Quick Comparison: BDO vs BPI Solar Loan
| Factor | BDO | BPI |
|---|---|---|
| Loan type | Personal Loan / Home Improvement | Personal Loan / Home Equity |
| Add-on rate (personal) | 1.3%–1.8%/month | 1.2%–1.6%/month |
| Max loan amount | Up to ₱2 million | Up to ₱2 million |
| Max term | 36 months | Up to 60 months (home equity) |
| Approval speed | 5–10 banking days | 3–7 banking days |
| Branch network | 1,500+ branches | 900+ branches |
| Min monthly income (salaried) | ₱15,000 | ₱15,000 |
| Online application | Yes | Yes |
BDO Personal Loan for Solar
BDO (Banco de Oro) is the Philippines' largest bank by assets, and their personal loan product is a popular choice for solar financing due to wide branch accessibility and flexible income requirements.
Key BDO loan features for solar:
- Loan amounts: ₱10,000 – ₱2,000,000
- Terms: 6, 12, 18, 24, or 36 months
- Add-on interest rate: 1.30%–1.80% per month (effective annual rate ~26–36%)
- Available to salaried employees, self-employed, and OFWs with Philippine co-borrower
- No collateral required for amounts under ₱500,000
BDO tip: Existing BDO account holders (especially those with payroll accounts) typically get faster processing and may qualify for promotional rates. Check your BDO app's "pre-approved loan" section first before applying fresh.
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.
Key BPI loan features for solar:
- Loan amounts: ₱20,000 – ₱2,000,000
- Terms: 12, 18, 24, 30, or 36 months (personal); up to 60 months via BPI Family home equity
- Add-on interest rate: 1.20%–1.60% per month
- BPI Family Savings Home Equity loan: lower rates (~0.8%–1.2%/month) secured against property value
- Available to salaried employees and self-employed with BIR documents
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 — significantly reducing monthly payments for larger solar systems.
Sample Monthly Payments by Loan Size
Using BPI at 1.3%/month add-on for reference:
| System Size | Loan Amount | 24-Month Payment | 36-Month Payment |
|---|---|---|---|
| 3KW Hybrid | ₱175,000 | ₱8,271/mo | ₱5,614/mo |
| 6KW Hybrid | ₱390,000 | ₱18,434/mo | ₱12,507/mo |
| 10KW Hybrid | ₱620,000 | ₱29,302/mo | ₱19,888/mo |
Compare those payments to your current electric bill. A typical 6KW system replaces a ₱14,000–₱20,000/month bill — the loan payment is often lower than what you're already paying to Meralco.
Documents Required
Both BDO and BPI require:
- Completed loan application form (online or branch)
- Valid government ID (2 copies)
- Latest 3 months' payslips (salaried) or ITR / BIR Form 2307 (self-employed)
- Latest 3 months' bank statements
- Certificate of Employment with compensation (salaried)
For secured/home equity: Transfer Certificate of Title (TCT) and latest real property tax receipt additionally required.
Which Should You Choose?
- For most salaried employees: Try BPI first — slightly lower rates and faster digital process. If declined, apply BDO.
- If you bank with BDO (payroll account): Start with BDO — existing relationship typically gets better terms.
- For large systems (₱500K+) and you own property: BPI Family Home Equity loan — dramatically lower rates over 5 years beats any unsecured product.
- For OFWs or non-regular salaried: BDO tends to have more flexible income documentation requirements.
Best practice: Apply to both simultaneously. Approvals take 3–10 banking days. Getting two offers gives you negotiating power and a backup option. There's no penalty for applying to multiple banks.
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.
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