The requirements for a personal loan in the Philippines typically involve a combination of citizenship, age, contact information, and employment status. These criteria ensure that applicants are eligible and capable of fulfilling their loan obligations.
Personal Loan Requirements for Employed Individuals in the Philippines
For individuals who are locally employed, financial institutions in the Philippines generally have specific requirements to qualify for a personal loan. These often include:
- Citizenship: Applicants must be a Filipino Citizen or Dual Citizen.
- Age:
- You must be at least 21 years old upon loan application.
- You must be at most 65 years old upon loan maturity. This means your age plus the loan term should not exceed 65 years.
- Contact Information: It is essential to have verifiable contact details, which include a mobile number, residence landline, or office landline.
- Employment Status: You must be locally employed at a company that is registered with the Securities and Exchange Commission (SEC). This demonstrates a stable source of income and employment.
Meeting these fundamental criteria is the first step toward securing a personal loan. Lenders assess these points to gauge an applicant's capacity to repay the loan and to minimize risk.
Key Eligibility Criteria Overview
| Requirement | Details |
|---|---|
| Citizenship | Filipino Citizen or Dual Citizen |
| Age (Application) | At least 21 years old |
| Age (Maturity) | At most 65 years old (upon loan maturity) |
| Contact Info | Mobile number, residence landline, or office landline |
| Employment | Locally employed at an SEC-registered company |
It's important to note that while these are common baseline requirements for employed individuals, specific banks or lending institutions may have additional criteria or require a minimum income level.
