Many of our seaman’s loan applicants are asking how much is the loanable amount? I would like to give light to such a short notice regarding this matter and this time, I am in for giving tips to seaman so that they may have an overview or idea of how much loan they can borrow from most, if not all private credit and lending companies in the Philippines today.
I tried to search online and found out by using a few calls from here to there and browsing the internet that just like what my company offers, lending companies offer via computation an amount range from 200%-250% loanable amount for a seaman’s loan and also for allotee. This is of course in equivalent to peso value because we all know that maritime industry workers do receive their salary in dollar currency especially those who work in cruise ships of luxury ships, oil tankers, cargo handlers and the like.
If you are out to seek and apply for this type of loan, below is a simple computation for the said bracket of 200%-250% loanable amount for a seaman / seawoman.
Sample Computation for Loanable Amount
Seaman / Seawoman Salary: $1,345.00
Conversion Rate: 1$ = Php 43.00
Salary in Peso: Php 57, 835.00 (based from the conversion rate stated above)
Loanable Amount: Php 115,670.00 – Php 144,578.50
Please note that the seaman/seawoman loanable amount stated and computed above is for sample computation purposes only. Basically, the idea is to let maritime workers know that this is how the loanable amount is mostly computed to arrive at a specific credit value in terms of peso value currency under conversion from a dollar ($) salary rate which is mostly what seamen and seawomen were given by their employers or shipping companies in the Philippines today.
If you are want to apply for this type of OFW loan, please navigate to the top navigation menu above this website in our loan products section. If you think based from the listed requirements that you don’t qualify to apply, we have alternative options for you there such as the collateral loans (business loan, jeepney/tricycle loan, real estate loan and the car loan). Whatever loan you may be able to avail, you can use it for your own purpose such as placement fee, personal needs, family fund, and more.