As one of the leading banks in the Philippines, BPI Personal Loans offers a range of loan options that cater to your financial needs. If you are an existing client of BPI Personal Loans and have some questions that you need answers to, look no further, as we have compiled a list of frequently asked questions specifically for you!
We understand that loan payments and re-availment can be confusing, which is why we have provided answers to some of the most common questions asked by BPI’s existing clients.
Whether you are curious about the payment options available to you or want to know more about the loan re-availing process, we have got you covered. We have put together this comprehensive guide to help you understand the conditions and processes that apply to these areas of interest.
So sit back, relax, and read on to get the answers you need to make your BPI Personal Loan experience a smooth and hassle-free one!
Loan Payments
The BPI Personal Loan Calculator provides a convenient way to estimate monthly loan payments. For those who have availed of the loan, payment options include over-the-counter or online transactions.
If one wishes to pay off the loan, there are steps to follow to ensure proper closure of the account. Non-payment or insufficient funding of the deposit account may result in penalties or legal action.
Clients who need a record of their loan payment history or a certificate of completion may request these documents.
In case of any difficulty accessing personal loan account details online, clients may contact BPI customer service for assistance.
Can I pay over-the-counter or online for my monthly installment?
Payment for the monthly installment can only be done via ADA, as the account is enrolled in the automatic debit arrangement, and sufficient funding of the nominated BPI account is required on the due date.
Over-the-counter payments and online installment payment options are not available for monthly loan payments.
It is important to note the payment deadlines and ensure that the nominated account has enough funds to avoid late payment fees.
Payment extensions are not available, and payment reminders are sent to ensure that clients are aware of their monthly payment due dates.
As such, it is crucial to plan and budget accordingly to avoid any inconvenience in the payment process.
I want to pay off my loan. How do I proceed?
For borrowers who wish to settle their loan before the due date, early payment can be made through a BPI branch.
The pay-off amount can be determined by checking their personal loan account through the BPI Online account or BPI Online Mobile App, or by calling the customer service hotline for assistance.
It is important to note that the interest on the loan is computed daily, and the pay-off amount is valid for the same day only.
Borrowers should also take into consideration the early payment penalties, loan extension options, loan refinancing options, loan restructuring options, loan cancellation process, and loan default consequences.
It is recommended to consult with a BPI representative to fully understand the loan payoff process and explore available loan settlement options.
I just paid off my loan but I still got a payment reminder SMS. Does it mean that my account is not yet closed?
Upon paying off your loan, it is recommended to confirm the account closure status with the BPI hotline to ensure that the SMS reminders are not erroneously generated.
It is possible that the payment reminders persist beyond the next due date due to system-generated notifications based on the original due date schedule.
However, if the reminders persist beyond the next due date, it is advisable to report to the BPI hotline for assistance.
The loan account closure process involves the payment confirmation process, loan account status update, loan account maintenance, loan account documentation, loan account termination, and loan account customer service.
It is important to ensure that all necessary documentation and processes are completed to avoid future issues or discrepancies with the loan account.
My deposit account is not sufficiently funded. What happens if I fail to pay my monthly installment?
Having paid off the loan, it is natural to assume that the account has been closed, but receiving a payment reminder SMS may indicate otherwise.
It is important to check with BPI to confirm whether the account has been fully closed.
On the other hand, if the deposit account is not sufficiently funded to cover the monthly installment, missing payments can have serious consequences.
Late payment fees of 5% will be charged, and this can significantly increase the total amount due.
If payments are missed continuously, it can lead to a negative impact on the borrower’s credit score, which can affect future loan applications.
However, BPI does offer grace period options, loan restructuring options, and loan deferment, which can help alleviate the consequences of missed payments.
It is advisable to communicate with BPI regarding missed payments to explore available options. Failure to pay the loan can lead to legal action, so it is important to take responsibility and address the situation promptly.
Can I request documents on my loan payment history?
Requesting documents on loan payment history is a plausible course of action for individuals seeking to gain a comprehensive understanding of their financial obligations and to maintain transparency in their financial dealings.
To request loan payment history documents, customers may reach out to their respective bank or lending institution and inquire about the document requirements and request process.
Customer support assistance may also be available to guide customers through the process. Access to loan account details, payment reminders, and other related documents may be provided upon request.
It is important to note that failure to pay monthly installments may result in account closure and may affect one’s credit score.
Upon full payment, customers may request a certificate of completion as proof of their successful loan repayment.
My personal loan account already reached its maturity. Can I request for certificate of completion / full payment? How?
