Seamans loan in the Philippines

The people who have dedicated their lives to sailing, didn’t use to have problems with the financial situation. Because it is considered that this profession is rather gainful. The reason is that the marine labor is very hard, the person suffers different inconveniences, related to bad weather conditions. The conditions of life, nutrition are not so good too. Besides, not everyone is able to hold up such a long separation from their relatives. The salary, visiting other countries and regions, romances of the sea and much more are undeniable advantages of the work. However, no matter what the big salary would be, still sometimes you need more money (to buy an apartment or a car). Or before leaving for the voyage, is necessary to leave money for the family to live. Not all banks issue loans to people who spend most of their time away from land. How to make loans for the seamen, what is required, and where to do it, let’s review further in this article.

The advantages of crediting

There are credit lines that are aimed at giving money to seamen and their family members. The credit conditions are developed for the Philippine workers in the maritime industry. The advantage of loans for the seamen are:

  • extradition of money in a certain currency;
  • small interest rates on loans;
  • fast loan processing;
  • possibility of repayment after returning from a long-term business trip;
  • the credit can be issued to any member of the seaman’s family.
PERSONAL AND BUSINESS LOANS IN METRO MANILA
EasyCash

EasyCash

PERSONAL AND BUSINESS LOANS IN METRO MANILA

interest rate
for per day
PHP 5000 - 10000
from 30 to 60 days
(4,1/5) 181 voice
APPLY TO BORROW MONEY ONLINE IN PHILIPPINES AND GET A FAST ONLINE LOAN IN 15 MINUTES!
Monily

Monily

APPLY TO BORROW MONEY ONLINE IN PHILIPPINES AND GET A FAST ONLINE LOAN IN 15 MINUTES!

interest rate
for 1% per day
PHP 2000 - 20000
from 65 to 90 days
(5/5) 498 voice
Receiving money in any way 24/7!
Robocash

Robocash

Receiving money in any way 24/7!

interest rate
for 2,18 % per day
PHP 1000 - 25000
from 7 to 30 days
(4.98/5) 1342 voice
Guarantee of a loan on a card!
Cashwagon

Cashwagon

Guarantee of a loan on a card!

interest rate
for 2% per day
PHP 2000 - 20000
from 10 to 30 days
(4.11/5) 398 voice
The most convenient loan!
Cash Mart

Cash Mart

The most convenient loan!

interest rate
for 0,8% - 3,5% per day
PHP 5000 - 30000
from 7 to 30 days
(4.33/5) 489 voice

Where is it better to take a seaman loan bank?

As a rule, all requirements are similar, regardless of the purposes of the loan. Some banks offer loans on their own terms, slightly different from standard ones.

Bank of the Philippine Islands (BPI)

BPI offers a variety of credit opportunities for seafarers. This includes a personal loan of up to 1 million pesos, as well as a housing loan and a car loan. To apply, you must be a citizen of the Philippines and over 21 years old (but you must be no more than 60 years old at the time of repayment). You must also submit a government certificate and a current employment contract with the date of boarding.

BDO Unibank (BDO)

BDO created the Asenso Kabayan Program to provide financial assistance to seafarers who want to apply for a targeted or personal loan. The requirements for a BDO bank loan are as follows: the borrower must be at least 25 years old, but not older than 65 years by the time the debt needs to be returned to the bank. The loan may be issued for two or three years for skilled marine workers.

Philippine Savings Bank (PSBank)

PSBank is also engaged in providing Philippine seamen with funds for various needs. In addition to the basic requirements, such as age and duration of work, do not forget to submit your work contract, proof of payment for flights for at least three months and a consular certificate of employment.

Savings Bank RCBC (RCBC)

This organization offers quick seaman loans, regardless of whether they need funds to buy housing, a car, or for personal needs. The bank also provides flexible terms to simplify the payment process. Credit rates here are set individually.

Security Bank

The bank offers housing loans and car loans for seafarers. The requirements are as follows: you must work abroad for at least 2 years and be at least 21 years old, but not older than 65 years old on the day the loan is repaid. Borrowers must earn a gross family income of at least 20-50 thousand pesos, depending on the purpose of receiving funds. The term of payment is from a year.

Metrobank

This bank provides loans to Philippine seamen between the ages of 21 and 65 who have a permanent dwelling for the past five years. The borrower must work in the current company for two years. You can get from 250 000 pesos. Also note that you will have to pay a processing fee of 1 500 pesos.

SSS

In accordance with the requirements of the SSS, you can get a seaman loan, if you meet the following conditions:

  • Currently, a contract has been concluded with you, executed through a POEA or confirmed by the country’s embassy abroad
  • You are a Philippine citizen working at sea, but your family is in the territory of the country.
  • You are a valid member of the SSS Fund.

PAG IBIG

The potential recipient of the loan for seafarers must be:

  • Member of the Fund PAG-IBIG.
  • Made mandatory monthly membership payments (MS) of at least 24 months.
  • Prior to the date of application for the loan, there should have been at least 5 monthly contributions for the last 6 months.
  • Not having any other unpaid loans.

Requirements for loans for seamen

The main requirements are a passport, a work contract (valid at the moment of issuance of the loan), a book of the seaman, marriage certificate (in case the seaman is married) and birth certificates of his kids (if he has any). Almost always, a confirmation of his wages is necessary too, so the creditor understands the real possibility of repayment of the amount stated by you.

How to make loans for the seamen to be approved

After submitting your documents, the company, where you have applied for the loan, checks the authenticity of all documentation, makes all the necessary verifications and makes a decision of an easy approval of the loan or its refusal. To avoid the latter, try to present all the declared documents, and to convince the organization of fairness and exact terms of repayment.

The term of loan

The length of time for loan repayment may vary from 30 days to several years.

One-time commission and conditions

It is sometimes called a loan issuance fee. This is a small fee that can be deducted from the total loan amount or added to the amount you have to pay monthly. Its size can range from 1 500 to 5 000 pesos.

Conditions for obtaining a loan

As it was mentioned before, the basic conditions include a set of documents and a contract with the crewing company, because it confirms that you will go to a voyage. A loan can be arranged both for the seaman and his close relatives.

How can you return a loan

Given the conditions of the contract of providing money for a loan for the seamen, there are several ways to pay it off. Depending on the type of loan, if it’s long-term or not, you can pay it off in installments, using transfers in an electronic bank or pay off the entire amount immediately after arriving from a voyage. You can also issue an authorization to a co-signer who will take care about the liquidation of the loan.

Anyway, a loan for the seamen is a convenient option, which allows to provide the family with money immediately and ahead, before receiving the money for the voyage. Or to buy expensive things or real state, without waiting for accumulation of the necessary amount. The main thing, what you should pay attention to is to make a deal with a verified organization.
 

LOAN AMOUNT
FEE
TOTAL REPAYMENT

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