Security Bank Auto Loan
When talking of vehicle loans in the Philippines, Security Bank Auto Loan offers one of the most well-equipped and flexible options. With comfortable repayment tenure, low down payment and low interest rates, Security Bank can definitely help you find the right car for you. Apply for Security Bank Car Loan and we will guide you every step of the way.
|Product Name:||Security Bank Auto Loan|
|Remarks:||Security Bank Auto Loan|
|Minimum Amount of Loan:||PHP400,000.00|
|Maximum Amount of Loan:||PHP5,000,000.00|
|Minimum Loan Tenure:||1 years|
|Maximum Loan Tenure:||5 years|
|Vehicle Insurance Included||No|
|Accepts Third Party Vehicle Insurance:||No|
|Accepts Third Party Credit Insurance:||No|
|Does Not Require Credit Insurance:||No|
|Payment Options:||Pay through Automatic Payment Arrangement (ADA) or issue Post dated Checks|
|Application Approval Time:||Approval as fast as 1 day when you submit your complete documentations|
Interest Rates Offered
|Interest for||Fixed Period Interest Rate Per Year:||Effective Interest Rate Fixed Period:|
|Interest Rate for fixed 1 Year||10.18%|
|Interest Rate for fixed 2 Years||11.75%|
|Interest Rate for fixed 3 Years||11.96%|
|Interest Rate for fixed 4 Years||12.05%|
|Interest Rate for fixed 5 Years||12.41%|
|Interest Rate for fixed 1 1/2 Years||10.36%|
Vehicle Types and Loan Purpose
|Eligible Vehicle Types:||
Asian Utility Vehicle
Sports Utility vehicle
|Vehicle Loan Proceeds Can Be Used For:||
Purchase of Brand New Car
Reimbursement of Purchased Car
Eligibility and Requirements
|Age Range of Borrower:||21-65 years|
|Minimum Annual Income:||PHP480,000.00|
|Income Requirement Remarks:||Minimum requirement of P40,000 Gross Monthly Income|
|Employment Work Status||
Employed - Private Sector for 2 years
Employed - Government for 2 years
Self - Employed for 3 years
Professional for 3 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|
Fees and Charges/Penalties
|Late Payment Fee||of unpaid net monthly installmet (for accounts with 10 calendar days overdue)|
What are the general requirements for Security Bank car loan?
- Applicant must be a Filipino citizen who resides in the Philippines;
- Or Foreign citizen residing in the Philippines, provided, accompanied with a positive endorsement from the company he is affiliated with and a qualified Filipino citizen guarantor or co-maker in place; or
- Filipino citizens who are residing outside the borders of Philippines, provided with qualified Filipino citizen guarantor or co-maker in place.
- Must be 21 years old but not more than 65 years upon final maturity of the loan.
- Minimum joint monthly gross income with spouse of PHP 40,000.00 (brand new) or PHP 20,000 (second hand/used car)
- Employed for at least 2 years or officer position on a permanent/ regular basis.
What are the required documents for Security Bank auto loan application?
- Duly accomplished and signed Auto Loan Application Form
- Valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories of the loan
- Latest Proof of Billing under borrower's name
- Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR), Or Pay Slips for at least 3 months
- Latest Certificate of Employment with Compensation
EMPLOYED ABROAD (OFW):
- Latest Crew Contract (for seafarer/seaman); Latest Employment Contract duly authenticated by Phil. Consulate (for OFWs)
- Proof of Remittance (allotment slips) for at least 3 months
- Latest Income Tax Return (ITR) or BIR Form 1701 (duly stamped by BIR)
- Latest Audited Financial Statements/Statement of Assets and Liabilities/Statement of Income and Expenses
- Certificate of Business Registration with DTI (sole proprietorship) or SEC (partnership/corporation)
- Bank Statements or photocopy of Passbook for the last 3 months
- Proof of Other Income (Certificate of Deposits, Stock/Bond Certificates, Lease Contracts, etc.),
ADDITIONAL REQUIREMENTS IF COLLATERAL IS USED/SECOND HAND/IMPORTED VEHICLE:
- Copy of LTO OR/CR under the name of the seller/applicant
- Deed of Sale
- PNP Clearance and Macro Etching Certificate
- Bill of lading and importation papers, including proof of payment on custom and duty taxes (for imported units only)
How much can I borrow from Security Bank?
- You can apply for a Security Bank Auto Loan for up to 80% of the vehicle’s purchase price.
What is the minimum salary required to apply for Security Bank car loan?
- Applicant must have a minimum joint monthly gross income with spouse of PHP 40,000.00 (brand new) or Php 20,000 for second hand/used car)