eligibility requirements, you can get the loan in as little as a day.
Minimal interest rate. The Bank of Commerce in the Philippines offers one of the lowest rates for personal loans.
No guarantor. To have access to cash, the Bank of Commerce personal loan does not require any security or guarantors.
Cons
Many pre-requisites. Due to a few requirements, including credit card ownership, not all borrowers may be eligible for a personal loan from the Bank of Commerce.
Access to your account. The loan payment is made through an auto-debit arrangement, and as a result, the bank gets access to your account.
How to repay Bank of Commerce personal loans?
You can repay Bank of Commerce personal loans through the Bank of Commerce Online. Using the Bank of Commerce Personal Loan EMI Payment Option, you can set up a standing order to fulfill your EMI obligations.
