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Loan Application Guide: Top 3 Personal Loans That Can Save You
Top 3 Personal Loans That Can Save You
Tough times may require extra cash, but having it readily available isn’t always possible. Emergencies, unpaid bills, medical expenses, and tuition fees can become overwhelming. A loan can be a helpful financial solution to get through these situations.
Minutes to Read: 6 minutes
Age Bracket: 21 – 40 years old
What is a Personal Loan?
A personal loan is money borrowed from a bank, online lender, or financial institution with an agreement to repay it in fixed monthly installments, including interest, over a set period. Since it is an unsecured loan, no collateral is required, but approval largely depends on your credit score. Unlike other types of loans with specific purposes, such as mortgage loans for purchasing homes, personal loans can be used for various needs.
Key Terms to Know
- Principal Amount – The money borrowed that you agree to repay.
- Interest Rate – The cost of borrowing, expressed as a percentage.
- Loan Term – The period within which you must repay the loan.
- Monthly Payment – The fixed amount you pay each month until the loan is fully repaid.
Qualifications and Requirements
Before applying, ensure you meet the basic qualifications to avoid rejection. While requirements vary by lender, here are the general criteria:
General Qualifications
- At least 21 years old.
- Filipino resident or local resident foreigner.
- Minimum gross monthly income of ₱21,000.
- At least one (1) year of continuous employment (self-employed applicants should have a business operating for at least a year).
- Some lenders require an existing credit card.
Common Loan Requirements
- Completed application form.
- At least one (1) valid government-issued ID.
- Proof of address.
- Income documents (varies for employed and self-employed applicants).
1. CIMB Bank Personal Loan
CIMB Bank offers a fully digital loan application process that takes just 10 minutes. It is one of the easiest personal loans to apply for with minimal requirements.
Loan Details:
- Loanable Amount: ₱30,000 – ₱1 million
- Interest Rates: 1.12% – 1.95% (monthly add-on)
- Loan Term: 12 – 60 months
- Approval Time: 24 hours, disbursement within 1-2 banking days
Eligibility Criteria:
- At least 21 years old (max 65 upon maturity).
- Philippine resident with an active mobile number.
- Minimum gross monthly income: ₱15,000.
- At least six (6) months of employment for salaried applicants; one (1) year for self-employed individuals.
How to Apply:
- Download and install the CIMB Bank PH app.
- Select “Open an Account” > “Personal Loan.”
- Fill in required details and upload proof of income.
- Verify identity via selfie check and submit the application.
- Upon approval, accept the offer to receive the loan disbursement.
2. Citi Personal Loan
Citibank provides fast approval in as little as 24 hours and allows borrowers to access up to ₱2 million for personal needs.
Loan Details:
- Loanable Amount: Up to ₱2 million
- Interest Rates: 26.9% – 30.9% per annum
- Loan Term: 1 – 5 years
- Approval Time: As fast as 24 hours
Eligibility Criteria:
- 21 – 65 years old.
- Filipino resident or local resident foreigner with a valid Philippine address.
- Must have a Taxpayer Identification Number (TIN).
- Must be a Citibank principal credit cardholder for at least three (3) months.
- Minimum annual income: ₱250,000.
How to Apply:
- Visit Citibank’s online loan application page.
- Complete the online application form.
- Expect a verification call from a Citi officer within a day.
- Email the required documents for processing.
3. SSS Salary Loan
The Social Security System (SSS) provides a salary loan for its members, which serves as short-term financial assistance for emergencies.
Loan Details:
- Loanable Amount: Up to twice the average of the last 12 monthly salary credits
- Interest Rate: 10% per annum
- Loan Term: Up to 24 months
- Processing Duration: 2 – 3 weeks
Eligibility Criteria:
- Must be an active SSS member with updated contributions.
- Employer must be updated with contributions (for employed applicants).
- At least 36 months of contributions (6 within the last 12 months) for a one-month loan.
- At least 72 months of contributions (6 within the last 12 months) for a two-month loan.
How to Apply:
- Submit a loan application at the nearest SSS branch.
- Members with a My.SSS account can apply online.
- If the employer applies on behalf of the member, the request must be certified through their My.SSS account.
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