Guide on BDO Auto Loan Requirements You Must Submit To Apply
BDO AUTO LOAN REQUIREMENTS – Self-employed applicants should meet the following qualifications and submit these documents to apply for loan.
In the Philippines, there are several entities that offer car loans. One of those that have helped countless people in achieving their dream car is BDO Unibank. It is one of the biggest and most trusted banking entity in the country.
BDO is ready to finance the purchase of both brand new and pre-owned vehicles as well as reimburse the vehicle purchase that matches the provisions set by the bank. There are qualifications that must be met in applying for the loan offer as well as BDO Auto Loan requirements that must be submitted.
Who are qualified to apply for the loan offer? Here are the eligibility requirements set by the reputable banking entity under the loan offer:
- Filipino citizen or foreign nationals
- 21 years old and above at the time of the loan application
- not exceeding 70 years old at the end of the loan term
- with a minimum gross family income of ₱50,000/month or its equivalent in US Dollars
- with stable source of income
- at least 2 consecutive profitable years of operation
If you are self-employed, here are the BDO Auto Loan requirements that you must submit in applying for the loan offer:
- duly-accomplished and signed BDO Auto Loan Application Form
- photocopy of one (1) valid ID matching application details such as:
- Driver’s License
- Passport
- Tax Identification Number (TIN) ID
- Social Security System (SSS) ID
- Government Service and Insurance (GSIS) eCard
- proof of income:
- Photocopy of Audited Financial Statements for the last 2 years with latest ITR
- Bank Statements or Photocopy of Passbook for the last 3 months
- Certificate of Business Registration
Are there charges under the BDO Auto Loan offer? Like in other car loan offers, there are fees which the applicants must be aware of such as the following:
- Chattel Mortgage Fees (CMF) which include the documentary stamp tax, processing and notarial fees. It is approximately 2-3% of the loan amount.
- Comprehensive Motor Insurance Premium based on the type of vehicle and the purchase price of the car.
- Compulsory Third Party Liability (TPL) Insurance which is Php 700.00 for one year
