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| seaman loan requirements |
This list of documents will be necessary regardless if the maritime worker is applying with a bank or a private lending company and in rare cases, with a private financier. I will be providing simple explanation on each requirement so you can carefully check and understand why it is needed and when it is needed. Some requirements might be big deal while some are alternative in cases where the seafarer cannot come up with one or doesn't have one to provide while applying for the loan.
12 Major Requirements for Loan Application
- Completely filled up application form - Please let us subject you to a very short 1-3 minute pre-qualification interview so we won't be wasting your time before filling up our form. You can download it or fill up our online form HERE.
- LATEST POEA-validated contract - This is a valid and binding written contract that has already been signed and stamped in the Philippine Overseas Employment Administration Office. No contract means not qualified but may apply in advance by submitting other documents for faster and advance processing prior to departure.
- Latest and valid OEC (overseas employment certificate or overseas employment contract) - While many seafarer think that OEC is not yet available with their manning agency, in most cases, 1-2 weeks after signing up with a work contract, the agency immediately brings the document to POEA for application of OEC release. Please note that we will not take any original documents. This means that 1-2 weeks after signing up with a contract, you can immediately ask your fleet manager or crewing manager to give you a copy of the OEC. In cases where this document is given 1-5 days before, departure, rest assured that you can still come up with a seaman loan approval because all of our providers have 1 day release and processing of loan unless otherwise if you are already delinquent with an existing loan with all or any of our providers.
- Allotment Slip / Allotment Certificate - only for those who have allotment and not intended for those who are self allottee or don't have allotment while onboard as part of their contract.
- Marriage Contract - If married, please submit this document. If single with kids, please submit birth certificate of any 1 child. Please note that your names as parents must be listed in the document to prove you are a couple.
- Original Proof of Billing - We only accept electric or water bill. As an alternative, you may submit proof of residency in the form of utility bills or other bills under your name like, cable bill, telephone bill, mobile phone bill, receipts of items bought with name and address stated, transcript of records, old letter envelope, remittance receipts, banks accounts or any old documents bearing the loan borrower's name and his current address.
- Those who are married and have joint checking account have the edge and will take less processing time plus release of loan will be faster (less time for the checking account application to banks)
- 2 valid primary IDs - Best to submit government-issued IDs like passport / company ID / SSS / driver's license / PHILHEALTH / bank account passbook / transcript of records / etc.
- SRC or seaman's registration certificate ID
- Latest and valid Passport - If in the brink of expiration, an early renewal will be obliged from the borrower.
- 4 pcs 2x2 photos (both allottee and seaman)
- 1 coborrower - best option is wife or spouse or live in partner with kids, second choice can be parents and sibblings or brother / sister. Third choice can be family relative but is subject for approval by the company.
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