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Bank of Commerce personal loans for february 2024

Bank of Commerce
Get a personal loan at Bank of Commerce. On 22.02.2024 there are 1 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 1
Updated:
18.10.2022
08:11
Bank of Commerce
Salary Loan
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from 1 month
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100000 ₱
5000000 ₱
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Reviews
Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
Review
Bank of Commerce personal loans for february 2024

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:

  1. Visit the Bank of Commerce's main website.
  2. Move your cursor to the products section. Then move to the Personal section and select Loan products.
  3. From the personal loan page, choose the loan you want to apply for.
  4. You will see salary loans listed there.
  5. To apply for a loan, you will have to visit the branch or call on the given number under salary loans.
  6. Once you have confirmed with the branch, you can fill out the application form to apply for a salary loan.
  7. All necessary supplementary documentation must be scanned and uploaded as necessary.
  8. 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.

    FAQ

    What happens if I don't pay the monthly installment on my Bank of Commerce personal loan?

    A penalty equal to 8% of the outstanding balance, or ₱500, whichever is more extensive, will be applied for each month that an account is past due.

    Can I make a down payment on my loan with the Bank of Commerce?

    Yes, you can settle your loan before it's due. Nevertheless, there will be an early payment processing charge of either ₱500 or 8% of the outstanding principal balance.