SB Finance Car4Cash Loan
Make money out of your car without selling it or giving it up. Fast application online and 3-7 days processing time. Minimum requirements and fixed monthly terms. Car owners, apply now and see how much you can get.
SB Finance Car4Cash Loan
SB Finance Car4Cash Loan is a perfect personal loan for individuals or business people who own car/s. While other loans require setting up your vehicle as collateral, Car4Cash just uses your car’s ORCR so you don’t need to give up your vehicle when applying and processing for a loan. Which means you can still use your car for personal or business use. Car4Cash loan caters to employees in the private & government sector and self-employed individuals. With just a PHP15,000 income (for employees) or PHP100,000 (self-employed or business owners), you can get a quick cash loan starting at PHP100,000 up to PHP2-M. Payment terms are flexible at 12, 18, 24, or 36 months. Interest rate is at 1.25% to 2%, depending on the age of the car and the loan term.
Overview
- Product Name:
- SB Finance Car4Cash Loan
- Remarks:
- Get the cash you need with your car
- Minimum Amount of Loan:
- PHP100,000.00
- Maximum Amount of Loan:
- PHP2,000,000.00
- Minimum Loan Tenure:
- 12 months
- Maximum Loan Tenure:
- 36 months
- Early Repayment:
- N/A
- Payment Options:
- Post Dated Check
Eligibility and Requirements
- Age Range of Borrower:
- 21-65 years old
- Minimum Annual Income:
- PHP144,000.00
- Income Requirement Remarks:
- PHP 12,000.00
- Employment / Work Status:
- Permanent Employee for 1 year / 2 years Business Operations for Self-employed / 1 year of Practice for Professionals / Government Employee for 1 year
- Borrower has to have Credit Card:
- No
- Guarantor Required:
- No
- Collateral Required:
- ORCR of car 0-10 years old, unencumbered and under the borrower’s name
- Other Requirements:
- Duly filled-out and signed application form, Photocopy of ORCR, Screenshot from Google maps of home and company address, Photocopy of 1 valid government-issued, photo-bearing ID
- Need to Open Linked Bank Account:
- No
Application and Approval
- Application Channel:
- SB Finance
- Approval Duration:
- 3-7 banking days
- Approval Duration Remarks:
- 3-7 days processing time
Fees and Charges/Penalties
- Loan Processing and Dispersal Fees:
- 3% of approved loan amount. No disbursement fee.
- Early Repayment Penalty:
- N/A
- Late Payment Penalty:
- 3% of the amount due or P500 whichever is higher
Interest Rates Offered
Product Name: | Interest Rate | Effective Interest Rate | Interest Type |
---|---|---|---|
SB Finance Car4Cash - 12 Months | 1.25% -1.50% | Monthly Rate | |
SB Finance Car4Cash - 18 Months | 1.25% -1.50% | Monthly Rate | |
SB Finance Car4Cash - 24 Months | 1.50% -1.75% | Monthly Rate | |
SB Finance Car4Cash - 36 Months | 1.75% -2.00% | Monthly Rate |
FAQs
What are the required documents to apply for an SB Finance Car4Cash Loan?
Employed
- Duly filled-out and signed loan application form
- Photocopy of OR/CR (must be under the borrower’s name, unencumbered and owned for at least 6 months)
- Screenshot from Google maps of home and company address
- Photocopy of one (1) valid government-issued photo-bearing ID
- Income Documents, any of the following:
- Certificate of Employment and Compensation issued within the last two (2) months
- Latest ITR / BIR Form No. 2316
- Latest one (1) month payslip
Self-Employed
- Duly filled-out and signed loan application form
- Photocopy of OR/CR (must be under the borrower’s name, unencumbered and owned for at least 6 months)
- Screenshot from Google maps of home and company address
- Photocopy of one (1) valid government-issued photo-bearing ID
- Latest 1-year Audited Financial Statement (AFS) with at least the previous year’s comparative financials
- SEC Registration / DTI Certificate
- Business Permit / Mayor’s Permit
- Latest three (3) months bank statements
- Latest GIS (if corporation)
- List of 3 trade references (at least 1 supplier and 1 customer) with contact details
What are the modes of payment
- You can pay your monthly amortizations through post-dated checks (PDCs).
What are the eligibility requirements for an SB Finance Car4Cash Loan?
- Applicant must be between 21 – 65 years of age, 1 year in service or practice for professionals, private and government employees (not contractual and commission-based). Applicants employed by BPOs need to have 3 years of service. Self-employed applicants need to be at least 2 years in operation. Net monthly income requirement is only PHP12,000 for employees outside Metro Manila and PHP15,000 for employees within Metro Manila , PHP40,000 for BPO/PHP75,000 for call centers, and PHP100,000 for self-employed.