18+ Online Personal Loans with Low Interest Rates in the Philippines

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Looking for a personal loan without the weight of steep interest rates? Explore these options for low-interest personal loans available in the Philippines.

Unpacking Interest Rates

Before delving into specific loan products, it’s essential to elucidate the intricacies of interest rates commonly associated with personal loans. Understanding the distinction between monthly add-on and effective interest rates is crucial for borrowers to grasp the true cost of borrowing. While the effective interest rate, also known as the annual percentage rate (APR), encapsulates the total interest paid over the loan’s duration, the monthly add-on interest rate impacts monthly payments and may result in higher overall costs for borrowers.

Exploring Low-Interest Personal Loan Providers

Looking for Banks Offering the Most Competitive Personal Loan Rates?

If you’re on the lookout for the best personal loan deals, we’ve compiled a list featuring some of the lowest interest rates available in the Philippines, not just limited to traditional banks but also government agencies. Take your time to find the perfect personal loan that aligns with your financial needs and preferences.

  1. SSS Salary Loan
    • Interest Rate: 10% per annum (calculated on a diminishing principal balance basis)
    • Loan Amounts:
      • One-month salary loan: Available for member-borrowers with a minimum of 36 months of total contributions and six months of contributions within the last 12 months.
      • Two-month salary loan: Eligible for member-borrowers with at least 72 months of total contributions and six months of contributions within the last 12 months.
    • Loan Terms: Up to 24 months
    • Processing Time: As quick as 60 seconds
    • Loan Fees:
      • Service Fee: 1% of the total loan amount
      • Late Payment Penalty: 1%

    The SSS Salary Loan is a government-backed option featuring a fixed low interest rate of 10% per year, ensuring stable monthly payments. Qualified members can borrow one or two months’ worth of their monthly salary credit, repayable over 24 monthly installments. Repayment is hassle-free for employed borrowers as the monthly amortization is automatically deducted from their salary.

  2. Pag-IBIG Multi-Purpose Loan
    • Interest Rate: 10.5% per annum
    • Loan Amount: Up to 80% of the borrower’s regular Pag-IBIG savings
    • Loan Terms: 24 to 36 months
    • Processing Time: As fast as two days

    Similar to the SSS Salary Loan, the Pag-IBIG Multi-Purpose Loan offers a low fixed rate of 10.5% and allows for convenient monthly repayment through payroll deduction. Borrowers can avail themselves of up to 80% of their total accumulated value (TAV), repayable over 24 to 36 monthly installments.

  3. HSBC Personal Loan
    • Monthly Add-On Interest Rate: Starting as low as 0.65%
    • Effective Interest Rate: 14.29% for 24 months
    • Loan Amount: ₱30,000 to ₱500,000
    • Loan Terms: Six to 36 months
    • Processing Time: Five to seven working days
    • Loan Fees:
      • Processing Fee: ₱1,500
      • Late Payment Fee: 36% per annum on overdue payment
      • Documentary Stamp Tax: 0.75% of the drawn loan amount (applicable to amounts of at least ₱250,000 or for business purposes)

    With an attractive rate starting at 0.65%, HSBC’s personal loans offer flexibility with loan amounts ranging up to ₱500,000, suitable for various financial needs such as travel or education.

  4. CIMB Bank Personal Loan
    • Monthly Add-On Interest Rate: Starting at 0.83%
    • Loan Amount: ₱30,000 to ₱1 million
    • Loan Terms: 12 to 60 months
    • Processing Time: Application in just 10 minutes, approval in 24 hours, instant disbursement to your CIMB account or one to two banking days for other bank accounts
    • Loan Fees:
      • Documentary Stamp Tax: ₱1.50 per ₱200 of the loan amount
      • Late Payment Fee: 5% of the unpaid installment due or ₱300, whichever is higher

    Offering one of the lowest interest rates in the market, CIMB’s personal loans provide quick and convenient digital application processes. Borrowers can enjoy rates starting from 0.83% with flexible repayment terms.

  5. Maya Personal Loan
    • Monthly Add-On Rate: Starting at 0.83%
    • Effective Interest Rate: 1.40% per month
    • Loan Amount: ₱15,000 to ₱250,000
    • Loan Terms: Up to six months
    • Processing Time: Within minutes

    Whether you need funds for home upgrades, business growth, or debt consolidation, Maya Personal Loan offers instant loan disbursement directly to your Maya Wallet, with easy repayment options within the app.

  6. PNB Personal Loan
    • Monthly Add-On Rate: 1% to 2%
    • Loan Amount: ₱10,000 to ₱2 million
    • Loan Terms:
      • Three to 36 months for loans below ₱500,000
      • Up to 48 or 60 months for loans above ₱500,000

    PNB Personal Loan provides funding for various personal expenses with low monthly add-on interest rates, offering easy repayment through postdated checks or Auto Debit Arrangement.

  7. BPI Personal Loan
    • Monthly Add-On Interest Rate: 1.2%
    • Annual Contractual Rate: 25.60%
    • Loan Amount: ₱20,000 to ₱3 million
    • Loan Terms: 12 to 36 months
    • Processing Time: Five to seven working days
    • Loan Fees:
      • Processing Fee: ₱1,500 (one-time; deducted from loan proceeds)
      • Documentary Stamp Tax: ₱1.50 per ₱200 of the loan amount (for loans above ₱250,000 or for business purposes)

    BPI offers an affordable personal loan option with a low-interest rate, making it suitable for various financial needs with flexible repayment terms.

