Seaman loan calculator is really just a simple tool to compute the possible loanable amount and loan monthly amortization payment to make for a sailor borrower. If you want to know the different charges of our lending company providers, at this point, it must be clear to you that they have different rates with respect to interest, processing fee and other charges so don’t expect us to give you exact figures or any figure at all because all the charges will definitely depend on which lending provider you can qualify to apply for our seaman loan offer in the Philippines plus the exact loanable amount you can be approved of (which will basically depend on the requirements you will submit).
Bottom line is, if you haven’t submitted any document yet, you cannot be given any computation of charges and fees. All we can give you is the assurance that you will be offered the lowest possible interest rate for your loan. This goes the same with bank loan for maritime workers so to shed light to frequently asked questions about how much monthly payment to make for a loan application, we will be choosing sample figures and numbers only with our loan calculator below. Please bear in mind that this is AGAIN JUST A SAMPLE COMPUTATION and there is no guarantee we will arrive at the same figures and results when you have your loan computed.
Do note that computation will always depend on the final approved amount and not estimates or assumptions so if you really want to get exact figures using loan calculator computation, the best time is after you already submitted all your documentary requirements and have final loan approval. Computations of charges will all be presented to you at this point so be ready to ask your questions. There is no repeat presentation of loan contract so be sure to listen carefully and try to ask questions if anything is not clear for you.
Below is a sample table of basic computation for seaman loan. This is just an example and figures may differ depending upon the exact loanable amount to avail and the terms chosen by the seafarer upon final presentation of the loan contract.
Do also bear in mind that we offer first in line to all our applicant borrower, the 1 day release loan as much as possible unless they can’t qualify to any of the providers we have on our list. In this case, 3-5 days apply. Same goes for those who cannot provide the right, complete and sufficient documents as required by the credit approval department.
You may also see if your manning agency is duly registered and accredited with updated recruitment license from the POEA by visiting our list here – http://www.seamanloan.com/poea-accredited-manning-agencies/.
Sample Principal Loan Amount and Amortization Computation: [Loan Calculator]
Type of Loan: Seaman’s Loan
Loan Amount: Php 60, 000.00
Interest Rate: 3% add on interest
Term: 6 Months
|Loan Amount||Php 60,000.00|
|Multiply by Interest Rate||3%|
|Interest Per Month||Php 1,500.00|
|Mutiply by Number of Months Terms + 1 Month Grace Period||6 + 1 = 7|
|6-Month Interest + 1 Month Grace Period (1,500×7)||Php 10,500.00|
|Add: Loan Amount||Php 60,000.00|
|Total PN Value||Php 70,500.00|
|Divide Number of Months / Terms||6|