The Bank of Makati is a well-established financial institution in the Philippines, offering various services to meet the financial needs of its customers. One of the key services provided by the bank are loans..
Bank of Makati (BMI) is a well-known Philippine savings bank founded in 1956. Initially, this bank was positioned as a rural bank. However, on April 28, 2015, the Bangko Sentral ng Pilipinas qualified it as a savings bank and thereafter Bank of Makati officially became a savings bank.
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Bank of Makati services
Accounts and Deposits
The bank offers its customers a wide range of services, including savings accounts, current accounts, time deposits, and money transfer services.
All these services are available to corporate clients. as well as individual clients. Overseas Filipino workers who want to keep their money safe while they work outside the country can open an account with a savings account for
OFW. Anyone working outside the Philippines is eligible to open a savings account. This service is also available to foreigners and Filipinos working within the country.
Here are some of the features of Bank of Makati Savings Account:
- The initial deposit is only 500.00 pesos.
- Own passbook that will help customers track every transaction and bank balance.
- Possibility of issuing an ATM card
- Wide BancNet ATM network
- Possibility of cashless transactions in retail establishments in the Philippines.
Housing Loan
Housing loans offered by the Bank of Makati are designed to help individuals and families realize their dream of owning a home. With competitive interest rates, customers can take advantage of the different fixed APR options available. For a one-year term, the interest rate is set at 6% APR, while for three years, it increases slightly to 6.5% APR. Those looking for a longer-term loan can opt for a five-year term with an interest rate of 7.5% APR.
To ensure accessibility, the Bank of Makati has set a minimum loan amount of 300,000 PHP, allowing individuals to borrow an amount that suits their specific needs. The maximum loan amount offered is up to 80% of the assessed value, ensuring that customers have enough funds to cover their desired property purchase.
The Bank of Makati recognizes the importance of flexibility in loan repayment, and therefore offers payment terms ranging from three to twenty years. This allows borrowers to choose a payment term that aligns with their financial capabilities and suits their circumstances. Furthermore, with an efficient approval process that takes only five banking days, customers can experience a streamlined application process.
Auto Loan
Another popular service provided by the Bank of Makati is auto loans. Recognizing the need for mobility in today’s fast-paced world, the bank offers competitive interest rates for individuals looking to purchase their own vehicle.
The interest rates for auto loans at the Bank of Makati are set at 15% APR, ensuring that customers can affordably finance their car purchase. The minimum loan amount for auto loans is set at 100,000 PHP, while the maximum loan amount is up to 80% of the purchase price for first-time buyers. For those looking to purchase a second or third car, the bank offers financing for up to 85% of the purchase price.
Payment terms for auto loans range from 12 to 60 months, giving customers the flexibility to choose a repayment period that suits their financial situation. Additionally, the approval process for auto loans is quick, with a turnaround time of just one to three banking days. There is also a minimum down payment requirement, with first-time buyers needing to make a down payment of 20% of the Listed Cash Price (LCP). Second or third-car buyers have a lower down payment requirement of 15% of the LCP.
Expanded Motor Loan
For individuals seeking financing for motorcycles or cars, the Bank of Makati offers the Expanded Motor Loan. With competitive interest rates starting from 18% APR, customers can easily finance their vehicle purchase. The loan amount for motorcycles ranges from 10,000 PHP to 50,000 PHP, while for cars, it extends from 50,000 PHP to 500,000 PHP.
Similar to the auto loans, the maximum loan amount offered is up to 80% of the purchase price for first-time buyers, and 85% of the purchase price for second or third-car buyers. Payment terms for the Expanded Motor Loan range from six months to three years, providing customers with the flexibility to choose a repayment period that suits their financial capabilities. The approval process for this loan typically takes three to five banking days.
Power Payday Loan
In addition to these loans, the Bank of Makati also offers Power Payday loans. These loans are designed to provide quick access to cash for immediate financial needs. With interest rates set at 17.88% APR for a one-year term and 20.28% APR for three years, these loans provide an efficient solution for short-term financial requirements.
The minimum loan amount for Power Payday loans is set at 20,000 PHP, while the maximum loan amount offered is 250,000 PHP. Customers can choose repayment terms of up to 36 months, providing them with ample time to repay the loan. The approval process for these loans takes only one to three banking days, ensuring that customers can access the funds they need quickly and conveniently.
Finally, the Bank of Makati also offers personal loans. These loans are available for various purposes such as home improvement, debt consolidation, or personal expenses. With interest rates starting from 15% APR, customers can easily access the funds they need at an affordable rate. The minimum loan amount for personal loans is set at 10,000 PHP, while the maximum loan amount is 50,000 PHP.
Payment terms for personal loans range from 12 to 24 months, giving borrowers the flexibility to choose a repayment period that suits their financial capabilities. The approval process for personal loans is quick, with a turnaround time of just one to three banking days.
Afterword
In conclusion, the Bank of Makati in the Philippines offers a wide range of services to help individuals and families achieve their financial goals. From housing loans to auto loans, motorcycle loans, power payday loans, and personal loans, the bank provides flexible options with competitive interest rates and quick approval processes. With these services, customers can access
Author Maria Torres from Upfinance.
You can get a loan here: https://upfinance.com/loan-type/auto-loans/