How are your finances? Is it high time that you should be getting a Maybank personal loan or its lesser counterpart? If you are planning a whole different direction for your lifestyle and financial behavior, you should take a look at the different personal loan products that you can avail here in the Philippines. Whether you are looking to start a business, go back to school, or just purchase a sound investment, getting a personal loan can help you in that department.
Once you have found the personal loan product just for you, you should take note of the Annual Percentage Rate or APR. This is a heavy point of consideration especially if you are looking to apply for the loan in long-term payment terms.
Check out the list below for more!
Maybank “Enable” Personal Loan
APR: 13.2%
As one of the most reliable banks in the country, getting a Maybank personal loan only makes sense. This loan product offers a fixed interest of 1.10% which is an add-on to their prospective borrowers. On top of that low-interest rate, the payment terms are also flexible because you can take responsibility for it in the span of 12, 18, 24, or 36 months. You can apply for a loan in a range of Php 50,000 to Php 1 Million. Of course, this will still depend on your credentials and your monthly source of income, subject to the bank’s approval.
SSS Salary Loan
APR: 10%
As a governmental body, the Social Security System can help you get a loan. SSS members would be able to borrow a fraction of their 1 month or 2 months’ salary depending on the number of your contributions. The minimum number of total monthly contributions required for this type of loan is approximately 36 months. These kinds of loans are also offered in flexible payment terms because these are payable within two years. Payments can be made through auto-deduction on your pay or self-payment. Keep in mind that your salary amount is a great indicator of your approval for this loan.
Pag-IBIG Salary Loan
APR: 10.75%
Pag-IBIG salary loan is considered as a multi-purpose loan. If you are a Pag-IBIG member, you can ask for a loan application. However, the amount you can receive is dependent on the contributions that you have already made. This salary loan would not exist if you do not have contributions so you should ask the proper contact person to help you avail a Pag-IBIG loan.
BPI Personal Loan
APR: 25.6%
The Bank of the Philippine Islands (BPI) can help you apply for a loan with an amount starting at Php 20,000 up to Php 1 Million. With the necessary documents and collaterals, you can avail of this loan in no time. Additionally, you have to remember that applying for a loan at BPI also entitles you to open a bank account with them. If this is not something you would do, then opt out of this personal loan option.
Key Takeaway
Make sure that the personal loan that you choose will be there to cater to your wants and needs. Because personal loans have lesser risk and easily understandable terms and conditions, it would be easier for you to apply for these loan types. This point of comparison can definitely help you arrive at a wise decision so remember to review this list every now and then.
