Wandergirl Speaks

I have been a long time depositor of Banco de Oro, but it was only two months ago when I decided to try applying for a personal loan with them. The reason: I needed the money to pay off my share in my upcoming wedding.

Prior my application though, I made sure to review the details posted on their corporate website to ensure whether or not I’d qualify, and at the same time prepare the required documents.

Being with my current company for more than three years already and earning more than the minimum individual income required by BDO, I was confident to give it a try. And here’s what I did:

1.Make sure to asses first if you have good transaction relationship with your bank. Whether it is with BDO or any other bank, ask yourself if you have a consistent and growing savings record with them. If you have an existing loan from a different bank or owns a credit card, make sure you are not a delinquent payer. Whereas, if you do not have any savings account yet, better open one first and build a good savings records for months before you even think of applying for a personal loan.

2.If you are confident that you pass your own personal assessment of your financial standing, then go to your nearest Banco De Oro branch and secure a copy of the Personal Loans application form.

3.Fill-out the form legibly and make sure all details are true and accurate.

4.If you are a salaried employee, gather your copies of ITR, recent 1-month payslip, a photocopy of 2 valid IDs, and your COE (Certificate of Employment), which I would suggest you request to your employer prior you fill-out the application form as this may take time to get released.

5.Submit the documents to your nearest BDO branch.

Yep, that easy. And when you have been approved (typically takes between 2-3 weeks) for your applied loans, your next goal is to make sure that you pay diligently on your monthly dues to avoid being penalized with late charges. Likewise, this will build you a very good credit standing and will get you better chances of renewing your loans soon as you are able to pay half of your chosen terms.