If you are considering a bank loan to finance your solar panel installation in the Philippines, the two most common options are BDO (Banco de Oro) and BPI (Bank of the Philippine Islands). Both offer personal loan products that can be used for solar -- but rates, approval times, and requirements differ meaningfully.
This guide compares both banks side-by-side with real 2026 numbers so you can choose confidently. We also cover the step-by-step application process and whether financing solar even makes financial sense vs paying cash.
BDO vs BPI Solar Loan -- Quick Comparison
| Feature | BDO | BPI |
|---|---|---|
| Loan type | Personal Loan / Home Improvement | Personal Loan / Home Equity |
| Loan amount range | P10,000 -- P2,000,000 | P20,000 -- P2,000,000 |
| Terms available | 6, 12, 18, 24, 36 months | 12, 18, 24, 30, 36 months (up to 60 via Home Equity) |
| Add-on interest rate | 1.30% -- 1.80% / month | 1.20% -- 1.60% / month |
| Effective annual rate | ~26% -- 36% | ~24% -- 32% |
| Typical approval time | 3 -- 7 banking days | 3 -- 5 banking days |
| Branch network | 1,400+ branches | 900+ branches |
| Min monthly income (salaried) | P15,000 | P15,000 |
| Online application | Yes | Yes |
| OFW eligible | Yes (with PH co-borrower) | Case-by-case |
| Self-employed eligible | Yes | Yes (with BIR docs) |
| Home equity option (lower rates) | Via BDO multi-purpose loan | Via BPI Family Savings Bank |
BDO Personal Loan for Solar
BDO (Banco de Oro) is the Philippines' largest bank by assets. Their personal loan product is popular for solar financing due to the widest branch network in the country and relatively flexible income documentation requirements.
Key BDO Loan Features for Solar
- Loan amounts: P10,000 -- P2,000,000
- Terms: 6, 12, 18, 24, or 36 months
- Add-on interest rate: 1.30% -- 1.80% per month (effective annual rate ~26--36%)
- Collateral: No collateral required for amounts under P500,000
- Eligible borrowers: Salaried employees, self-employed, and OFWs with Philippine co-borrower
- Pre-approved offers: Existing BDO account holders (especially payroll accounts) may have pre-approved loan offers with better rates available in the BDO banking app
BDO tip: Check your BDO app's "pre-approved loan" section before applying fresh. Existing BDO payroll account holders typically get faster processing (2--3 days) and may qualify for promotional rates that are significantly below the standard rate card.
BPI Personal Loan for Solar
BPI (Bank of the Philippine Islands) consistently rates well for digital banking experience and approval speed. Their personal loan rates tend to be slightly more competitive than BDO for standard salaried applicants, and their home equity product through BPI Family Savings Bank is one of the best options for financing larger solar systems.
Key BPI Loan Features for Solar
- Loan amounts: P20,000 -- P2,000,000
- Terms: 12, 18, 24, 30, or 36 months (personal loan); up to 60 months via BPI Family home equity
- Add-on interest rate: 1.20% -- 1.60% per month (personal loan)
- Home equity rate: 0.80% -- 1.20% per month (secured against property) -- dramatically lower than personal loan rates
- Collateral: None for personal loan; property title for home equity
- Eligible borrowers: Salaried employees and self-employed with BIR documentation
BPI tip: If you own property, the BPI Family Savings Bank multi-purpose loan (home equity) can dramatically lower your rate and extend your term to 60 months -- cutting your monthly payment nearly in half compared to a standard 36-month personal loan. This is the best financing option for systems above P500,000.
How to Apply -- Step-by-Step
The application process for both banks is similar. The key difference is that BPI tends to process faster for digitally-active customers.
BDO Solar Loan Application
Get Your SolarStream Quote
Request a free itemized quote from SolarStream. This document shows the exact system cost and components -- banks require this to verify the loan purpose and amount.
Apply Online or Visit a BDO Branch
Apply via bdo.com.ph/personal-loan or visit any of BDO's 1,400+ branches. Online applications are pre-screened within 24 hours.
Submit Your Documents
Upload or bring your IDs, payslips, bank statements, and Certificate of Employment. BDO branch officers can guide you through any missing requirements.
Wait for Approval (3--7 Banking Days)
BDO typically processes personal loans in 3--7 banking days. Existing BDO payroll account holders may receive approval in 2--3 days. Once approved, funds are disbursed to your BDO account.
