OFW Loan

This loan product is specifically designed and created to land-based overseas Filipino workers who are in need of financial assistance. There are no restrictions in general on what are the purpose or project an OFW/borrower wants. He/she can avail this credit facility if he/she needs for housing construction/ repair, capitalization of business, education, other debt repayments/consolidation, purchase of vehicle, properties, personal or family consumption and the like. Most residents in the area are deciding to go abroad to provide a better future for their family. In this connection, RB Dumangas is highly supporting this type of source of living wherein the major objective is to help the financial and family needs of each OFW in the area through this type of credit facility.

Additional Qualifications

First timers and re-entry are accepted. Co-borrower must be the spouse or closed relatives and co-signatory of the checks. Term of loan must end not later than 2 months before the expiration of Employment Contract. With minimum monthly salary of P 20,000.00 Propose: 15,000

Terms

3 months - 12 months (Co-terminus with Contract)

Interest Rate

27% p.a. or 2.25%/monthly (including service fee charge)

Loanable Amount

25% of the monthly net pay times no. installment (term) but not exceed P 150,000.00

Security

Postdated Checks (PDC ) /ATM

Mode of Payment

Monthly