Auto Loan

 

a.  Brief Description

 

This refers to loans granted to individuals for the acquisition of automobiles primarily for personal use. This loan is secured by auto.

 

b.   Qualifications

For employed individuals:

 

• 23  to 59 years old. Applicants with age of 59 years old and above may also apply but on a case to case basis;

• Has been gainfully employed  for at least 3 consecutive years and with a permanent employment status;

• Has the financial capacity to pay the loan.

 

For self employed:

 

• The applicant’s business must be profitable for 3 consecutive years;

• Has the financial capacity to pay the loan.

 

c.    Collateral

 

Motor vehicle which is the subject of the acquisition.

 

 

d.   Loanable Amounts

Maximum loanable amount is 80% of the purchase price for brand new auto. For second hand auto, the loanable amount is 50% to 70% of the appraised value. The maximum amount of the loan to a single individual shall not exceed PHP2,500,000.00.

 

e.   Loan Charges

 

Processing Fee: fixed at PHP2,000.00

 

Mortgage Redemption Insurance (MRI) : Based on actual amount charge by the insurer

                                                                  based on the loanable amount of the loan

 

Chattel Mortgage Documentary Stamp : Based on the loanable amount of the loan

 

Car Insurance :  Actual amount charge by the insurer based on appraised value of the collateral or

                           total principal and interest of the loan

 

Documentary Stamp Tax : PHP1.50 on each PHP200.00 or fractional part thereof

 

Annotation Fee : Actual amount charge by the Register of Deeds plus necessary and incidental

                           expenses in order to process the annotation

 

Notarial : fixed at PHP1,500.00

 

Appraisal Fee : fixed at PHP1,500.00

 

f.  Loan Term

 

For brand new vehicle, the maximum term of the loan is 5 years. For second hand vehicle, the maximum term of the loan is 4 years.

 

g.   Co-maker Requirements

 

May or may not be subject to co-maker, depending upon the qualification of the applicant.

 

h.   Processing Time

 

7 to 10 banking days from the time of submission of complete requirements

 

i.   Requirements

 

For employed individuals:

 

1. Completely filled-up application form with 2X2 Photo

2. Certificate of Employment (COE)

3. BIR Form 2316

4. One month latest payslip

5. Copy of two (2) valid ID

6. Latest residential proof of billing

7. Post dated checks for the monthly amortization of the loan

 

For self employed individuals with business:

 

1. Completely filled-up application form with 2X2 Photo

2. Business papers

3. Copy of two (2) valid ID

4. 6 months bank statement

5. Document showing active membership with the Philippine Dental Association or Philippine Medical Association, in case of dentist or doctors, respectively

6. Post dated checks for the monthly amortization of the loan

 

Requirement 2 must be updated every year.

 

Requirements applicable to both employed and self-employed applicants

 

1. Original official receipt and certificate of registration

2. Insurance of the collateral endorsed to the Bank

3. Clear stencils of the engine or chassis numbers of the vehicle

4. Car history in case of second hand vehicle

 

Requirement 2 must be updated every year.

© 2017 Yuanta Savings Bank Philippines, Inc. All right reserved.

a proud member of

 

Yuanta Savings Bank Philippines, Inc. is a wholly owned subsidiary of Yuanta Commercial Bank in Taiwan, and is regulated by the Bangko Sentral ng Pilipinas.

For inquiries or complaints, you may call Yuanta Savings Bank Customer Service at (02) 845-3838 or send e-mail to ysb.customerservice@yuanta.com.ph.

Similarly, you may also contact the BSP Financial Consumer Protection Department at (02) 708-7087.