Guide on BDO Auto Loan Requirements You Must Submit To Apply
BDO CAR LOAN REQUIREMENTS 2025 – Locally-employed individuals who want to apply for the offer must meet the following qualifications and documentary requirements.
Nowadays, it is undeniably easier to make huge purchases because of the presence of loan-providing entities that have excellent offers. In the Philippines, BDO Unibank is one of the entities that provides loans.
BDO Unibank is one of the most trusted banks in the country that provide banking services to millions of Filipinos. Its clients are not only Filipinos residing in the country but as well as abroad. Through the years, it has continuously grown its offers.
BDO does not only offer savings and checking accounts but as well as loans, credit cards, investment products, and a lot more. Aside from the BDO Housing Loan, another loan offer of the bank that is willing to finance a huge purchase is the BDO Car Loan or the Auto Loan.
The Auto Loan offer of the reputable banking entity is ready to finance both brand new and pre-owned vehicles. Its offer is open for both employed and self-employed individuals with varying BDO Cash Loan requirements for application.
Before checking on the BDO Cash Loan requirements for application, it is best to first ensure your eligibility to apply for the loan offer. The bank has set qualifications in applying for the loan. To be eligible, here are the qualifying requirements that an applicant should meet:
- 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 years with current company
As mentioned, the BDO Car Loan requirements vary depending if the loan applicant is locally-employed, self-employed, or an overseas Filipino worker (OFW). Here are the documents required from locally-employed individuals who want to apply for the 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 (any of the following):
- Latest Income Tax Return or BIR Form 2316 or latest payslip
- Certificate of Employment with Salary
- Additional for Foreigners, current employment contract
Before finalizing your application for the loan, it is beneficial to know the fees and charges that are in line with the Auto Loan offer of the BDO Unibank. Here’s a guide:
- 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
Aside from the Housing Loan and Car Loan offer, the bank also has the BDO Cash Loan offer.