Seaman's Loan

This loan product is specifically designed and created to seafarers and/or sea-based overseas Filipino workers who are in need of financial assistance. There are no restrictions in general on what are the purpose or project a seaman/borrower wants. He can avail this credit facility if he needs for housing construction/ repair, capitalization of business, medication, education, other debt repayments/consolidation, purchase of vehicle, properties, personal or family consumption and the like. Most careers and profession in demand are nautical and marine. In this connection, RB Dumangas is highly supporting this type of profession wherein the major objective is to help the financial and family needs of each seafarer in the area through this type of credit facility.

Additional Qualifications

First timers and old timers are accepted Professional or not professional as long there's a proof of employment contract as a seafarer 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 end of employment contract.

Terms

3 months - 10 months (Co-terminus with contract) to start 60 days from the date of Departure.

Interest Rate

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

Loanable Amount

200% of combined 1 month basic salary, guaranteed overtime (GOT) pay allowances (monthly), but not to exceed P 200,000.00

Security

Postdated Checks (PDC)

Mode of Payment

Monthly