What do you need to know about Asialink’s Seaman’s Loan?
- Major Requirements
- Loanable Amount and Terms
- Payment Centers
The world of loans is both vast and extensive. There are many loan products available to consumers, and even OFWs such as seamen have a viable option when they need to get one. One such option is Asialink Finance Corporation’s Seaman’s Loan that is available for both seafarers in the Philippines and on-board.
If you are a seaman looking to secure this loan for your given purpose, then you should know the major seaman’s loan requirements. You should also be aware of the possible loan amount and terms as well as all other important information to help you get started.
If you are interested in securing Asialink Finance Corporation’s Seaman’s Loan, here are some requirements that you should prepare in advance to get successfully approved:
This will serve as proof of your identity, citizenship, and address in the Philippines.
POEA Validated Contract
The Philippine Overseas Employment Administration (POEA) is the government agency responsible for OFWs such as seamen, which is why a validated contract is needed.
Seafarer’s Identification and Records Book (Seaman’s Book)
A seaman’s book, registration certificate, and service record will authenticate your status as a seaman.
Under the POEA Standard Employment Contract, a Filipino seafarer is required to make an allotment which shall be payable once a month to his designated allottee in the Philippines. Providing a certificate of allotment will make your loan provider more confident that you are a reliable loanee.
Other Needed Requirements
- Seafarer’s Registration Certificate (SRC)
- Copy of Service Record (Embarkation / Disembarkation)
Once you have all of these documents prepared, you are finally ready to apply. Not only will these documents guarantee the success of your application, but it will also provide an opportunity for you to organize important documents for future endeavors.
Loanable Amount and Terms
Clients who apply for a seaman’s loan usually do so to fund their child’s education, renovate their house, purchase a vehicle, or pay for medical bills. That being said, the maximum loanable amount will be 200% of the applicant’s monthly salary, with a 1.5% interest rate per month.
As for the payment terms, it will be co-terminus with the contract of the seaman. This means that the loan will be linked to the contract of the maritime worker in that both will expire at the same time. For example, if you only have a six-month contract, you will only get a maximum term of six months. You would do well to remember this to avoid any future complications in your financial management.
Another thing to remember about Asialink’s Seaman’s Loan is that there are many available payment centers that make payment convenient for you. If you are going to pay locally in the Philippines, you can go to the nearest 7-Eleven, MLhuillier, Cebuana Lhuillier, Truemoney, or Bayadcenter. For overseas payments, check out Ventaja or payremit.com.
Thanks to Asialink’s partnerships with the aforementioned establishments and companies, you have many choices at your disposal. This will make payments quick and easy. For many people looking for a suitable loan product, ease of payment can be a deciding factor — beyond the loanable amount and terms.
Now that you know the important information you need to apply for Asialink’s Seaman’s Loan, you can finally get started as soon as possible. Make sure to keep in mind the requirements stated above because it will ensure the success of your application. If your future and the future of your family will depend on your loan, then there’s no better finance company to trust.