Balikbayad in the Philippines

Balikbayad Balikbayad was designed to address the financing needs of OFWs. We understand that there are costs involved in securing an overseas job. We are here to help the ones who have secured a job abroad and needs financial assistance. OFW/ Seaman loan Interest Rates:  From 4.9% per month Minimum loan amount: 20 000 PHP […]

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Balikbayad https://upfinance.com/app/uploads/2020/01/balikbayad-logo.png
Unit 2A, Kedar Bldg, 1347 Adriatico Street, Ermita Manila
+63 2 5310 1535, +63 995 429 6450 (Globe), +63 918 345 8003 (Smart), info@balikbayad.ph
Interest rate 4.9% - 4.91%
Loan tenure from 3 to 18 months
Approval duration Up to 24 hours
Min. monthly income1

Balikbayad

Balikbayad was designed to address the financing needs of OFWs. We understand that there are costs involved in securing an overseas job. We are here to help the ones who have secured a job abroad and needs financial assistance.

OFW/ Seaman loan

Interest Rates:  From 4.9% per month
Minimum loan amount: 20 000 PHP
Maximum loan amount: Borrow as much as 2x your salary
Payment terms: 3 – 18 months
Approval time: 24 hours
Please note that we can only disburse 14 days before your confirmed departure date for new contracts.
For Balik Manggagawa returning to same employer, we can release up to 30 days before departure.

Calculate loan

Borrower requirements

Eligibility:
– At least 21 – 60 years old
– Must be a Filipino Citizen
– Must have an office or residence landline
– Valid ID/documents
– Bank account
Only 1 co-borrower required

 

Loan Calculator

%
Monthly payment
₱ 888.49
Total overpayment
₱ 661.85
Total
₱ 10661.85

Why is the maximum loan amount only 2x monthly salary?

We understand that taking up a bigger loan may initially be tempting, but we also need to ensure that your monthly loan installment does not take up too much of your monthly take home. Remember, living alone overseas normally incurs higher expenses compared to living with family in the Philippines. As guideline, we would like your monthly loan installment not to exceed 30% of your monthly take home.

How long do i have to payback the loan?

Our loan terms are flexible, minimum 6 months and maximum 18 months for land based OFW, and minimum 3 months and maximum 8 months for seaman.

As a borrower, your maximum loan term is equivalent to your employment contract minus one (1) month. For balik-mangagawa, maximum loan term would be remaining months in current contract minus (1) month.

Product Features

Min. financing amount ₱20000
Max. financing amount Up to ₱500000
Min. loan tenure 3 months
Max. loan tenure 18 months
Interest rate 4.9% - 4.91%
Approval duration Up to 24 hours
Debt consolidation Yes

Example of calculating interest and loan payments

TERM 3 months 4 months 5 months 6 months 18 months
LOAN AMOUNT ₱250000 ₱250000 ₱250000 ₱250000 ₱250000
FEE 4.9% 4.9% 4.9% 4.9% 4.9%
INTEREST AMOUNT ₱3063 ₱4083 ₱5104 ₱6125 ₱18375
TOTAL REPAYMENT ₱253063 ₱254083 ₱255104 ₱256125 ₱268375

Other Requirements

Need to open linked banked account? Yes

FAQ

It’s easy and done through the site. Register using your mobile number; fill in your profile with the necessary personal, work and bank details (for verification and payment); and click SUBMIT!
If you already have all the documents, you can visit our branch directly.

If you are a new customer, you must receive a credit decision within one banking day after applying. For regular customers, you can make a loan decision faster, since most of your information has already been verified.

Once approved, pick up a bank endorsement letter from Balikbayad, and proceed to open a checking account.

You can choose to receive funds from Padala centers (Cebuana, Palawan, M Lhuillier & LBC), your own Bank account or app Coins.ph.
However, please note that we can only disburse 14 days before your confirmed departure date for new contracts. For Balik Manggagawa returning to same employer, we can release up to 30 days before departure.

Yes, you can repay the loan ahead of schedule. Although there will be no deductions from your current payment, there will be other benefits such as a good credit rating and discounts for future loans.

You need a co-maker.

The longest loan period is 18 months.

Contacts

Full company name Balikbayad
Address Unit 2A, Kedar Bldg, 1347 Adriatico Street, Ermita Manila
Phone number +63 2 5310 1535, +63 995 429 6450 (Globe), +63 918 345 8003 (Smart)
E-mail info@balikbayad.ph
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