Unlock your dreams with Personal Loans by Carmudi
Why choose us?
Borrow without worry. Secure your loan without putting your assets on the line. No collateral, just simple financing.
Skip the paperwork and long lines. Our streamlined application makes getting a personal loan effortless. Apply from anywhere, anytime.
Choose the best loan for you. We partner with multiple trusted banks to offer you a variety of loan options that fit your needs.
Loan from ₱10K to ₱5M. Low rates, up to 60 months to pay. Your terms, your way.
Calculate your EMI (Equated Monthly Installment)
How it Works
Initial Application
Fill out Application form (On our Website) and receive a call from our team.
Submit All Requirements
After all documents are received, we will submit your application to our financing & bank partners
Credit Investigation
NFIS/BAP check followed by residence inspection. What this means is that we need to check your qualification whether your loan application be approved.
Approval and Loan Disbursement
Get approved in 3-5 business days after step 3, followed by release of funds to your bank account
deal
Guarantee
- SEC Registered
- Trusted by thousands of borrowers
- Multiple lending partners
Testimonials
What our customers says about us
Eligibility & Documents Required
- Filipino
- 21-65 Years Old
- With Documented Source of Income & Tenure
- Ownership of a Credit Card is a plus
- 2 Valid Government Issued IDs
- Latest Proof Of Income for 3 Months (Payslip, Certificate of Employment with Compensation, Bank Statement)
- Proof of Residency (Electric, Water, or Internet Bill)
- 2 Valid Government Issued IDs
- Latest Proof Of Income (ITR, AFS, Latest Bank Statement)
- Proof of Residency (Electric, Water, or Internet Bill)
- Business Papers (DTI, Business Permit, SEC, GIS)
- Trade References (if applicable)
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Got Questions?
What is a personal loan, and how can I use it?
A personal loan is an unsecured loan that allows you to borrow money without collateral. It can be used for home renovations, travel, medical expenses, business capital, debt consolidation, or personal investments.
Who is eligible to apply for a personal loan in the Philippines?
You are eligible if you meet the following requirements: 1. Age: 21 to 65 years old (varies per lender). 2. Minimum Monthly Income: ₱15,000 for borrowers with credit card and ₱25,000 for non-carded borrowers. 3. Employment Status: At least a regular/permanent employee for salaried individuals or at least 1 year in business for self-employed borrowers. 4. Credit Check: With good credit score and payment history.
How much can I borrow?
Loan amounts range from ₱10,000 to ₱5 million, depending on your income, credit profile, and lender policies.
What are the interest rates for personal loans in the Philippines?
Interest rates vary by lender: 1. Banks: 1.25% to 2% per month. 2. Online Lenders & FinTech Companies: 2% to 6% per month. 3. Government Loans (e.g., SSS, Pag-IBIG, GSIS): Lower interest rates (10% to 12% per year)
What is the repayment period for personal loans?
Repayment terms typically range from 6 months to 60 months (1 to 5 years).
How long does it take to get approved?
1. Banks: 5 to 7 business days. 2. Online Lenders & FinTech: Instant to 24 hours. 3. Government Loans (SSS/Pag-IBIG): 5 to 10 business days.
What documents are required for a personal loan application?
Prepare the following documents for a smooth application: ✅ Valid ID (Passport, Driver’s License, UMID, or PRC ID) ✅ Proof of Income (Payslips, Certificate of Employment with Compendation, ITR for self-employed) ✅ Proof of Billing (Electricity, Water, or Credit Card Bill) ✅ Bank Statements (Last 3 to 6 months) ✅ Business Documents (Mayor's Permit, DTI, SEC Registration, GIS)
Do I need a co-maker or collateral to get a personal loan?
No collateral is required for personal loans. Some banks may ask for a co-maker if your income is below their required threshold.
Can I apply for a personal loan online?
Yes! Here in Carmudi Philippines, we have Personal Loan executives that could assist you with your application online through any of our partner bank and financing companies.
How do I check if I qualify before applying?
✅ Check if you pass the minimum eligibility requirements (age, income, employment status, credit score) ✅ Check if you have all the mandatory requirements (proof of identity, proof of income, proof of residence)
Can I pay off my loan early without penalties?
Some banks charge prepayment fees (3% to 8%) if you settle your loan early. Prepayment fees vary per lender. Check with our Personal Loan Executive for more details.
What happens if I miss a payment?
❌ Late payment fees (usually ₱500 or 3%-5% of the due amount). ❌ Negative impact on your credit score. ❌ Possible legal action for prolonged non-payment. To avoid this, most banks require auto-debit arrangement.
Can I apply for multiple personal loans at the same time?
Yes, but your approval depends on your debt-to-income ratio. Banks and lenders may reject your application if you already have too many active loans.
Are personal loans taxable in the Philippines?
No, personal loans are not taxable, but lenders may charge documentary stamp tax (DST) and processing fees if applicable.
Can I use a personal loan to start a business?
Yes! Many entrepreneurs use personal loans to fund small businesses, especially if they do not qualify for a business loan. Business loan has stricter credit criteria and evaluation. If you have the complete requirements for a self-employed borrower, a Personal Loan will be a suitable financial tool for you!
What fees should I expect when applying for a personal loan?
✔ Processing Fee: ranges from ₱1,000 up to 3% of loan amount (varies per lender) ✔ Documentary Stamp Tax (DST): ₱1.50 per ₱200 loan amount ✔ Late Payment Fee: 1% - 8% (varies per lender) ✔ Prepayment/Foreclosure Fee: 3% – 5% (varies per lender)
How can I increase my chances of getting approved?
✅ Maintain a credit score of 600+ ✅ Keep a stable income and low debt-to-income ratio ✅ Apply for a loan amount within your repayment capacity ✅ Choose a reputable lender