All You Need to Know About the BPI Personal Loan

Last updated: March 24, 2023

Written by: Joshua Morales | Reviewed by: Mark Anthony

Key takeaways:

  • BPI is one of the biggest banking institutions in the Philippines. It is a great credit line.
  • It has millions of clients, but it also has strict policies about loans.
  • If you applied for a loan in BPI, and did not get approved, one alternative that you have to consider seriously is Digido.
  • It is 100% online. It is fast and convenient, and it is easy to get approved provided that you have met the requirements.

A personal loan comes in handy if there is something that we need to buy, and yet we do not have the funds. The good thing about a personal loan is that banks do not really ask you how you would spend it — like what BPI offers. Today, we will learn more about a BPI personal loan. We will also show you how to apply for it and what possible reasons can get you declined.

How Can I Get a Personal Loan in BPI?

The only way you can get a loan like this in the Bank of the Philippine Islands is to go there and then apply for one. Before you do, you can read more about the loan on BPI’s website.
In their website, you will find out about the following features of the loan:

  • Benefits of applying for the personal loan;
  • Documentary requirements;
  • Interest rates.

The bank’s website also offers a calculator. You can type the details of the loan, and you will see who much you have to pay on a monthly basis. The BPI personal loan calculator will essentially tell you the BPI personal loan interest that you have to pay on top of the principal.
You can also download the BPI personal loan application form at the website. This way, you can fill it up at home and then merely submit the documents at their office once you get there. If you have any questions about the loan, there is a BPI personal loan contact number 889-10000 to help clients.

→ Also read all about Easy cash money loans

BPI Personal Loan Requirements

The first requirement is that you fill out the application form and submit it to a bank branch representative.
Here are the other BPI Personal Loan requirements if you are an employee:1. An identification card at the government – this ID must contain your photo, so you have to prepare your SSS card, driver’s license, and others.2. Payslip – you need to provide at least three months’ worth of payslip of your employer. This is the evidence of your earnings and your capacity to pay. If you have no payslip, you can present your latest income tax return.If you are self-employed like if you are a doctor or a professional practitioner, you also have to provide the first two requirements stated earlier.
On top of that, you have to provide your audited financial statements for the last three years. This financial statement is normally something that your accountant prepares for the Bureau of Internal Revenue.
You must also give BPI a copy of your business registration that comes  either the Department of Trade and Industry or the Securities and Exchange Commission.
If you are an Overseas Filipino Worker (OFW), the requirements are the following:

  • Government ID;
  • POEA contract or your employment contract at your agency; this must contain the start date of your employment for OFW loan online.

On the other hand, it is possible that you are a direct-hire OFW. In this case, you have to submit your government ID and the following:

  • POEA contract;
  • Overseas Certificate of Employment;
  • Latest Employment Contract;
  • Consularized Certificate of Employment;
  • Proof of remittance for the last three months.

These are just the basic loan requirements. There are other requirements that the bank needs, such as absence of any criminal record or a good credit standing.

Apply now

→ Also read all about phone loan apps

BPI Personal Loan Interest Rate

So, how much is the BPI Personal Loan interest rate?
The interest rate of the personal loan varies, and it depends on the tenure of your loan. The standard interest rate is 1.20% of the loan’s principal per month.
So, the total interest rates per tenure are as follows:
12 months – 25.6%
24 months – 25.74%
36 months – 25.59%
48 months – 25.33%
60 months – 25.03%

As you can see, the interest rate for the loan on any tenure is roughly 25% per month. Use the BPI loan calculator to find out your interest rate. If you loaned 1 million pesos, you would be paying roughly 250,000 pesos per year on interest.


  • How long does BPI personal loan take?
    The loan approval process takes 5 to 7 business days.
  • What is BPI charges in personal loan?
    Минимальная единовременная плата за обработку составляет Php 1 500.
  • How can I pay my BPI Loan Online?
    Yes, it's easy. Log in to BPI Online or BPI Mobile and select "Pay Bills."

→ Learn more about Loans With Bad Credit Score

How to Get a Renewal in BPI?

To get a BPI Personal Loan renewal, you have to go to the bank and speak to the manager. You have to explain your situation, and the bank is going to extend your loan.
Since this loan has no collateral, the bank is not going to seize any of your assets. Your loan renewal application is certainly going to be approved.
Take note, however, that the loan interest is also going to increase. As your amortization length goes longer, you will also pay more on interests.

→ Learn about Fast Loan in 15 Minutes

Why did I Get Refused a BPI Personal Loan?

