Guide on How Much You Can Borrow Under the Bank Of Commerce Auto Loan
BANK OF COMMERCE AUTO LOAN – Here is a guide on how much you can borrow under this loan offer of Bank of Commerce.
There are a lot of benefits when you have your own car. You can drive at your own speed, enjoy a comfortable ride, and get to wherever you want anytime you want to. It is undeniably one of the best things to work hard for.
However, you don’t actually have to wait until you save a huge amount to buy a car. You may consider some loan options and starting enjoying your car’s benefits while paying for it in installment. One of those with the said offer is Bank of Commerce.
The Bank of Commerce Auto Loan is open for the purchase of a brand new car. On its official website, the bank has provided a detail on the least amount that you may borrow under this offer.
How much can you can borrow under the Bank of Commerce Auto Loan?
- Minimum Loanable Amount – Php 100,000.00
According to Bank of Commerce, you may pay for the loan from 12 months or one(1) year to 60 months or five(5) years. With regards to the application requirements, there are general and specific requirements based on the employment status of the applicant.
General:
- Auto Loan Application Form
- Photocopy of valid ID
- Photocopy of deposit passbooks or bank statements (6 months)
- Billing statements
- Vehicle quotation from the dealer
If the applicant is employed…
- Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 1 year)
- Certificate of Employment (Must state applicant’s position, income, and length of stay in the company)
If the applicant is self-employed…
- Copy of business registration papers with DTI for single proprietorship or SEC for partnership or corporation
- Copy of Audited Financial Statements
- Copy of Income Tax Return (ITR) with BIR or bank stamp
If as a corporation or partnership…
- Copy of business registration papers with DTI for single proprietorship or SEC for partnership or corporation
- Copy of Audited Financial Statement
- Copy of Income Tax Return (ITR) with BIR or bank stamp
- Secretary’s Certification / Board Resolution
Thank you for visiting our website. We hope we have helped you with regards to this matter. You may keep coming back for more informative guides.
READ ALSO: BANK OF COMMERCE LOANS – List of Bank of Commerce Loan Offers