FAQs

Frequently Asked Questions

Loan Introduction

  • What's an education loan?
    • Education loans are used by borrowers like you to receive financial assistance in order to help in finishing school. Here, Bukas.ph will lend you the money you need to finish school. Then, a convenient payment schedule will be provided so that you and your family can repay us within a certain amount of time
  • What programs does Bukas finance?
    • Bukas finances tuition and school fees of both Undergraduate (College) and Graduate (Masters, Doctorate, Law and Medicine) programs that are administered by our partner schools
  • Can I use Bukas to finance my High School and Senior High School tuition?
    • Unfortunately, we do not have a facility to Finance Basic Education, including High School and Senior High School

Loan Application

  • What are the requirements to become a Bukas.ph borrower?
    • 1. You must be 18 years old.
      2. You must be a student at one of the partner schools of Bukas. (Far Eastern University Manila and Makati, Lyceum of the Philippines Manila and Makati, Mapua University Manila and Makati, and Jose Rizal University).
      3. You must be a Filipino citizen.
      4. You must have a guarantor that is at least 21 years old and earns income
  • How do I apply for an education loan?
    • 1. Go to https://bukas.ph and click on "Apply"
      2. Accomplish the application form.
      3. Agree to the initial offer.
      4. Upload copies of the required documents.
      5. Submit and wait for the approval email
  • What fees can I loan for?
    • All tuition related fees; these would include the per unit fee, the miscellaneous fees and all other fees that are found in your school tuition statement
  • What documents do I need to apply for a loan?
      • Student
        • Your school ID (if you are not a freshman)
        • School billing / tuition and school fees assessment.
      • For guarantors and working students
        • Valid government-issued ID
  • I still don't have a school ID. What do I submit?
    • In lieu of your school ID, you can submit a school document that bares your name and student number as well any valid picture ID
  • My term is over and I still have payments for my existing Bukas loan. Can I still borrow for my next term?
    • Yes, you can borrow for your next term, subject to qualifications. If you have consistently paid for your existing loan's monthly amortizations, the remaining principal balance from your first loan can be transferred to your new loan principal. The tenor of the loan will be refreshed to 12 months, and your monthly amortization dues will be adjusted with the applicable interest.

Loan Payments

  • How much interest do I have to pay?
    • Interest rates are currently fixed at 1.5% to 2.0% per month, payable in 12 months
  • Are there additional fees to pay if I apply for a loan?
    • A minimal origination fee of 3% is added to the loan amount. For example, if your loan amount is Php 30,000.00 the origination fee is Php 900.00
  • How will I receive my loan?
    • Upon approval of the loan, Bukas will remit your tuition fee directly to the school for a hassle free transaction. You will receive a notification upon the completion of the transaction
  • When do I start paying for the loan?
    • 30 days after loan agreement date which is also the date that the funds will be paid to the school
  • How do I pay?
    • 1. Union Bank branches (over-the-counter) via Bills Payment Facility
      2. Union Bank Online Banking via Bills Payment Facility
  • What happens if I don't pay the loan on time?
    • A late payment fee will be charged equivalent to 5% of the unpaid portion of the scheduled monthly installment.
  • What happens if I only pay the partial amount due?
    • If you pay only a part of the full amount due for the month, you will still be charged a 5% late fee based on the remaining balance that is overdue.
  • Is Bukas a legit company?
    • Yes, Bukas is a duly registered corporation in the Philippines under the name “Bukas Finance Corp.” under Company Registration No. CS201901691 and granted a secondary financing license with the Securities and Exchange Commission with Certificate of Authority Number 1199.