Name: Justin Paule N.

Navarez Section: 12 ABM - SMITH

Choose two (2 ) financing institutions that both belong to either bank or non-bank institutions.
Then, research and compare on the following:(a) loan application requirements and (b) loan
application procedures or processes.Answer this question, also: Given the chance to select
between the two options considering the same type of loan you would want to avail, which one
are you going to choose? Justify your answer.

Bank Institution
Bank of the Philippine Islands (BPI)
(a) loan application requirements (Personal Loan)
BPI requires borrowers a few requirements depending on whether you are
employed or self-employed. For employed clients, BPI requires a valid Philippine
government-issued, photo-bearing ID with signature and the latest 3 months
payslips, or latest Income Tax Return (ITR) BIR Form 2316. While for
self-employed clients, BPI requires a valid Philippine government-issued,
photo-bearing ID with signature, an Audited Financial Statements (3 years), or
latest Income Tax Return and DTI/SEC Business Registration Certificate

(b) loan application procedures or processes

BPI has three (3) ways to apply for a loan. Online application, via Sales
Agent, or simply going to a BPI branch near you.
1. For Online Application
a. Go to the BPI’s online facility for personal loan
applications.
b. Fill out the online BPI Personal Loan application form with
your loan details and personal data. Make sure to provide
all the required information. Otherwise, the system won’t
allow you to proceed to the next step.
c. Click the Submit button.
d. Send a copy of your documents via email to
personal_loan@bpi.com.ph.
e. Check your email for a confirmation message from BPI
that it has received your personal loan application. Updates
on your BPI personal loan status will be sent to you
through text messages.

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 2. via Sales Agent
Qualified clients with a BPI or BPI Family Savings Bank
account may apply for a personal loan through BPI’s
inbound or outbound channels. BPI has telephone numbers
available where a sales representative will assist you with
your BPI Personal Loan application.

3. In-Branch BPI Personal Loan Application

If the other two application methods don’t work for you,
your last resort is to visit the nearest BPI branch to apply
for a personal loan. Just download the BPI Personal Loan
Application Form online and save it as a JPEG file. Fill out
the form, print it out, and bring it along with the other BPI
loan requirements when you file your application at the
nearest branch.

Bank Institution
Citibank
(a) loan application requirements (Personal Loan)
Before anyone can inquire for a personal loan, one must be at least 21 to
65 years old, a Filipino resident or a local resident foreigner with a valid
Philippine billing address, has a Tax Payer's Identification Number (TIN), a
principal credit cardholder, and has a minimum gross annual income of Php
250,000 to be eligible for a loan. Citibank requires One (1) valid
government-issued ID with photo and signature. For employed: Latest 1 month
full pay slip and for self-employed: Latest Income Tax Return (BIR Form 1701);
and Audited Financial Statements (AFS) of the business with independent
auditor's report and balance sheets and tax receipt and a duly accomplished
application form.

(b) loan application procedures or processes

According to the website of Citibank, to apply for a personal loan, you
must first accomplish the following requirements given and the duly
accomplished application form and simply send the accomplished requirements to
their email address, loans.ph@citi.com. After all the paperwork has been sent,
simply wait for your loan application to be processed and approved in just 24
hours

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 Given the chance to select between the two options considering the same type of loan you
would want to avail, which one are you going to choose?

If given the chance to choose between BPI Personal Loans or Citibank Personal Loans, I
would choose Citibank. This is because Citibank is one of the best personal loans in the
Philippines with a high loan amount and a long repayment period. In Citibank I can borrow up
to PHP 2 million with a loan term of up to 60 months. While in BPI Personal Loans offer the
same amount of PHP 2 million but only with a loan term of up to 36 months. Another reason
why I would choose Citibank is the eligibility for a Personal Loan. Citibank requires you to have
a PHP 250,000.00 annual income to be eligible for a Personal Loan, while as BPI requires a PHP
300,000.00 annual income to be eligible. Because of these variables, Citibank would be a better
choice for me.

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