Student loan Philippines

Not a single student is insured against financial difficulties when entering college. There are many programs for the financial support of students, which help them to get a full education.

College education is the dream of many Filipinos, as it offers great promise. However, it is often about money. Some Filipino students are supported by parents or relatives, but many of them pay for their own education. For example, some students in the Philippines take part-time jobs. However, there is another option – to get a student loan.

Student loan Philippines

Student loan benefits

Student loan card has several benefits. The first thing to emphasize is the possibility of obtaining the required amount without providing a large package of documents. Most of the organizations issuing loans for students do not require proof of income. This is logical, since the only source of income for Filipino students is a scholarship. To receive a loan card, a potential borrower does not have to provide payment orders, certificates of employment, as well as documents such as DTI and SEC.

Another advantage of this service is its availability. Today, great banks for students are ready to lend without special requirements. In particular, this service is provided by such companies as BDO, Pag-IBIG Fund, BPI, Metrobank, Security Bank, PSBank, RCBC and SSS.

The advantages of a loan for a student should also include the fact that this service will allow students to begin the formation of a credit history. Given the simple conditions of obtaining a student loan, they will not have problems with getting approval. Repayment of the loan in time will allow young Filipinos to get the first positive record in the credit history. This step will allow them to draw up loans for much larger sums.

It is worth adding that young people wondering where to get student loans for college can get a loan to solve any financial problems. Such a loan can be issued for emergency payment of medical bills, repairs, purchase of household appliances, etc.

  • Flexibility. Loans for students offer more flexibility, easier terms and conditions than ordinary loans do. This applies to public and private lenders.
  • Low loan costs. Borrowers adapt their products and services specifically for college students. Government loans don’t include a fee for a loan formalization and often don’t provide penalties for early repayment.
  • Low interest rates. This is the prerogative of state sponsored programs. Private lenders offer different interest rates, depending on a borrower and the individual loan agreement.
  • Assistance in a credit history building. For most young Filipino people, a student loan is their first major financial transaction in life. This is a great opportunity to start building a positive credit history.
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Where is it better to take a sdetunt loan

Student loan PhilippinesNowadays in the Philippines, a large number of credit institutions offer this financial solution. They provide students and their families with a bright future. Among them there are the following:

  • Development Bank of the Philippines with its program of providing educational loans to students;
  • Programs like “Education today and payment afterwards” offered by various private universities and colleges;
  • The social security system of the Philippines;
  • Private lending organizations.

Lenders offer borrowers flexible payment terms and cash getting options. Money can be received, as a rule, within two days to a bank card, in cash in an office or by a bank check.

Banking Security Corporation

Student loan PhilippinesThis is one of the leading universal banks in the Philippines, serving private, corporate, institutional and commercial customers. Founded on June 18, 1951, it was the first private bank controlled by the Philippine authorities after World War II.

The bank specializes in retail, commercial and corporate banking, as well as in financial markets. It offers a wide range of services, including financing, leasing, foreign exchange and stock brokerage, investment and asset management through its many subsidiaries.

The bank offers a housing loan at a rate of 5.25%.

Benefits:

  • lowest interest rates in the market;
  • loan in amount of up to 80% of property value;
  • quick approval – within 5 banking days;
  • repayment period of up to 20 years;
  • minimum monthly income of 50,000 Philippine pesos;
  • minimum loan amount is 1,000,000 Philippine pesos.

Consumer credit from the bank can be directed to rehabilitation, education (student loan), repayment of other loans, family holidays, improvement of living conditions, repair or purchase of a car.

Student loan Philippines

 

Benefits:

  • minimum loan amount is 30,000 Philippine pesos;
  • maximum loan amount is 1,000,000 Philippine pesos;
  • repayment period is up to 36 months;
  • time for a decision making on a loan issuance is within 5-7 banking days.

A car loan guarantees flexible payment terms, quick and easy approval. It can be directed to the purchase of a new or second-hand car, the damages compensation to a car owner or the refinancing of a car loan.

Benefits:

  • loan amount is up to 80% of the purchase price;
  • payment term is from 12 up to 60 months;
  • first instalment is at least 20% of the purchase price;
  • maximum service life of the car is 11 years;
  • time for a decision making on a loan issuance is within 1 banking day.

Philippine Development Bank

Student loan PhilippinesIt is the state-owned bank headquartered in Makati, Philippines. This is the seventh largest bank in the Philippines by total assets. In 2016, the bank owned assets in the amount of 483 billion Filipino pesos. It is the second largest state bank after Landbank. It owns 114 branches and 15 regional marketing centers in the country.

