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PROGRAM OBJECTIVE
The DBP Livelihood Loan & Savings Program for OFWs is a loan facility designed to enable OFWs and their beneficiaries to engage in a livelihood project of their own or expand their existing business while promoting the value of savings
ELIGIBLE BORROWERS
- OFWs with valid working visa and valid overseas employment
contract of not less than 6 months from date of loan application.
- OFWs who are members of DBP accredited companies/ agencies/ cooperatives/ NGOs.
- OFWs and his/her co-borrower must also have a gross
joint monthly income of P25,000 including other verifiable/determinable
income. Net take home pay after loan amortization should not
be lower that 50% of the joint gross monthly income.
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OFWs should have a specified beneficiary/ies as co-borrowers
which should be limited to immediate legal family members of
the OFWs:
1. Single OFW applicant: Parents, Brothers, Sisters,
Nephews & Nieces
2. Married OFW Applicant: Spouse, Children,
Parents
LOAN FEATURES
| Amount of Loan
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- For REGULAR LIVELIHOOD LOANS the minimum loan amount
shall be P10,000.00 to a maximum of P100,000.00.
- FRANCHISING LOANS shall be loans above P100,000.00 up to a maximum of P500,00.00.
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Equity
:
Requirement
Interest :
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Minimum
of 10% of total project cost.
Initially, fixed at 9.0% p.a. inclusive of GRT for 2
years. Interest
rate of program subject to annual review. |
| Terms : |
- Loans up to P100K - The term of
the loan shall coincide/match with the employment contract
of the OFW which is normally 2 years, payable in equal
monthly amortization.
- Loans above P100K - Based
on project's cash flows but not to exceed five (5) years,
payable in equal monthly amortization.
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| Processing Fee
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P1,000.00 - Loans P50,000.00
and above
P 500.00 - For loans below P50,000.00. |
FORMS
- Checklist of Requirements;
- DBP Livelihood Loan & Savings Program Application Form/Promissory Note;
- MRI/Surety Application Form.
Downloadable Forms
Frequently Asked Questions
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