Apart from basic loan requirements needed to produce to qualify to apply for the seaman loan, there are pre-qualification standards set by different lending companies to pass and qualify to borrow money or cash loan if you are a seafarer. These pre-qualifying requirements are usually not stated in the basic list of documents a maritime worker had to produce before pursuing to apply for the seaman loan. I have listed the documentary requirements below and will list down also the pre-qualification list.
BASIC DOCUMENTARY REQUIREMENTS
- Completely filled up application form by borrower and co-borrower
- POEA validated latest contract
- Passport (must be latest and valid)
- SRC
- Seaman’s book
- Allotment slip of allotment certificate
- 2 valid primary or government-issued IDs
- Marriage contract or birth certificate of children if married
- Original proof of billing (only electric or water bill allowed)
6 PRE QUALIFICATION REQUIREMENTS
- Seaman must already have a duly POEA validated latest contract (not previous).
- Seaman must have a co-borrower (usually the allottee declared in the allotment slip). If self-allottee or pay on board type of salary receiving seafrer, you have to produce a co-borrower with stable and regular source of income who is a nearest relative. This is crucial so have them all ready.
- Must have no expired IDs and requirements listed above
- Must already have a fixed date of departure. This will be confirmed by credit review department by calling the crewing manager. The crewing manager must disclose an exact date of departure for you.
- Must not have any delinquent loans and unpaid balances from other existing lending companies in the Philippines. This will be verified through what is called as C.I. or credit investigation.
- Must not have a court case of any sort that is unsettled. If have a court case of bounced checks and other cases, must provide a court clearance to the lending company.
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