Bank of Makati in the Philippines
Bank of Makati, (A Savings Bank) Inc. or BMI is a thrift bank established in 1956. It was founded as a rural bank prior to its approval by the Bangko Sentral ng Pilipinas to operate as a thrift bank on 28 April 2015, it officially became a savings bank.
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Leading
Thomas C. Ongtengco, (Chairman) Luis M. Chua, (President)
Product Features
| Min. financing amount | ₱ 50000 |
| Max.financing amount | ₱ 10000000 |
| Min. loan tenure | 12 months |
| Max. loan tenure | 240 months |
Credit
Housing loan
Interest rate fixed: 1 year — 6% APR; 3 years — 6.5% APR; 5 years — 7.5% APR
Minimum loan amount: 300 000 PHP
Maximum loan amount: Up to 80% of assessed value
Payment terms: 3-20 years
Approval time: 5 banking days
Calculate loanAuto loan
Interest rates: From 15% APR
Minimum loan amount: 100 000 PHP
Maximum loan amount: Up to 80% of purchase price for first-time buyers
85% of purchase price for 2nd/3rd-car buyers
Payment terms: 12-60 months
Approval time: 1-3 banking days
Down payment: Minimum down payment of 20% of Listed Cash Price (LCP) for first-time buyers
15% of LCP for 2nd/3rd-car buyers
Expanded motor loan (Consumer loans)
Interest rates: From 18% APR
Loan amount:
Motorcycle (Class A) 10 000 PHP – 50 000 PHP
Car 50 000 PHP – 500 000 PHP
Maximum loan amount: Up to 80% of purchase price for first-time buyers
85% of purchase price for 2nd/3rd-car buyers
Payment terms: Will depend on the age of the unit
Approval time: 3 – 5 banking days
Power Payday loan
Interest rates: 1 year — 17,88% APR; 3 years — 20,28% APR
Minimum loan amount: 20 000 PHP
Maximum loan amount: 250 000 PHP
Payment terms: Up 36 months
Approval time: 1 – 3 banking days
Credit amount:
Business loan
Power Negosyo Enterprise Loan (PNEL)
Now you can expand your business thru non-collateral financing that fits your needs!
Features(applicable for PNL 150 & PNL 300):
|
Variant |
PNL150 * |
PNL300 |
PNL500 |
|
Area |
Outside NCR |
Nationwide |
Nationwide |
|
Target Market |
mSME |
mSME |
mSME |
|
Purpose |
Business Expansion |
Business Expansion |
Business Expansion |
|
Amount |
P50,000– P150,000 |
P150,001– P300,000 |
P300,001–P500,000 |
|
Term |
3/6/9/12 months |
Up to 24 months |
Up to 36 months |
|
Collateral |
Clean / with PDCs |
Clean / with PDCs |
with REM/CHM |
|
Manner of Release |
One time upon completion of the documents |
One time upon completion of documents |
Can be one time or in tranches |
|
Processing Fee |
1,000 |
1,000 |
1,000 |
|
Other Fees |
Documentary Stamp Tax, Credit Life Insurance, Notarial Fee |
Documentary Stamp Tax, Credit Life Insurance, Notarial Fee |
Same + annotation fees |
Deposited
Little that you save today, grows up tomorrow. The more you save, the higher the interest rate, the greater your earnings.
Features:
• Only initial deposit P500.00 for opening an account
• Enjoy higher interest rates for higher deposits.
• Withdrawals limited twice (2x) per month
• * Interest calculation based on daily available balance
FAQ
On average, initial approval of a Personal credit application can be done from 10 minutes to 1 day, depending on the bank. Final approval take on average from 24 hours to 5 days. You just need to make sure your documents are completed when you submit them.
Credit funds can be issued immediately after the application is approved or 1-3 banking days after a successful phone check.
You do not require any collateral or guarantor to apply for a Power Payday loan.
No, you don’t need to report money spent. You can use the money for a variety of personal needs, such as training, hospitalization, car upgrades, and paying bills.
No, the car is your property from the moment of purchase, but remains the bank’s guarantee for the loan period. This means that you cannot sell the car, and you also have to pay for car insurance so that the bank can receive its money in any case.
Typically, interest rates are lower for new cars, because used cars less secure investment than new ones because they can break down or undergo repairs that will be more common than a new car. For new cars, interest rates are 2-5% lower and are the most popular way to finance cars in the Philippines.
Documents confirming income and identification are the main requirements for obtaining a car loan.
Application form with filled in fields.
Copy of Passport or any ID ( SSS ID, Driver’s License, Voter’s ID)
Working borrowers must submit documents: certificates from the place of work or COE, a copy of payslip for 2 months, income tax return from BIR or ITR within 1 year.
Self-employed applicants must submit documents : a copy of the ITR with THE bir stamp , a copy of registration with the DTI or SEC, and a copy of financial statements for a period of at least 2 years .
After buying a car, you need to pay for insurance.
Contacts
| Full company name | Bank of Makati |
| Address | Ayala Avenue near corner Metropolitan Avenue, Makati City |
| Phone number | (632) 889-0000 Branch manager: (02) 886-3696 |
| Social networks |
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Bank of Makati, (A Savings Bank) Inc. or BMI is a thrift bank established in 1956. It was founded as a rural bank prior to its approval by the Bangko Sentral ng Pilipinas to operate as a thrift bank on 28 April 2015, it officially became a savings bank.
Users rating
Reviews
Businessman
A good bank
