How we applied for credit salary loan at DBP as a government employee

While we are saving money to fund our IVF procedure, few people also suggested us to try applying for a loan. I'm too hesitant to the idea since we are also paying for our bills. I'm afraid that we won't be able to save due to lots of expenses. Yet, we want to have the procedure done this year and so we tried to grab the opportunity for the loan application. 

As a government employee, my husband can loan at state-run banks like Landbank of the Philippines (LBP) and Development Bank of the Philippines (DBP) and government-owned and controlled corporations like the Government Service Insurance System (GSIS). He was told by their Human Resource personnel that DBP offers a credit salary loan (salary deduction) which can be approved as fast as five days (as what DBP promised on its website). The bank can also provide the whole amount needed which is a good thing especially when you need the money asap.

Here's the process of how my husband applied for the loan at DBP:

1. He asked for the DBP loan application form from their Human Resource Department.

2. He submitted the same form to their HR as they were the one who sent it to the bank.

3. A DBP personnel called my husband after two weeks of submitting the forms to their HR, informing him about the approval of his application. He was then advised to go to the designated branch to claim the money.

4. At the bank, he was provided with his account number so that he can already withdraw the money. His account has an ATM but since this was not available yet, he did an over-the-counter withdrawal.

The process is easy and fast despite that he's a first-time applicant. This is the advantage for government employees when applying for a loan at state-run banks, compared to private banks. 

For DBP's credit salary loan:

- The interest is peg at 15%;

- The loan is deducted automatically from the salary per month; and

- The loan is payable up to four (4) years.

There could also be eligibilities required by the bank and so the requirements and processes per applicant may vary.