Guide on BDO Auto Loan Requirements You Must Submit To Apply
BDO AUTO LOAN REQUIREMENTS – Overseas Filipino Worker (OFW) applicants should meet the following qualifications and submit these documents to apply for loan.
One of the dreams that is common among countless individuals is having a car. However, it requires a huge amount if purchased through cash that is why many people turn to loan offers.
In the Philippines, there are countless car loan options that you can choose from. One of the reputable car loan providers in the country is BDO Unibank. It is open to finance the purchase of brand new and pre-owned vehicles as well as reimburse a recent purchase of a vehicle.
In applying for the loan offer, there are qualifications that the loan applicant must meet as well as BDO Auto Loan requirements that must be submitted. The latter varies among the locally-employed and self-employed individuals as well as overseas Filipino workers.
First, here are the qualifications that the loan applicant must meet in applying for 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
- 2-3 years consecutive employment abroad
With regards to the requirements in applying for the loan offer, in the case of overseas Filipino workers (OFWs), here are the BDO Auto Loan requirements that must be submitted for the loan application:
- 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 (any of the following):
- Proof of Remittance for the last 3 months
- Consularized Certificate of Employment with Income (COEI) or latest three (3) months payslips
- Latest Crew Contract, if sea based
It is important for the loan applicants to know that there are fees under most loan offers. In the case of the BDO Auto Loan offer, here are the charges that the borrowers must be prepared of:
- 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
