This is actually one of the frequently asked questions for loan applicants whether seaman, seawoman, ofw or those who are looking to make up for a collateral loan. Just be reminded though that seaman loan is the first and the only 1 day processing loan type in the Philippines today. Some will claim they offer fast approval but there is nothing better for a loan offer than the seaman or seawoman loan. Apart from the fact that it literally takes only 1 day to process, the interest rate is also low compared to other types of loans and there is no or zero processing fee for this loan in most cases. If you find a private lending company who charges for processing of this type of credit system, go find another one. I'm pretty sure you will find one easily to replace them.
Now with respect to the question of how much is the loanable amount for a seaman or seawoman loan, well, it all depends on the lending institution you are applying your loan with be it a bank or other options you have on your list but the thing is that in many cases, the loanable amount is determined or the biggest factor for either a higher or lower loanable amount is the salary of the maritime worker.
Meaning, the bigger your salary is based from your contract with your maritime or shipping company, the bigger your loanable amount is. If you ask me regarding the exact amount, I can't give you any figures but there is a loan company with which I am currently working as a consultant that offers a loanable amount range of 200%-250% of the total gross salary of the seaman or seawoman.
As an example, if a seaman has a salary of $1000.00, converting it to peso to reach a common ground for computation, the total amount would then be equal to or will be almost Php 42,000.00. If you multiply this to 200%, it means that the minimum loanable amount for this salary bracket is Php 84,000.00. On the other hand, you just multiply the Php 42,000.00 to 250% and you will get the highest rate of loanable amount for a maritime worker who is getting $1000.00 as a salary.
Now with respect to the question of how much is the loanable amount for a seaman or seawoman loan, well, it all depends on the lending institution you are applying your loan with be it a bank or other options you have on your list but the thing is that in many cases, the loanable amount is determined or the biggest factor for either a higher or lower loanable amount is the salary of the maritime worker.
Meaning, the bigger your salary is based from your contract with your maritime or shipping company, the bigger your loanable amount is. If you ask me regarding the exact amount, I can't give you any figures but there is a loan company with which I am currently working as a consultant that offers a loanable amount range of 200%-250% of the total gross salary of the seaman or seawoman.
As an example, if a seaman has a salary of $1000.00, converting it to peso to reach a common ground for computation, the total amount would then be equal to or will be almost Php 42,000.00. If you multiply this to 200%, it means that the minimum loanable amount for this salary bracket is Php 84,000.00. On the other hand, you just multiply the Php 42,000.00 to 250% and you will get the highest rate of loanable amount for a maritime worker who is getting $1000.00 as a salary.
For more questions, inquiries, seaman loan application and other related matters, please send me an email at samcasuncad.ofwcashloan@gmail.com. Alternately, you can contact me at my home phone number at 366-3645 or my personal Sun Cellular Phone at 0932-872-5532
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