Being in a financial bind is difficult enough, but setting up loan interviews can be even more difficult. With EastWest Personal Loan, you may apply for a loan from the comfort of your own home.
Banks are doing a lot more these days to make it easy to work with them. Before acquiring a loan, you had to walk into a bank, talk with a bank representative, sign documents, and so on. Now, it's easier and more convenient than ever with EastWest. Online loan applications are available from banks such as EastWest.
Learn about EastWest Bank Personal Loan benefits, interest rates, and any drawbacks. Discover how you can apply for an EastWest Bank Personal Loan online.
- What Is EastWest Bank?
- What Are the Benefits of a Personal Loan With EastWest Bank?
- Where Can You Use Your EastWest Bank Personal Loan?
- What Are the Interest Rates of EastWest Bank Personal Loan?
- Who Can Apply for an EastWest Bank Personal Loan?
- What Are the Documents You Need to Finish Your Personal Loan Application?
What Is EastWest Bank?
EastWest Bank, backed by the Filinvest Group, the 11th largest bank in the Philippines, has remained constantly competitive in the financial sector since its inception in 1994.
Despite the multiple financial crises in Asia, they have steadily evolved to become a more sophisticated financial entity with a broad array of financial products and services that can meet any requirement.
Even though they have been established for a shorter time, they have demonstrated a level of resiliency comparable to the top industry leaders, demonstrating their concentration and dedication to providing great financial services to their consumers.
EastWest Bank's acquisition of Standard Chartered Bank Philippines positions the company as a prominent player in the financial services industry for the foreseeable future.
What Are the EastWest Bank Loans?
EastWest Bank Personal Loan, one of their most popular financial products, provides money ranging from PHP 25,000 to PHP 2,000,000 maximum, repayable over 1 to 3 years.
Other than personal loans, EastWest Bank offers several loans to their clients, including auto loans. The loans provided by this bank are quite advantageous, offering customers ample time to complete payments, at a solid interest rate.
What Are the Benefits of a Personal Loan With EastWest Bank?
One of the key benefits of acquiring a personal loan from EastWest bank is that you do not have to be an account holder with the bank to qualify. Borrowing amounts range from PHP 25,000 to PHP 2,000,000.
Your interest rate will likely be lower if you have a bank credit card. Regarding interest, the longer you have your credit card, the better. There are also options for retribution. Payment terms range from 12 to 36 months.
Another advantage of applying for a personal loan with EastWest bank is that the loan is approved quickly. You will receive the loan within three to five days if your application is approved. Your loan will subsequently be disbursed in four days.
What Are the Cons of an EastWest Bank Personal Loan?
If you require a quick cash loan due to an emergency, you may have to look for other options. EastWest takes one week to approve a personal loan. Another reason it might not work for you is the requirement for a landline number.
There is no incentive to have a landline unless you have a telco internet connection or own a business. You can register your company's phone number, but you must be willing to inform your firm that you are looking for a loan.
You will only get cheaper interest rates if you have a credit card. Credit cards ensure EastWest bank that you have a credit history, and they can simply follow your financial situation, spending habits, and payment behavior.
Where Can You Use Your EastWest Bank Personal Loan?
EastWest Bank Personal Loan is a multipurpose loan that can be used for various purposes, ranging from emergencies to long-term ambitions. It can be used to pay for your child's education or emergency medical operations, or it can be used to fund your aspirations to establish your own business.
Here are the other ways to use your EastWest Bank Personal Loan:
- Home improvement
- Furniture and appliances
- Travel costs
What Is EastWest Bank Loan Calculator?
The EastWest Bank loan calculator assists you in better managing your finances. The loan calculator lets you be confident that the loan amount you will borrow is within your means to repay.
To use the EastWest Bank calculator, you must first find out if you have had a credit card in the past year and then enter the amount of money you want to borrow. After that, decide on a term (12, 18, 24, or 36).
You can view the probable monthly installment you must pay on this page. After reviewing these numbers and comparing them to your personal needs and means, you may determine whether or not to apply for an EastWest Bank Personal Loan.
What Are the Interest Rates of EastWest Bank Personal Loan?
