What Is OFW Beneficiary Loan? Complete Loan Assistance For OFW!

What Is OFW Beneficiary Loan? Complete Loan Assistance For OFW!
June 17 14:32 2017 Print This Article

Philippines have quite a number of OFW (Offshore Filipino Workers), who go out to earn more money. They send their maximum savings home. According to International Fund for Agricultural Development, Philippines received US$ 29,878 million in the year 2016 as foreign remittances.

The notion that the family of a person working outside his country is always well off is completely false. Most of the times, the times for the person living offshore get quite difficult. It affects his family back home as their livelihood is solely dependent on the money sent by him. That is when they need to borrow money and continue somehow till the inflow resumes.

The advertisements put up by the banks or the lending agencies about credits make it sound so simple and easy. But when you approach them for it, the process seems near to impossible, or you have to sweat it to the maximum.

But there are quite a few types of credits available in the Philippines that help the families of the OFWs in distress.

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OFW Beneficiary Loan is one of them, also known as ‘Allottee Loan’ where the applicant can claim it without a mortgage or collateral. The applicant must file in documents proving he or she is an OFW beneficiary. It applies when the OFW has no other earning member in his family.

 Who is a Beneficiary?

A beneficiary is a person who gains benefits or advantage from financial distributions or earnings. In case an OFW is not able to apply for a loan, members of his family can. The beneficiary i.e. only the immediate family member such as wife, children or parents of Seaman can apply.

 Several banks and private institutions offer the financial shield to the beneficiary. One must meet a few criteria to be eligible for it. This can be very tricky as different financial institutions have different requirements.

Here is loan assistance for OFW so that you get some help regarding the common requirements:

OFW Personal Loan Eligibility Requirements

Below are the basic requirements to become eligible for OFW personal loan:

  • The applicant must be between 21 to 60 years of age
  • A minimum salary criteria for both salaried and self-employed
  • Should have worked for a specific number of years abroad
  • Should have an account with a bank in the Philippines
  • In the country of work, he must have a legal work permit

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Other Basic Requirements Include:

  • Application form duly filled
  • Photos
  • Recent water or electricity bill
  • Residence proofs
  • Identity proof
  • Marriage contract (for wife) or Birth Certificate (for children)

Special Requirements for the OFWs

Yes, there are special requirements too; have a look at them below:

  • Documents showing latest remittance
  • Validated letter of service contract
  • Passport Copy (with Original for verification)

I would wish you do not have to go through rough weather. If you happen to be a financial problem of the same nature, read the rules lay down by the lender carefully and keep your necessary valid documents ready. May God bless you with a smooth, happy life!

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Louise Rice
Louise Rice

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