  8. Metrobank Personal Loan
    • Monthly Add-On Interest Rate: 1.25% to 1.75%
    • Annual Contractual Rate: 25.976% to 36.742%
    • Loan Amount: ₱20,000 to ₱1 million
    • Loan Terms: 12 to 36 months
    • Processing Time: Seven working days
    • Loan Fees:
      • Disbursement Fee: ₱1,500
      • Late Payment Fee: ₱850 per incidence
      • Pre-termination Fee: 5% of the outstanding balance or ₱550, whichever is higher

    Metrobank Personal Loan offers competitive rates with loan amounts up to ₱1 million, providing financial flexibility with manageable repayment options.

  9. UnionBank Personal Loan
    • Monthly Add-On Interest Rate: 1.29%
    • Annual Contractual Rate: 26.9%
    • Loan Amount: Up to ₱2 million
    • Loan Terms: 12 to 60 months
    • Processing Time: As fast as 24 hours
    • Loan Fees:
      • Disbursement Fee: ₱1,750 including stamp duty
      • Closure Handling Fee: 4% of the unbilled principal component of the loan that is prepaid
      • Late Payment Fee: ₱500 or 6% of the overdue amount, whichever is higher

    With low interest rates and extended repayment terms of up to five years, UnionBank Personal Loan offers financial flexibility with loan amounts of up to ₱2 million.

  10. Maybank Personal Loan
    • Monthly Add-On Interest Rate: 1.3%
    • Loan Amount: ₱50,000 to ₱1 million
    • Loan Terms: 12 to 36 months
    • Processing Time: Five to 10 working days
    • Loan Fees:
      • Processing Fee: ₱2,000 to ₱3,000
      • Documentary Stamp: ₱1.50 for every ₱200 if the loan amount is over ₱250,000
      • Credit Life Insurance: Amount depends on age and loan maturity

Maybank Personal Loan offers a fixed interest rate of 1.3%, making it an ideal option for financing significant expenses with loan amounts of up to ₱1 million.

  1. RCBC Personal Loan
    • Monthly Add-On Interest Rate: 1.3%
    • Loan Amount: ₱50,000 to ₱1 million
    • Loan Terms: Six to 36 months
    • Processing Time: Up to seven days

RCBC Personal Loan offers competitive interest rates and flexible repayment terms, allowing borrowers to finance various personal needs with ease.

  1. CTBC Bank Personal Loan
    • Monthly Add-On Interest Rate: 1.39% to 1.79%
    • Loan Amount: ₱20,000 to ₱1 million
    • Loan Terms: 12 to 36 months

CTBC Bank’s personal loan, also known as Salary Stretch Loan, features low-interest rates starting at 1.39%, catering to diverse financial needs such as home improvements, education, and more.

  1. Welcome Bank Personal Loan
    • Monthly Add-On Rate: 1.39% to 1.8%
    • Loan Amount: ₱50,000 to ₱1 million
    • Loan Terms: 12 to 36 months
    • Processing Fee: 3% of approved loan amount
    • Notarial Fee: ₱400
    • Late Payment: ₱1,500 or 15% of amortization, whichever is higher

    Welcome Bank offers a hassle-free online application process for its non-collateral personal loan with competitive interest rates and higher loan amounts.

  2. Tonik Quick Loan
    • Monthly Add-On Interest Rate: 1.71% to 4.39%
    • Loan Amount: ₱20,000 to ₱250,000
    • Loan Terms: Six to 18 months
    • Processing Time: Within two days

    Tonik Quick Loan provides quick and easy loan application directly from the Tonik app, featuring low-interest rates starting at 1.71% for immediate financial needs.

  3. PSBank Flexi Personal Loan
    • Monthly Add-On Interest Rate: 1.75% for Term Loan; 2.5% monthly interest rate for Revolving Loan
    • Loan Amount: ₱20,000 to ₱250,000
    • Loan Terms: 24 or 36 months (for fixed-term loans)
    • Processing Time: Five to nine working days

    PSBank Flexi Personal Loan offers flexible loan options with a revolving credit line and fixed terms, providing ATM cards for convenient transactions and rebates under their loan rebate program.

  4. EastWest Bank Personal Loan
    • Monthly Add-On Interest Rate: 1.79%
    • Loan Amount: ₱25,000 to ₱2 million
    • Loan Terms: 12 to 36 months
    • Processing Time: Within five to seven banking days

    EastWest Bank Personal Loan offers competitive rates and high loan amounts without the need for collateral or co-maker, ensuring financial flexibility for various purposes.

  5. UNO Digital Bank Personal Loan
    • Monthly Add-On Rate: 2%
    • Loan Amount: ₱10,000 to ₱200,000
    • Loan Terms: Six to 36 months
    • Processing Time: Up to seven banking days

    UNO Digital Bank provides convenient loan options with low monthly add-on rates, accessible through the UNO app for quick approval within seven days.

  6. SB Finance Personal Loan
    • Monthly Add-On Interest Rate: 2% to 5%
    • Annual Percentage Rate: 39.43% for 36 months
    • Loan Amount: ₱30,000 to ₱2 million
    • Loan Terms: 12 to 36 months
    • Processing Time: Within five banking days

    SB Finance Personal Loan offers competitive rates and flexible repayment terms, catering to various financial needs with loan amounts up to ₱2 million.

  7. CBS Easi-Funds Personal Loan
    • Monthly Interest Rate: 2.73% to 2.92% (confirmed upon loan approval)
    • Loan Amount: ₱30,000 to ₱1 million
    • Loan Terms: 12 to 36 months
    • Processing Time: Three to five working days

    CBS Easi-Funds Personal Loan provides low-interest cash loans with high loan amounts suitable for various expenses, ensuring quick processing and disbursal of funds.

When considering a personal loan, it’s essential to compare interest rates, loan amounts, terms, and processing times to find the best option that meets your financial requirements. Take advantage of these competitive offerings to secure the financing you need with favorable terms and conditions.

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CashLoanPH Changed status to publish 26/02/2024