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6 Legit Lending Companies to Avail Seaman Loan Online

17 November 2022
6 Legit Lending Companies to Avail Seaman Loan Online

While a lot of seafarers actually make a large gross monthly income, some are also dealing with financial challenges. Usually, a large chunk of their earnings is devoted to investments such as saving up for an affordable house and lot or establishing a business and supporting their families.

 

It is usually the end of their contract when seafarers return home. As they try to get hold of a new employment contract, their expenses just keep rising, which will eventually prove problematic. When seafarers need capital to fund their next application or to start a business while waiting for their enlistment, seaman loans can be applied for.

 

With the advent of online loan applications, lending companies now allow consumers to apply for a loan simply by filling out an online form and paying the processing fee. To process the loan, a lending company will require a completely filled-out seaman loan application form with the correct seaman loan information.

 

 

First, What is a Seaman Loan?

An individual employed in the shipping or marine industry can obtain a seaman loan. There are a number of seafarers who are eligible to receive a loan of this kind, including captains, engineers, cooks, cleaners, and cruise workers.

 

As a multipurpose loan, seaman loans can be utilized for a variety of purposes. Besides helping you finance your application for a seafaring job, this money may also be used to prepare for your children's education or pay for medical bills. However, the way in which the loan is used depends on the lender's terms and conditions. Hence, you must fully know loan details like loan maturity, loan interest, and other information.

 

Having learned about seaman loans, here are some of the top seaman loans in the Philippines from legitimate banks and government agencies.

 

 

6 Credible Seaman Loans in the Philippines

 

1. OWWA OFW Enterprise Development and Loan Program (OFW-EDLP)

Please note that OWWA does not offer loans specifically for seamen. Seamen, however, can apply for the OFW Enterprise Development and Loan Program since they are technically OFWs. In order to assist OFWs in starting a business, this loan offers a large amount of capital from Php 100,000 up to Php 2,000,000 with an annual interest rate of 7.5%.

 

Short-term loans have a maximum repayment term of one year. There should, however, be a maximum term of seven years (including two years of grace). You must be an active or non-active OWWA member to qualify for the loan. Additionally, you can apply for a loan whether you are already working abroad or just about to leave the country. And in order to submit a loan application, an applicant must complete Enhanced Entrepreneurial Development Training (EEDT).

 

 

2. Pag-IBIG Multi-Purpose Loan

A seafarer who happens to be a Pag-IBIG member may be able to obtain additional funds through his or her contributions. In as little as two days, Pag-IBIG can process your Multi-Purpose Loan. Hence, if you are looking for quick cash from an agency you can trust, consider this option. You can loan up to 80% of your Pag-IBIG Regular Savings with an annual interest rate of 10.5% payable within 2 to 3 years of the loan term.

 

In order to apply for this multipurpose loan, you will need to submit your employment contract, a Certificate of Employment and Compensation (accompanied by a photocopy of the employer's ID and passport), and an Income Tax Return filed with the host country.

 

 

3. SSS Salary Loan

SSS Salary Loans are available to seafarers who are also members of SSS. The loan is granted to employed, self-employed, and voluntary members who are seeking short-term financial assistance. You could get a loan for a certain amount depending on the amount you contribute.

 

An SSS Salary Loan for one month is equal to the average of your last 12 monthly salary credits (MSCs) or the amount you applied for, whichever is less. On the other hand, a two-month SSS salary loan equals double the average of your latest posted monthly salary credits, rounded up to the next higher amount or the amount applied for, whichever is the lower amount.

 

With an interest rate of 10% per annum and up to 2 years of the loan term, you can apply if you are an active and paying SSS member with an SSS Digitized ID and two valid IDs (seaman’s book, passport, postal ID, etc.).

 

 

4. BPI Seafarer Loan

With BPI Seafarer Personal Loan, you can borrow from Php 20,000 to Php 300,000 with affordable monthly payments and no pre-termination fees. You can also pay the monthly amortization by automatic debit. This eliminates the need for PDCs or over-the-counter payments. BPI's Seafarer loan is a fast cash loan that successful applicants can use to finance home renovations, businesses, or other purposes.

 

The interest rate is just 1.5% per month, and the loan term is between five and nine months long. You may apply for this loan if you are a Filipino seafarer between the ages of 21 and 55, have a government-issued ID with a picture, and have proof of income (e.g. employment contracts with the boarding date, latest and unexpired signed POEA contracts, or latest proof of remittances for the past three months).

 

 

5. Sterling Bank of Asia Layag Seafarers’ Loan

Sterling Bank of Asia's Layag Seafarers' Loan allows borrowers to take out a loan amount between Php 20,000 and PHP 500,000, depending on their qualifications. Upon applying for this loan, you'll be given two repayment options: through allotment deduction or assignment. So, if you are a Filipino seafarer of legal age, can secure a promissory note or disclosure statement, and can provide a photocopy of your Overseas Employment Certificate (OEC), POEA-signed contract, passport (completed pages), and Seaman's Book (completed pages), hurry and apply.

 

 

6. AUB Seafarers’ Loan

Consider the AUB seaman's loan if you need a high-value loan with low-interest rates. Applicants can borrow up to PHP 500,000 without making an advance payment or applying with a co-maker. Furthermore, the application can be approved and released within 24 hours. A quotation can also be requested to find out what the interest rate is, and you can use it for up to 10 months.

 

Therefore, if you're a Filipino Seafarer aged 21 to 60 years old with at least one employment contract at the time of the loan application, have a minimum gross salary of USD 800, and a photocopy of your employment contract with POEA stamp and Seafarers Registration Certificate (SRC), or Worker’s Information Sheet (WIS), you can apply for this seafarer loan.

 

There are many options available to seafarers in need of quick cash. However, don't just deal with the first lender who comes your way. You should compare the benefits and drawbacks of various prospective lenders. By doing so, you'll make an informed decision and it will help you become smart in dealing with your finances.

 

 

Lumina Homes: A Seafarer's Best Investment

Many successful investors in the market have built their careers on investing in real estate. Hence, if you're looking for an affordable house and lot in the Philippines to build your dream home or start an investment, Lumina Homes is the smart choice.

 

Our communities are strategically located throughout the Philippines. Aside from that, it offers residents functional amenities that are exclusive to Lumina Homes. The facility features a guarded entrance, multipurpose halls, a basketball court, a playground, mini gardens, and more.

 

Therefore, if you're interested in a premium residential project in a prime location, we have over 50 residential projects available. Find out what we can offer and get in touch with one of our accredited sellers to reserve your affordable Lumina home today!

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