OFW / Allottee Loan
This type of loan is granted to active Overseas Filipino Workers who have a minimum salary of not less than USD 300.00 and the maturity of the loan must be on or before the expiry of Work Contract. Minimum loanable amount is Php 5,000.00 and the maximum is twice of the basic salary but not to exceed Php 50,000.00 or its foreign currency equivalent subject to applicable processing fees. Payment term ranges from 3 to 12 monthly equal installments.
Co-maker is required who should be in the Philippines and gainfully employed or have a stable source of income or have proof of its capacity to pay, ideally with no existing loan with ISLÆNDER, other lending / financing institutions or bank and not a co-maker of another borrower.
To discuss more about the requirements and applicable interest rates, please call or email us to book an appointment.