MOTOR-VEHICLE LOAN
Loan terms and conditions
Purpose of Loan
- Financing of motor-vehicles intended for personal of for business use.
- Qualified for both second-hand and brand new units.
- Covers trucks, cars, and assembled XLT’s and Jitneys.
Loan Processing Requirements
- Application Forms duly filled-out and signed by the applicant/s
- 2 x 2 ID Picture
- 2 Valid IDs
- Community Tax Certificate
- Mayor’s or Business Permit (if applicable)
- Bank Statement/ Passbook for the past three (3) months
- Certificate of Employment (if applicable)
- Photocopy of OR&CR of collateral unit
- Stencils of motor and chassis number
- Proof of ownership of other properties
- Quotation from dealer (for reconditioned trucks and cars)
Eligibility Criteria
- A Filipino citizen or any juridical person recognized and licensed in the Philippines, i.e. Cooperatives
- 18-60 years of age depending on health condition of the applicant
- Within the present serving area
- Not engaged in illegal activities
- No records filed against in Philippines courts
- Must have a good credit record with banks and other lending institutions
- With stable source of income
- Must not be an accommodation
- Must not been turned down by another branch