Applying for any types of loan will involve your capacity to pay. In most cases, loans will require a specific monthly salary before you get approved. How much is the salary requirement for loan applications?
In the Philippines, the salary requirement to apply for loans may start from Php 20,000 to Php 50,000 per month. This is an average range depending on the type of loan that you wish to apply for.
Salary Rates By Loan Type
Here is a list of monthly salary requirement usually imposed by banks and lending companies.
Personal Loan – Php 20,000 per month and above
Car Loan – Php 30,000 per month and above
Housing Loan – Php 50,000 per month and above
Business Loan – Php 44,000 per month income and above
Lending Apps
Some lending apps may not require a monthly salary requirement. However, you need to provide as much personal details and capacity to pay documents when applying for these apps.
Requirements
When applying for any types of loans, it is best to prepare the documents right away for a smoother transaction. In the Philippines, loan application based on salary may require the following:
Salary Pay Slip
Income Tax Return
Certificate of employment
Billing Address
Where to Apply
If you have an existing bank account, it is an advantage to apply for a loan from the same bank. They can do credit check immediately and you have a better chance of getting loan approval. You can choose from any of the leading banks.
Asia United Bank
BDO
BPI
Bank of Commerce
Chinabank
Metrobank
RCBC
Security Bank
Unionbank
Lending Companies
Companies that provide loans may require collateral if you are not qualified based on salary rates. You should inquire from the nearest lending company to know more about their required documents.
Repayment Terms
If you have been approved for a loan, the repayment scheme will be based on your preferred duration. Some people may opt for as short as 6 months while others may need up to 20 years to pay for a loan, especially housing loan transactions.