It is a common belief in the Philippines that if any family is working abroad, then it is supposed to earn oodles of money and is supposed to be heftily rich. But this is certainly not the case, as these families are working hard to earn a single penny and thus struggle to make their ends meet. Thus they might take help of OFWs sometimes in need of urgent requirement of money.
Purpose of Low-Interest Loans in the Philippines
Sometimes, the families might run short of money, in such a case the banks render loans on low-interest rates. Behind this, OFW Beneficiary Loans are available to those who are in dire need of money. To such people or families, banks offer OFW beneficiary loans. This is another simple way of providing a personal loan in the Philippines on lowest interest by the government of Philippines to their citizens.
This loan is available to those whose member of thefamily is working abroad and is not able to send money to the family due to any circumstances. This type of loan is best suitable for those whose main member of the family is working abroad but is not able to send money or does not have any financial income.
This is also called “Allottee Loan.” OFW loan is such a type of loan which although beneficial for the families whose income is not much to support, but this type of loan is an unsecured loan. The allottee is the one to file an application for such loan by submitting required and relevant documents which show that he/she is the beneficiary of the filed application. In such a case the applicant can now borrow minimum 15000 PHP to 150,000 PHP.
Best 5 Low-Interest OFW Loans
- Bank of the Philippines Island
If you have been working abroad or overseas for two years or more, along with a monthly income of 30,000 plus, then you may qualify for loan from this lending company for OFW. You must be above 21 years to apply for this loan.
- Home Development Mutual Funds OFW Loans
Pag-IBIG offers OFW loans for housing purposes to those who are above 65 years of age.
- Security Bank OFW Loan
Security Bank offers home loans which are easily available to those who have worked abroad for a minimum threshold of 2 years. These banks offer OFW loans on low interests.
- Philippines Saving Banks OFW Loans
OFW loans are available for purposes such as home loans which are available to the applicant whose member is working abroad for two years. The applicant must be between 21 to 65 years of age to apply for this loan.
- BDO Unibank OFW loans
BDO offers auto home loans. This is a unique feature of BDO’s AsensoKabayan Program by which the applicant can avail auto home loans and personal loans at low rates of interest.
The above options have made OFW loans convenient and easy.