What are the Basic Loan Requirements?

Thinking about applying for a loan soon? We got you! In this article, we’re breaking down the basic loan requirements to make it easy for anyone interested in securing a loan in the near future. Exploring loan services from certified Securities and Exchange Commission (SEC) and Bangko Sentral ng Pilipinas (BSP) financing companies is one of the most reliable and safest ways to receive the funds you need. With a variety of loan services available, you can find what suits your needs best – whether it be for upgrading your home, buying a motorcycle, repairing a car, or building your business. 

Proof of identity

In this day and age, safeguarding against online scams and fraud is important. That’s why lenders require proof of identity, both for your security and theirs. This protects you and the lender from unmanageable debt, identity theft, and other potential risks. The same applies with loan requirements in the Philippines.

So that lenders can ensure that you are a legitimate and eligible borrower, they verify your identity using details like your email address, SSS card, PhilHealth card, or driver’s license. The list varies per lender, but SB Finance support 21 different ID types as follows:

  • SSS Card
  • GSIS e-Card
  • Tax Identification Number (TIN) ID Card
  • Unified Multi-purpose ID
  • Passport
  • Driver’s License
  • PRC ID
  • NBI Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Barangay Certification
  • Senior Citizen Card
  • OFW ID
  • Seaman’s Book
  • ACR / ICR
  • Integrated Bar of the Philippines ID
  • Company ID

Note that several places that deal with money may ask for more than one form of ID as part of their loan requirements to keep customers safe.

Source of income

Having a stable source of income is important. This is one of the loan requirements lenders use when evaluating your means to repay the loan comfortably and without affecting your financial well-being in a bad way. 

Depending on your job situation, you may need different types of proof of income:


Any of the income documents below:

  • Latest one (1) month payslip
  • Certificate of Employment and Compensation –
    issued within the last six (6) months
  • Latest ITR


  • Latest one (1) year Audited Financial Statement
    (AFS) with at least the previous year’s comparative financials
  • SEC/DTI Certificate of Registration
  • Business permit/Mayor’s permit
  • Latest three (3) months bank statements
  • List of three (3) trade references [at least one (1) supplier and one (1) customer] with contact details
  • Latest GIS (if corporation)

While income is one of the key requirements, it’s not the only consideration that assesses your eligibility. Other factors also come into play, so lenders often ask for supplementary documents to make a comprehensive assessment of your loan application.

Additional Documents

As you consider different loan options, such as those that need collateral (secured loans), asset-related documents may be part of the loan requirements. Particularly, in the case of real estate loans, you’ll usually need to present the property’s title or certificates of ownership of valuable items such as vehicles. This makes sure you’re safe in case something unexpected happens.

One specific type of secured loan is known as ‘OR/CR sangla,’ where the Owner’s Copy of the Certificate of Registration (OR/CR) for a vehicle is used as collateral. For example, SB Finance’s Car4Cash program offers the opportunity to secure a loan of up to PhP 2 Million via OR/CR sangla, featuring competitive low-interest rates. What’s great about this loan is that you can continue driving your vehicle even after you’ve submitted your OR/CR for safekeeping.

As you choose from a variety of loan types available to you, it’s advisable to ask about each of their specific loan requirements as they can differ from lender to lender.

Loan Application Form

Filling out a loan application form can be laborious, especially when dealing with long forms that ask a lot of questions. Fortunately, there are now more convenient options available for those who may find visiting physical branches and enduring long lines inconvenient. Some lenders have also made their forms simpler by asking only the most important questions, which helps save their customer’s time.

Thanks to technology, apps such as zukì also simplify the process by letting you apply for a loan online via smartphone, anytime and anywhere. 

This mobile application also shows updates on your application status, so you can easily check the progress of your loan. Upon installation, you’ll also be able to find different loan options to choose from, including:

Keep in mind that different lending companies may have different loan requirements, so make sure to check with your chosen lending company about these specifics. It’s important to get in touch with your chosen lender and ask about their unique loan application requirements and rules. 

If you need help with your loan application, you can reach out to us through email ([email protected]), Customer Service hotline at (+632) 8887-9188, or Facebook Page (@SBFinancePH).  We would also love to have an SB Finance Goal Consultant reach out to you, so you can learn more about how our loan services can help fund your life’s milestones & goals. Simply answer this form, and we’ll be sure to reach out to you!

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