I have first-hand experience in both of these banks when it comes to loans application. And I am also lucky enough to have been approved by them, respectively.
I tried Chinatrust salary stretch loan a year ago and started with a minimal amount. It was a very affordable start with a very affordable monthly due. And given my work in the call center, I did not have a hard time paying for my obligations with them.
As with BDO personal loan, I only started with them two months ago, and so far, I am not yet faltering with my payments.
But in perspective, which of the two is indeed better in terms of payment options, transaction convenience, and interest rates?
Personally, I cannot say the other is better than the other. But based on my experience, let me give you some points to ponder.
PAYMENT OPTIONS. Chinatrust requires submission of post-dated checks regardless what method you select on how you want to pay for your monthly dues. They accept over-the-counter payment thru their bank or even thru LBC, but again, issuance of post-dated checks will be required before you claim your loaned amount.
BDO, on the other hand, does not require this. You may choose to pay over-the-counter, via savings deductions if you have personal savings with them, or checks.
PAYMENT TERMS. Chinatrust only has 12, 18, 24, and 36 payment terms, while BDO has available options for 6, 12, 18, 24, and 36 months of payment terms.
BRANCH LOCATIONS. Chinatrust has very limited branches, though you can opt to pay via the nearest LBC which has hundreds of branches around Metro Manila. Whereas, BDO branches can be found in almost every nook and corner of the city and/or malls, and their banking hours is more flexible.
PROCESSING FEE. Chinatrust’s processing fee is P1,500, while BDO gets P1,300. This processing fee is deducted from your loan proceeds.
INTEREST RATES. Chinatrust can offer as low as 1.39%, while BDO can offer as low as 1.25%. Personally though, I like that BDO has this Interest Rate table on their website that allows you to calculate your monthly dues based on the terms selected accurately. In fact, when you fill-out their application form, you will be required to indicate the loan amount multiplied with the factor rate, and the monthly dues.
Chinatrust though has this loan calculator on their website, however, there is also a disclaimer that would say “rates may change.” Hence, you’d know your actual dues by the time they hand out the documents to sign once approved. Not sure though if you can ask them to do the math before you submit your application to know the loanable amount that would works best for you. But again, it won’t hurt to ask.
So there, I hope that helps a bit. Again, this is only based on my own experience with both banks, and to which I’d say are good experiences with them respectively. Up to you which one would work best for you.
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I am interested in applying for both. Did you apply thru an agent? can u recommend an agent for me , please? What about the requirements for BDO
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This is good reference and will surely help many people inquiring for a loan from those banks.
I would like to give a feedback on my loan application experience. I submitted my documents to an agent last Oct 6, 2011 and just like most applicants, I was expecting that my application will be processed in 3-5 business days. My application got denied due to lack of supporting documents and I asked the agent to reprocess after I gave the needed info. My experience became an unpleasant one when for the second time, I got denied again. I submitted docs again and got denied again. I know it is the banks protocol to check each and every information and I respect that. I submitted authentic documents and took time to go follow each and every task I was asked to do. To make this awful experience short,I got denied up to the 4th time. The last straw was when an underwriter/credit investigator called me and asked for my Payroll bank Statement information. I submitted authentic information I got from my bank. I didn’t expect to be denied for the 5th time! Fifth time! The reason for denial was my payroll bank account number doesnt match with my payroll. It appears to me that Chinatrust underwriters/credit investigators are NOT SKILLED enough to research or know the difference between authentic information from a fake one. I have had enough. I am a good payer, a good customer. Do a background check on me, on my bank accounts, on my credit card status and you will regret losing me as a potential customer. My loan in Banco de Oro got approved in less than 5 business days. No stress, no hassle at all. This may be an isolated incident but will serve as a stern warning to your potential customers. And by the way, Chinatrust’s call center is a challenge. Try calling them at 02-840-1234 and you’ll know why.
Gee… hope I read your article first, i doung myself doom when I realize they i acquire 1.44% interest for my 24 months salary loan … sad T_T
“may be an isolated incident but will serve as a stern warning to your potential customers. And by the way, Chinatrust’s call center is a challenge. Try calling them at 02-840-1234 and you’ll know why”
I know… and it hurts that I can’t reach them anytime i had questions in my mind. I was sad to claim this loan, i request to downgrade the loan to 50k for 1 year, yet not given the chance nor approved, 12k was the only allowable amount for 1year term…??… and so i requested for 2 year term. I expect that i can loan the 50k for 2 years yet not approved. (actually I was after for the free 3 months amortization that’s why I was asking for a loan and term of 50k for 1 year or 2 years)…I agreed to 49k for 2 years because I don’t have any options- with – 36% interest rate but on my calculations it reaches 44% without free amortization and left the bank with a poker face…( i hate my first loan ever)
Hello Lui. I would agree that the call center number is indeed a challenge that’s why I never call them. I’d rather go to the nearest Chinatrust branch if I have pertinent questions.