There are several possible reasons why your loan was not approved. Some are explained below, but there are other possible reasons why the bank is not going to disclose to you.

  1. You are over 60 years old – at this age, you are likely to retire. As such, you will no longer work, and the bank may think that you will not have the capacity to pay.
  2. You live further than 30 km near the BPI branch – bank branches have areas of coverage. If you are too far, they are not likely to approve our loan. To get better approval chances, you must apply to the nearest branch of BPI at  your home.
  3. You can’t come to the office and sign documents – You cannot apply for BPI Personal Loan online. BPI requires all applicants to go to the branch for an interview and identity check. This ensures that you are who you say you are. It is a part of a security procedure to avoid identity theft.
  4. You need a loan for less than 1 year – BPI cannot charge you its full interest potential if you loan for less than a year. As a bank, it has to make a profit. The bank uses this profit to pay for their expenses, such as salaries, utilities, taxes, etc.

It is also possible that you are not ready to wait for 5-7 days for the loan decision. BPI needs some time to validate your identity, and then analyze the risk of lending money to you. If you tell during your interview or if you put in your application that you are not willing to wait, it is not likely that BPI is going to approve your loan.

I want to borrow ₱ 10000
Min: ₱ 1000
Max: ₱ 20000
Payment Terms 10 days
7 days
21 days
My Monthly Gross Income ₱ 20000
You return*: 10 000
All your data is under secure protection!
We recommend taking a loan!

* Interest payments are approximate. The final loan amount and interest rate must be confirmed in your loan agreement after loan approval.

→ Learn What to do if you need cash fast in the Philippines

Alternatives for BPI Personal Loan

If the terms and conditions of BPI are not suitable for you, you may want to consider an alternative. What we can recommend is Digido.

Digido is an online loan company that you can get a personal loan online. You no longer need to queue to get a cash loan. All you have to do is to submit your documents online.
Here are the advantages of applying for a loan via Digido:

  • High age limit – you cannot apply for a loan at BPI if you are 60 years old and above, but you can do it with Digido. Here you can get a quick loan, if you are under 70 years old.
  • Fast process – you can get approved in Digido in 24 hours; you do not have to wait for between 5 and 7 business days.
  • Online application – you do not have to go to a Digido office to apply for a loan; what you have to do is to send your documents online, and they will also notify you via email or mobile if you are approved.

All operations are performed online - you don't have to leave your house
In only 4 minutes you can receive up to 5000 pesos in your bank account
We don't require guarantors representation, documentation, or guarantee deposits.
The service is fully automated

Read how to get cash loans in 1 hour in the Philippines

Digido offers more advantage to you as a borrower. Unlike BPI, it does not charge huge fees. Also, Digido allows you to get a loan which you can pay in less than a year. BPI does not do that.
In addition, BPI and other banks charge an early termination fee if you decide to pay your loan in full before the maturity date. With Digido, you do not have to worry about too many fees.
And here are the requirements to be able to loan:

  • You must be a Filipino citizen; you can prove this with a government ID;
  • You have to be between 21 and 70 years old;
  • You must be employed or have a legitimate source of income;
  • You must have a working mobile phone number.

As you can see, getting a loan at Digido is much easier. The application process is fast, and it is likely that you get approved. However, the loan amount is also small. You cannot loan millions of pesos in Digido.
To apply for a loan in Digido, just go to their website, and fill out the application form online. Get prepared to take a picture of your IDs and other documents, and then just attach these pictures in your online application form.

Apply now

→ Learn about Multi-Purpose Loans in the Philippines

Digido Reviews

  • Erica
    I tried Digido out of curiosity. To cut to the chase, Digido is ideal for "petsa de peligro" days. It's almost payday but also your bills is on due date because they have short payment terms (I was given 7 days term for my first loan). You can get approved as fast as 30mins and the loan will reflect immediately.
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    I loved Digido not just the app but for the whole experienced that I had in applying for a loan. Hassle free and loan disbursement is as quick counting 1-2-3.
  • Honeyleth
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Written by: Joshua Morales

Author pages:
Joshua Morales is the head of Customer Care Dept. and Online Sales Dept. of Digido Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Joshua also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.

Reviewed by: Mark Anthony

Author pages:
Mark Anthony is, the Finance and Accounting Manager. of Digido Finance Corp., monitoring and controlling the flow of cash that comes in and out of the company to meet the company’s business needs, preparing the financial reports and analysis of income and expenses, and monitoring tax compliance.