Overseas Filipino Worker Allotment Loan (Sea-based)
Gives financial access to OFW's and its family members maximizing usage of their allotment providing them susceptibility to invest.
Granted ONLY TO seaman with monthly allotment
The OFW must be the spouse, parent, and child.
The OFW must have a valid work contract abroad
The OFW must authorize the application of relative whom he/she is sending the allotment and the purpose of its application.
The OFW and the applicant must be a Filipino Citizen
IF a ATM or Passbook has been authorized to be part of collateral to ensure monthly payment. “Affidavit of Voluntary of Surrender of ATM or PASSBOOK must be executed “or Special Power of Attorney which will be attached to the loan file
Term: Maximum of 1 year (not exceeding the term of the contract) Term of Sea Based OFW
Loan Amount: 60% of Allotment (shall not exceed to Php 400,000.00)
Mode of Payment: Monthly
1 valid photo bearing ID
2x2 or 1x1 ID Picture (4pcs)
Crew or Employment Contract of the OFW
Copy of Passport of the OFW worker / Copy of VISA for VISA required countries
Proof of Relations between the OFW and the Loan Applicant, If spouse Marriage Contract, If Parent or Child (Birth Certificate of the Child)
Special Power of Attorney or Dated and Signed Authorization for the applicant to apply a loan.
Photocopy of Passbook or ATM where MONTHLY ALLOTMENT is sent at least Two (2) months continuous proof of allotment (Most recent and under the name of the beneficiary who is the applicant)
Allotment Certificate/Slip (if Applicable)
Proof of income to support living and other expenses (If necessary)
For Personal Properties proof of ownership or/ OR & CR for Vehicle
Signed Affidavit of Voluntary Surrender and/or OR and CR with Signed Chattel Mortgage
Affidavit for Voluntary Surrender (ATM/Passbook)
Authority to Debit
One (1) qualified co-maker (with Valid Photo Bearing ID, Proof of income and cash flow)