QUICK GUIDE HOW TO PROCESS AN OFW ONLINE LOAN IN THE PHILIPPINES

Being based abroad limits our OFW means and capabilities to communicate their needs to various financial institutions here in the country. This is when websites such as SLBrokerage Advertising Agency and SLBrokerage Facebook Group come in handy for consultation.

An OFW Loan is an unsecured loan available for both land-based and sea-based Kabayans. For land-based applicants, who are currently working abroad can still avail themselves as long as the basic salary is P40,000. However, for sea-based OFWs, it is used to be strictly required to be on Philippine soil during the loan application process but with the new process even if an onboard can also avail of the loan. A basic salary of P25,000 is required.

A Kabayan abroad can avail up to 100% of the basic salary with a cap of P150,000.  While Land-Based OFW who is on the Philippines soil can avail up to 200% of the basic salary with a cap of P250,000.

On the other hand, a Sea-Based on board can avail up to 200% of the basic salary with a cap of P300,000. While Sea-Based who is on the Philippine soil upon application can avail up to 200% of the basic salary with a cap of P700,000.

Loan application commences upon submission of the complete set of documents. Usually, approval would take within 1 to 3 working days. 

Monthly interest ranges from 1.99% to 2.50% with a flexible loan term of 12, 18, 24, and 36 months to pay. 

Make sure to have your documents handy. Some of the requirements are listed below. 

Land-Based Personal Appearance

• Valid ID of the OFW 
• Valid passport of the OFW
• Proof of billing under the name of the OFW otherwise needs to secure proof of residence. Must be electricity or water only.
• POEA validated contract 
• OEC/OEC Exemption 
• Valid Entry Visa/Resident Card/Work Permit
• Ticket/flight details
• 2 valid IDs of the co-borrower
• Proof of billing of the under the co-borrower 's name otherwise needs to secure proof of residence. Must be electricity or water only.

Land-Based with Authorization ( remittance beneficiary as principal borrower)

• 2 Valid IDs of the principal borrower
• Proof of billing under the name of the principal borrower otherwise needs to secure proof of residence. Must be electricity or water only.
• POEA validated contract 
• Valid passport of the OFW
• Arrival stamp (abroad)/ Used ticket /Boarding pass
• Valid Entry Visa/Resident Card/Work Permit
• Authorization letter
• 3 months latest remittance

Sea-Based Personal Appearance

• Valid ID of the seafarer
• Valid passport of the OFW
• Proof of billing under the name of the OFW otherwise needs to secure proof of residence. Must be electricity or water only.
• POEA validated contract 
• OEC
• Seaman's book
• Sea service record /Lates embarkation and Disembarkation
• Seafarer's Registration Certificate/E-reg
• Ticket/flight details
• Allotment certificate
• 2 valid IDs of the co-borrower
• Proof of billing of the under the co-borrower 's name otherwise needs to secure proof of residence. Must be electricity or water only.

Sea-Based with Authorization ( remittance beneficiary as principal borrower)

• 2 Valid IDs of the principal borrower
• Valid passport of the OFW
• Proof of billing under the name of the OFW otherwise needs to secure proof of residence. Must be electricity or water only.
• POEA validated contract 
• Seaman's book
• Sea service record /Lates embarkation and Disembarkation
• Seafarer's Registration Certificate/E-reg
• Authorization letter
• 2 valid IDs of the co-borrower
• Proof of billing of the under the co-borrower 's name otherwise needs to secure proof of residence. Must be electricity or water only.
• 3 months latest allotment

With such a variety of available loan options, OFWs can have peace of mind that their families live a comfortable life even if they are continents apart.

Interested to apply for an OFW loan? Contact us to consult. Click here.