Loan Interest Method
Interest accrues each calendar day on the unpaid loan balance from the day the loan is made. Payments are applied first to any accumulated late fee, then to accrued interest, with any remainder applied to principal. Formula: Principal × Interest Rate × Number of Days ÷ 365.
Business / Commercial Loan
Features
- 1% Processing Fee
- 13.5% interest (Unsecured)
- 13.0% interest (Secured up to 45%)
- 12.5% interest (Secured 46–70%)
- 12.0% interest (Secured 71–95%)
- 11.5% interest (Secured 96–120%)
- 2.5% + TCD rate (Fully secured by TCD)
Requirements
- Audited current financial statement
- Tax report (MISSA, Tax & Revenue, Local Gov.)
- Board minutes / resolution
- Business plan
- Business license
- Personal financial statement (borrower & guarantors)
- Credit checks
- Security Agreement (Secured Transaction Act)
- Collateral items (if any)
- By-Laws & Corporate Charter
- Insurance for collateral items
Student Loan
7% interestStart safe and invest in your child’s education. You can also start a Time Certificate of Deposit with a 4% interest rate to save for education costs.
Features
- Interest rate is 7% per annum
- 1-year term repayment
- Net requirement waiver
- Credit check not required
- Loan fee is 2%
Micro Loan
7% interestDesigned to accelerate rural development and improve the wellbeing of people in the outer islands. Funded by Taiwan ICDF.
- Interest rate is 7% per annum
- Maximum term is 5 years
- Loan fee is 2%
Personal / Consumer Loan
15% interestA great way to achieve all your personal needs.
- 15% interest rate
- At least 2 guarantors required
- Borrow up to $2,000.00
- Maximum term of 2 years
- Options to refinance
- Loan payments can be made through Mobile Banking
- Maximum of 6-month term (standard)
- Payment by allotment unless fully secured by stock or TCD
- No credit check if credit history with the bank is current
- Employment verification required
Line of Credit (Mobile Phone)
15% interestA personal borrowing method using the Mobile Banking system for maximum convenience. Follow the instructions in your user guide and we’ll take it from there.
Requirements
- Customer must have subscribed to the BOMI Mobile Banking system
- Special Savings Collateral Account
- Guarantor
- Security Transaction Act agreement
Quick Loan
15% interestA special consumer loan for customers with a consistent and good credit history. Approval can take as few as 30 minutes, with funds deposited directly to your account.
Requirements
- Maximum of 6-month term
- Payment by allotment unless fully secured by stock or TCD
- No credit check if credit history with the bank is current
- Employment verification required
- 1 guarantor required