I am a loan consultant and I just wanted to share my first hand knowledge with people in the maritime industry who are interested to apply for a seaman loan. First off you need to know a few things like requirements and how much is the maximum and minimum loanable amount you can expect to get out of your application to loan and lending companies in the Philippines today.
To answer some of the frequently asked questions regarding a seaman loan, most Pinoy seamen would ask this - "How much is the maximum and minimum loanable amount that a seaman can apply for?
The answer to this is that it will all depend of certain factors. First one is your term or employment contract while the second factor is the loan term itself and finally, your salary bracket or amount per month. If you want to apply for a loan as a maritime professional, these are the 3 most important things to consider.
with respect to what I have mentioned above, I could definitely conclude that the amount of loan that a seman may apply for any lending company including banks and private lending institutions will greatly depend in the 3 factors mentioned above. The bigger your salary and the longer the contract, the bigger the loan amount you can apply for based from loan calculators.
On the other hand, if you want to pay a short term, this will affect greatly your interest rate. Remember that interest rates are totally dependent on the loan term you would like to get from your lending company or from the bank. This means that the shorter the term you will avail with respect to remittance and payment of your loan, the smaller the amount of interest you will be paying. I will reveal how these amounts are calculated on my upcoming post updates so be sure to subscribe to my feeds here at Loans Philippines blog using my subscription form below this post.
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