OFW (Seaman's) Loan
Gives financial access to OFW’s and its family members maximizing usage of their allotment providing them susceptibility to invest
Target Clients:
1. Granted ONLY TO seaman with monthly allotment.
Term: Maximum of 1 year but the maturity of loan must not exceed the term of employer's contract of the OFW.
Loan Amount: Maximum of 60% of its monthly allotment not exceeding 400,000.00.
Mode of Payment: Monthly
Qualified Applicants:
1. The OFW must be the spouse, parent and child.
2. The OFW must have a valid work contract abroad.
3. The OFW must authorize the application of relative whom he/she is sending the allotment and the purpose of its application.
4. The OFW and the applicant must be a Filipino Citizen.
5. Must have personal properties that can be a safety net of the bank.
6. If an 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.
Qualification Requirements:
1. 2x2 or 1x1 ID Picture
2. Valid Photo Bearing ID
3. Crew or Employment Contract of the OFW
4. Copy of Passport of the OFW / Copy of VISA (for VISA required countries)
5. Proof of relation between the OFW and the loan applicant. If spouse, marriage contract. If parent of child (birth cert. of child)
6. SPA or Attorney or Dated and Signed Authorization for the applicant to apply a loan.
7. Photocopy of passbook or ATM where monthly allotment is sent at least 2 months continuous proof of allotment
(most recent and under the name of the client beneficiary who is the applicant.)
8. Allotment Certificate / Slip (if applicable)
9. Proof of income to support living and other expenses (if necessary)
10. For personal properties – proof of ownership / OR CR for vehicle
11. Signed affidavit of Voluntary Surrender (ATM / Passbook)
12. Authority to Debit
13. One (1) qualified co-maker (with valid photo bearing ID, proof of income & cashflow
14. Life Insurance