Guide on the PBCom Auto Loan Offer Features
PBCOM AUTO LOAN – The Philippine Bank of Communications is ready to finance the purchase of your dream car.
Are you one of the people who wish of driving your own dream car soon? With the presence of car loans, you do not have to wait for several months or years so you can save money and pay for a car purchase in cash. There are excellent loans that can help you.
In the Philippines, one of the car loan providers is the Philippine Bank of Communication or more popularly called PBCom. It is another loan offer of the bank apart from the PBCom Home Loan. The PBCom Auto Loan is open to finance any of the following purposes:
- acquisition of brand new and pre-owned vehicles
- reimbursement of brand new and pre-owned vehicle acquisition
Which vehicles are accepted for financing under the PBCom Auto Loan offer? The offer actually has a wide coverage. It can finance the purchase of any of the following:
- brand new and second-hand cars, SUVs, LCVs
- brand new light trucks (4 and 6 wheelers)
- brand new heavy trucks
- brand new big bikes (motorcycle)
There are only a few qualifications that PBCom has set under the loan offer. Here is the eligibility criteria set by the bank for a loan applicant to qualify for the offer:
- Filipino citizen, foreign-based Filipino, or foreign citizen residing in the Philippines
- at least 21 years old at the time of the loan application
- not be more than 65 years old upon loan maturity
- Salaried or self-employed individuals
Just like in other car loans, the Philippine Bank of Communication has set an income requirement in applying for the PBCom Auto Loan offer. It depends whether the vehicle involved is a brand new car or a second-hand vehicle.
- For the acquisition of a brand new vehicle, PBCom requires a minimum gross monthly income of Php 40,000.
- For the acquisition of a second-hand car, the bank requires a minimum gross monthly income of Php 50,000.
With regards to the loanable amounts under the PBCom Auto Loan offer, the bank also provides one of the biggest maximum loanable amount for a car loan. Here is the range of how much you may borrow under the offer:
- Minimum Loanable Amount — Php 200,000
- Maximum Loanable Amount — Php 10,000,000
It is not enough to know the loanable amounts. You also need to check on the interest rates to ensure the affordability of the loan offer.
