3 Types of Seaman Salary
Not all seafarers have allotment slip or categorized as “with allotment”. While there are 3 types of salary for all maritime workers of a sailing ship or vessel, some of them belong to the category of self-allottee while some are pay-on-board. The first one I’ve mentioned above are the only types of paid sailors who can avail to qualify for the allottee loan. This is a non-collateral unsecured personal loan offer by different private lending companies.
Banks that Offer Seaman Loan
Banks don’t offer this type of loan. Only seaman loan is currently being offered by banks like BPI, BDO, PNB, AUB, Unionbank, Robinsons Bank, Tanay Rural Bank and Security Bank. As of today, I only of these banks to offer loan for seafarer they sometimes call as multi-purpose personal loan.
How to Qualify for Allottee Loan
The sole reason is because in order to qualify to apply for this cash credit, a seafarer beneficiary had to be literally an allottee or is declared as the allottee or receiver end of all or part of the salary of the seaman. The only proof that qualifies an allottee is the allotment slip. This is a document that is issued by the manning agency to a seafarer upon his request on how much amount of allotment to give his allottee. By virtue of this slip or certificate, the seaman benaficiary is the sole qualified person to apply for the allottee loan. Apart from this pre-qualifying scenario, the allottee is also required to provide 1 co-borrower to qualify. He or she must be at the most an immediate relative with a regular source of income. If not a relative, a separate proof of billing and residence is required to be submitted.
Allottee Loan Requirements
Part of the complete list of requirements for seaman beneficiary loan is the disclosure and submission of all documents of the sailor from his manning agency. This can be had by the allottee because manning agencies do allow pullout of photocopies of these documents either upon request of the seaman himself or herself through his allottee or the allottee already knows he or she had the right to go get a copy of these documents. Requirements are listed below or you can find a list here – http://seamanloans.com/blog/requirements/.
- POEA-validated latest contract (current year only).
- Valid and latest Seaman Registration Certificate (SRC)
- Valid and latest Seaman’s Book or SIRB
- Latest allotment slip or allotment certificate indicating who the allottee is
- 2 valid primary or government issued IDs
- Marriage contract (if married) or birth certificate of children (if separated or if allottee had only 1 valid ID)
- OEC or Overseas Employment Certificate from POEA (may also get a copy from manning agency)
- Original proof of billing (we only accept electric or water bill) (not necessarily under the borrower or allottee’s name) (but must have same address as the valid IDs of the seaman and his allottee)
- 4 pcs latest 2×2 picture
- 1 co-borrower with regular source of income – must provide 2 valid primary IDs / 1 month latest payslip or any proof of income and 4 pcs 2×2 picture.
Please do note that currently, SeamanLoans.Com had 2 providers for the allottee loan. On one provider, it is required to have been a previous borrower with good credit standing while on the other, the same stands with requirement of good credit standing while it is not required that you have previously borrower or applied for seaman loan with them. To inquire about this particular loan product offer in the Philippines, please contact us now.