The Development Bank of the Philippines provides banking services to agricultural, industrial enterprises, performs all functions of a savings institution. Its main areas of financing are infrastructure, logistics, social services, small and medium businesses, and the environment.

It offers deposit, investment products and services, as well as money transfer services.

The peculiarity of the bank is the availability of a program for providing students with educational loans. The goal of the program is to provide students with access to higher education and well-paid work.

The items of expenditure on the program are the following: tuition fees, food and accommodation, books, clothes, travel expenses, payment for airline tickets.

A student loan amount is up to 90% of the total cost, but not more than 150,000,000 Filipino pesos per one educational institution.

The loan repayment period is up to 8 years, including the 4-year grace period. Interest rate can be marketing, floating or fixed. The tax on gross income is paid by the educational institution.

Other expenses:

  • commission of 0.5% per year for the unused portion of the loan;
  • one-time initial fee of 0.5% for the approved amount;
  • stamp duty on documents;
  • penalty for early repayment of 3% on the balance of the main debt;
  • additional fee of 1% per year if the average daily account balance is less than 3% of the balance of the principal loan debt.

BDO

Student loan PhilippinesBDO is a universal bank that provides loans to meet almost any financial needs. The peculiarity of this bank is the fact that it credits not only Filipino students, but also foreigners who have lived in the Philippines for more than 2 years. BDO carries out a one-time payment to the card. The minimum loan amount is 10 thousand Philippine pesos. This bank transfers to both MasterCard and Visa cards.

Pag-IBIG Fund

Student loan PhilippinesThe refinance student loans is also provided by the Pag-IBIG Fund. This organization provides loans exclusively to its shareholders. But thanks to this, minimum requirements are imposed on share fund customers. Borrowers are required to provide proof of university or college tuition and passport data.

 

BPI

Student loan PhilippinesBPI is considered one of the most popular banks in the Philippines. This institution provides a huge amount of financial services to various segments of the population. In particular, students have the opportunity to get a loan on a bank card at 3.5% per month. The reason to contact this bank is the presence of official representative offices in all major cities of the Philippines.

Metrobank

Student loan PhilippinesThe list of the best banks for lending students would be incomplete without Metrobank. This financial institution has established a number of educational projects. Through this approach, students can count on easy loan approval and minimum requirements to borrowers. Metrobank is ready to make a one-time payment to the card of borrowers in the amount of 12 thousand Philippine pesos.

PSBank

Student loan PhilippinesStudents who are clients of PSBank can also count on easy approval. This banking institution specializes not only in deposit services, but also in short-term lending to students of Philippine universities. The advantage of the Philippine Savings Bank is low interest rates and the availability of various ways of repaying borrowed funds.

SSS

Student loan PhilippinesThe last lender in this review is Social Security System. This state financial organization specializes in short-term lending of students. The maximum loan term in SSS is 2 months. The minimum student loan amount is 10 thousand Philippine pesos. The loan interest rate for students – 3.54% per month.

Student loan requirements:

Student loan Philippines

  • proof of monthly family income;
  • certificate of the resident;
  • photo 1×1 inch;
  • employment record, work experience;
  • photocopy of the employee’s passport;
  • payroll sheet of borrower for the previous 3 months;
  • correctly filled out loan application form.

Interest rates on a student loan differ from other types of loans, because the target market consists of students. The terms and conditions may affect the interest rates.

How to make a student loan approved

In order to get a positive decision on a loan, you must meet all the requirements of a particular credit institution. The main thing is to correctly fill out the necessary documents. The presence of a co-borrower can be an advantage. Also, students are assisted

Student loan PhilippinesPrograms, sponsored by the Philippine government, try to help students, despite their large number. In order to get an instant student loan, you must have a certificate of secondary education.

It is necessary to fill out the loan application correctly, specifying all data. Sometimes a payment document from the school is required. You may need to confirm that you really need a loan. Each student assistance program is individual.

If you want to get a student loan in the Philippines, but you have a bad credit history, this may complicate the process.

Conditions for obtaining a loan

Student loan PhilippinesTo obtain a student loan, you need to tentatively submit an application and determine the amount of the loan. It is worth considering that students can count on short-term loans in the amount of 10 to 20 thousand Philippine pesos. The interest rate on such loans ranges from 3% to 4%.

How can a loan be repaid

Students can return the loan in different ways. Each borrower has his own options. The main thing is not to forget about the payments and to make them on time in order to avoid fines.
 

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