There are several fees associated with an EastWest Bank Personal Loan. There are different interest rates for those with existing credit cards for more than one year — 1.49 % (12 months), 1.59% (18 and 24 months), and 1.69% (36 months).
Those who do not have an existing credit card, or have had their credit card for less than a year, will have a rate of 1.89%. Check out these other fees and charges for the EastWest Personal Loan.
- For non- and existing credit cardholders for less than 1 year – 1.89%
- Annual Contractual Rate for existing credit cardholders for more than 1 year – 41.67% to 41.94% per annum
- Annual Contractual Rate for non- and existing credit cardholders for less than 1 year – 37.53% to 39.53% per annum
- Effective Interest Rate for existing credit cardholders for more than 1 year – 46.92% to 53.21% per annum
- Effective Interest Rate for existing credit cardholders for more than 1 year – 37.53% to 39.53% per annum
- Late Payment Fee – 8% of the amount due or PHP 500, whichever is higher
- Processing Fee – PHP 1,900
- Processing Fee for Early Pay-off of Loan – 8% of the amount due or PHP 500, whichever is higher
- Documentary Stamp Tax – PHP 1.50 for every PHP 200 (for loans over PHP 250,000)
- Returned Check Fee – PHP 1,000 per returned check
- Check Retrieval and Replacement Fee – PHP 200
Before applying for an EastWest Bank Personal Loan, you must consider whether these fees outweigh the benefits.
What Are the Repayment Options for EastWest Bank Personal Loan?
EastWest Bank offers several ways you can pay for your Personal Loan. The bank accepts cash and checks. EastWest deposit account customers can pay online through www.eastwestbanker.com.
Using EastWest's Automatic Debit Arrangement, you can move money from your bank account to your credit card on your Payment Due Date. You can automatically pay the Minimum Payment Due or the Total Statement Balance.
Who Can Apply for an EastWest Bank Personal Loan?
You must meet certain standards, like with other banks, before applying for a loan. To begin, you must be a Philippine citizen or resident. You must also be at least 21 years old and no older than 65 when the loan matures.
To qualify for an EastWest Bank loan, you must have a source of income. You should earn between PHP 15,000 and PHP 180,000. Your income must be documented using pay stubs and bank records.
For Filipinos, it is a must that they are credit cardholders to be able to apply for an EastWest Bank Personal Loan.
How Can You Apply for an EastWest Personal Loan?
To apply for a personal loan with EastWest from the comfort of your own home now, start your application by going to the bank's official website.
When you arrive at the site, the application should take no more than 5 minutes to complete.
The time it takes to get a loan from EastWest Bank will depend on how quickly you can give them all the documents they need.
The bank will use this paperwork to learn more about who you are, how good your credit is, and how much money you have. Check the list of the documents you need to provide to process your Personal Loan Application.
What Are the Documents You Need to Finish Your Personal Loan Application?
As with most banks, you need at least one or two valid government IDs, your most recent proof of billing, your most recent pay stub, BIR FORM 2316/W2, a credit card account statement, and the original Certificate of Employment (COE).
Here are the other documents that EastWest Bank may ask Filipino applicants.
- DTI Registration Certificate for lone proprietors
- SEC Registration Certificate indicating the applicant's ownership of shares in a partnership or corporation
- Permit for Business
- If additional verification is required, the Mayor's Permit is requested
EastWest Bank welcomes foreigners to apply for a Personal Loan. Still, they need to present their Alien Registration Certificate, Immigrant Registration Certificate, and photocopy the visa stamp on their passport.
After putting together these documents, make clear copies of them. Remember to check that all the details match up. Your loan process will take longer if the bank finds mistakes in the information you gave them.
How Can You Contact the EastWest Bank?
If you need to contact the bank directly, dial (+632) 8888-1700. Their main office is likewise located at The Beaufort, 5th Avenue and 23rd Street, Bonifacio Global City, Taguig City, Metro Manila, Philippines.
EastWest Bank will always be there if you want to solve cash flow problems with the least amount of trouble and highly reliable customer service. With a high loan amount and flexible use options, you can solve your money problems and be sure of flexible repayment and low-interest rates.
Note: Perusing a credit card entails certain hazards. It is imperative that you peruse the financial institution's Terms and Conditions for further enlightenment.