BDO Auto loan

Product Overview

Product Name:	BDO Auto loan
Remarks:	BDO Auto Loan
Minimum Amount of Loan:	PHP500,000.00
Maximum Amount of Loan:	PHP3,000,000.00
Minimum Loan Tenure:	1 years
Maximum Loan Tenure:	5 years
Early Repayment:
Vehicle Insurance Included	No
Accepts Third Party Vehicle Insurance:	No
Accepts Third Party Credit Insurance:	No
Does Not Require Credit Insurance:	No
Payment Options:
Application Approval Time:	As fast as 1 day processing

Interest Rates Offered

Interest for	Fixed Period Interest Rate Per Year:	Effective Interest Rate Fixed Period:
Interest rate for 1 year	4.74%
Interest rate for 1 and a half year	4.78%
Interest rate for 2 year	4.96%
Interest rate for 3 year	5.32%
Interest rate for 4 year	5.49%
Interest rate for 5 year	5.83%
Interest rate for 6 year	6.80%

Vehicle Types and Loan Purpose

Eligible Vehicle Types:	Sedan Asian Utility Vehicle Sports Utility vehicle Van Light Commercial Vehicle
Vehicle Loan Proceeds Can Be Used For:	Purchase of Brand New Car Purchase of second Hand Car Refinancing Use Owned Vehicle as Collateral for Loan Reimbursement of Purchased Car

Eligibility and Requirements

Age Range of Borrower:	21-65 years
Minimum Annual Income:	PHP480,000.00
Income Requirement Remarks:	Minimum gross monthly income required Php 40,000 per month
Employment Work Status	Employed-Private Sector for 2 years Employed-Government for 2 years Self Employed for 2 years Professional for 2 years Employed-BPO for 2 years Employed-OFW/Seafarer for 2 years
Applicant Must Have A Landline Phone at Home or Office:	No
Need to Open Linked Bank Account:	No
Guarantor Requirements:
Collateral Requirements:

FAQ

What are the general requirements needed for BDO auto loan application?

• Applicant must be 21-65 years old (not exceeding 65 years old upon loan maturity), Filipino or Foreign based Filipino, with gross family income of PHP 50,000.00, Employed/Self-employed for at least 2 years, with good credit standing. Filipinos, or former Filipinos with or without dual citizenship, or Filipinos married to foreigners, or Foreign-based Filipinos/OFW and their beneficiaries. At least 2 years continuous employment abroad.

Note: In case the remitter is not in the country at the time of application, the beneficiary will act as the borrower. The beneficiary must be living or working within BDO serviceable area.

What are the required documents to apply for BDO car loan?

• Fully accomplished and signed application form
• Income Documents

If locally employed:

• Latest Income tax Return (ITR) / full month payslip and Tax Identification Number (TIN)
• Certificate of Employment with compensation details

If self-employed or owns a business:

• Photocopy of Certificate of Registration issued by DTI
• Latest Audited Financial Statements for the last 2 years with latest ITR
• Three (3) Business References either Supplier or customer with contact details
• Latest 3 months bank statements (if non-BDO depositor)

Corporation and Partnership:

• Complete corporate papers (SEC Certificate of Registration, Articles of Incorporation, By-laws)
• Secretary’s Certificate / Partnership Resolution (using BDO format)
• Latest Audited FS for the last 2 years with latest ITR
• Additional covenant form for signature

Others:

• PDCs/ADA Instruction if mode of payment is Debit to Account
• Chattel Mortgage Fees
• Insurance Policy with OR of Premium Payment

OFW:

• Certificate of Employment or current employment contract for the last 6 months;
• Contact details of your local employer
• Remittance receipts or its equivalent proof of remittance

What is the minimum loan amount and required down payment for BDO auto loan application? Is there a minimum loan term?

Brand New Car:

• Minimum starts at PHP 100,000.00
• Up to 80% of vehicle selling price
• Minimum down payment is 20% of vehicle selling price
• Tenure: Minimum of 12 months, maximum of 72 months

Used Car:

• Minimum starts at PHP 100,000.00; Up to 70% of vehicle's appraised value
• Minimum down payment is 30% of vehicle's appraised value
• Tenure: Minimum of 12 months, maximum of 48 months

What is the minimum salary required to apply for BDO car loan?

• Applicant must have a gross family income of PHP 50,000.00. For OFWs, applicant must have a gross family income of PHP 50,000.00 or its US dollar equivalent.

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