BPI Solar Loan Application
Get Your SolarStream Quote
Same as above -- request your free itemized quote showing the full system cost breakdown.
Apply via BPI Online App or Branch
Apply through the BPI mobile app (fastest), online at bpi.com.ph, or visit any BPI branch. The app pre-qualifies you instantly if you are an existing BPI customer.
Submit Your Documents
Upload your IDs, payslips, and COE digitally through the app, or submit physical copies at a branch. For home equity loans, bring your property title (TCT) and latest real property tax receipt.
Wait for Approval (3--5 Banking Days)
BPI is generally faster than BDO for salaried employees. Pre-approved offers via the BPI app can be confirmed in as little as 2--3 days. Funds are credited to your BPI savings account.
Documents Required
Both banks require similar core documents, but there are differences in what each accepts for income verification.
- Completed BDO loan application form
- 2 valid government-issued IDs
- Latest 3 months payslips (salaried)
- OR: ITR / BIR 2307 + audited financial statements (self-employed)
- Latest 3 months bank statements
- Certificate of Employment with compensation
- Proof of billing address (utility bill)
- OFW: passport + work contract + PH co-borrower docs
- Completed BPI loan application form
- 2 valid government-issued IDs
- Latest 3 months payslips (salaried)
- OR: ITR / BIR 2316 + business permits (self-employed)
- Latest 3 months bank statements
- Certificate of Employment with compensation
- Home equity: Transfer Certificate of Title (TCT)
- Home equity: Latest real property tax receipt
Sample Monthly Payments by System Size
Calculated using BPI's mid-range add-on rate of 1.3%/month for reference. BDO payments would be slightly higher at equivalent terms. Use the SolarStream solar calculator for exact numbers based on your system size.
| System Size | Loan Amount | 24-Month Payment | 36-Month Payment |
|---|---|---|---|
| 3KW Hybrid | P175,000 | P8,271/mo | P5,614/mo |
| 6KW Hybrid | P390,000 | P18,434/mo | P12,507/mo |
| 10KW Hybrid | P620,000 | P29,302/mo | P19,888/mo |
Compare those payments to your current electric bill. A typical 6KW system replaces a P14,000--P20,000/month VECO or Meralco bill -- the 36-month loan payment is often lower than what you are already paying for electricity.
Solar Loan vs Paying Cash -- Does Financing Make Sense?
Many homeowners ask: "Should I just pay cash?" Here is the real math for a typical 6KW hybrid system:
6KW Hybrid System -- 25-Year Financial Comparison
Bottom line: Even with loan interest, you save P3.7--P5.5 million over 25 years. The P60,000 in interest is roughly 1--1.5% of your total lifetime savings. Financing solar with a bank loan is financially rational in almost every scenario where your monthly electric bill exceeds P5,000.
When cash is better: If you have idle savings earning less than the loan interest rate (~1.3%/month) and do not need the liquidity, paying cash gives you a slightly faster ROI since you avoid interest entirely. The breakeven point for cash is typically 3--4 years vs 4--5 years with a loan.
Which Bank Should You Choose?
Our recommendation based on real-world client experience
For most salaried employees: Try BPI first -- slightly lower rates, faster digital approval process, and the BPI app makes the entire process almost paperless. If declined or if you need more flexible documentation, apply to BDO as backup.
If you bank with BDO (payroll account): Start with BDO -- your existing banking relationship typically gets you pre-approved offers with better-than-standard rates. Check your BDO app first.
For large systems (P500K+) and you own property: BPI Family Savings Home Equity loan is the best option available -- dramatically lower rates over 5 years beats any unsecured personal loan product from either bank.
For OFWs or non-regular income: BDO tends to have more flexible income documentation requirements and explicitly supports OFW applicants with a Philippine co-borrower structure.
Best practice: Apply to both banks simultaneously. Approvals take 3--10 banking days. Getting two offers gives you negotiating power and a backup option. There is no penalty for applying to multiple banks, and it does not affect your credit score negatively in the Philippines.
Frequently Asked Questions
Get a Solar Quote First -- Then Apply for Your Loan
SolarStream provides a full itemized quote that you can submit directly to BDO or BPI with your loan application. This speeds up approval and ensures you borrow the right amount. Free site assessment, no obligation.