Customers who have fully paid their personal loan account may obtain a certificate of completion or full payment by visiting their nearest bank branch or calling the designated customer support hotline.
Requesting a certificate of completion or full payment serves as proof of loan maturity, loan completion, and loan closure.
This documentation also provides customers with verification of their loan account status and serves as an important personal record.
Obtaining a certificate of completion is a simple process that can be done by presenting the necessary identification and filling out the required forms.
This certificate serves as a testament to the customer’s responsible financial practices and successful completion of their financial obligations.
I can no longer view my personal loan account details in BPI Online. What should I do?
Access to personal loan account details on BPI Online is contingent upon the account being in current status, necessitating past due balances to be settled by contacting the designated customer support hotline or visiting a bank branch.
If you are unable to view your personal loan account details online, it could be due to a variety of reasons, such as incorrect login credentials or outdated personal information.
To troubleshoot online account access, you can either verify your account information or reset your online account password.
If the issue persists, it may be best to contact BPI customer service for assistance.
Checking your account status can help determine if there are any outstanding balances or if the loan has already been fully paid.
- If you have completed your loan payments, you can request a certificate of completion or full payment.
- If you are considering other loan options, exploring the various loan products offered by BPI can be helpful.
However, seeking financial advice from a professional may be beneficial before making any decisions.
Loan Re-availment
Loan re-availment is a common concern for those who have existing personal loans.
Borrowers often wonder if they can apply for a second account or renew their maturing or fully paid-off personal loan without having to submit new documents.
Additionally, changing account information like address, contact information, due date, ADA account, and account name can be another issue that borrowers need to address.
It is important to understand the process and requirements involved in loan re-availment to ensure a smooth and hassle-free transaction.
I have an existing personal loan. Can I apply for a 2nd account?
Individuals with an outstanding personal loan who have paid at least 50% of the total amount owed may be eligible to apply for a second account.
However, eligibility requirements, loan amount limits, repayment options, interest rates, loan approval process, documentation needed, and loan disbursement timelines may vary depending on the lender’s policies.
It is important to note that applying for a second personal loan account may affect an individual’s credit score and debt-to-income ratio.
Also Read: How to apply for BPI Personal Loan online?
Therefore, it is advisable to carefully assess one’s financial situation and repayment capability before submitting a new application.
Additionally, borrowers should compare different lenders’ terms and conditions and seek professional advice if necessary to make informed decisions.
My personal loan is maturing / fully paid off. Can I renew my personal loan account? Do I still need to submit new documents?
Upon the maturation or full payment of a personal loan, applicants are required to reapply for a new account and submit updated income documents, as auto-renewal is not an option.
To renew a personal loan, applicants must go through the same application process as a new applicant. This includes meeting eligibility criteria, submitting all necessary documents, and undergoing credit evaluation.
The renewal process also requires the closure of the current loan account and the re-availment of a new account.
It is important to note that the submission of updated income documents is a requirement for the renewal process to ensure that the loan amount and terms are appropriate based on the applicant’s current financial situation.
Additionally, any changes in the applicant’s personal and financial information must be updated during the renewal process.
How do I change my account information (ie. Address, Contact information, Due Date, ADA account, Account Name, etc.)?
To modify account information such as an address, contact details, due date, ADA account, and account name, individuals may visit their nearest BPI branch or contact the bank’s hotline at (+632) 889-10000 for assistance.
The process of updating account information may require individuals to submit required documents, such as valid identification cards and proof of address.
In case of a change of due date, individuals must inform the bank at least three days before the original due date to avoid penalty charges.
Updating the ADA account and account name may also require additional documents, such as proof of ownership or an authorization letter.
For updating email addresses and phone numbers, individuals may do so through the BPI online banking portal or by visiting a BPI branch.
It is important to keep account information updated to ensure smooth financial transactions and avoid any unnecessary issues in the future.
Final Summary
In conclusion, BPI is committed to providing its clients with the best possible service and support.
We understand that taking out a loan can be overwhelming, which is why we have compiled this list of frequently asked questions of existing clients to help you navigate the process more easily.
Whether you have questions about payment options or re-availment, the BPI team of experts is available to assist you every step of the way.
Rest assured that with BPI Personal Loan service with BPI, you are in good hands. BPI strives to make your loan experience as smooth and hassle-free as possible.
If you are a new applicant, must check our detailed guide on the BPI Personal Loan Product FAQs For New Applicants.
Now you can focus on what really matters, achieving your financial goals!
