Details about BPI Car Loan Interest Rate based on Loan Term
(Brand New Vehicles)
BPI CAR LOAN INTEREST RATE – Here is a guide on the interest rates implemented by BPI for brand new vehicles under its loan offer.
When it comes to car loans, one of the entities with the said offer is the Bank of the Philippine Islands. More commonly called BPI, it is a popular and trusted banking firm in the country and you can check the details of its offer below.
BPI Car Loan
The Bank of the Philippine Islands’ Car Loan offer is open for both brand new and pre-owned vehicles. The bank boasts its loan offer with low interest rates, affordable downpayment options, low cash-out, and easy loan application as it has over 800 branches nationwide.
Who are qualified? Like in most loans, there are eligibility requirements in applying for this loan offer. To be eligible to apply for car loan, the borrower must be:
- at least 21 years old upon the filing of the loan application
- not more than 70 years old when the loan hits its end term
- earning a minimum household income of Php 30,000.00
Loanable Amounts::
In fact, the Bank of the Philippine Islands (BPI) has a “Zero Cash-Out” offer under this loan. To check on how much you may borrow under this offer, feel free to visit – BPI Car Loan Zero Cash-Out: How Much You May Borrow Under It.
BPI Car Loan Interest Rate:
| Term | Add-On Rate | Effective Rate |
| 12 | 5.43% | 9.87% |
| 18 | 7.73% | 9.54% |
| 24 | 11.30% | 10.49% |
| 36 | 17.76% | 10.94% |
| 48 | 24.13% | 11.08% |
| 60 | 31.01% | 11.18% |
Requirements:
There are documents that you must submit in applying for an auto loan to the Bank of the Philippine Islands. To check on the documentary requirements set by the bank, feel free to visit – BPI CAR LOAN REQUIREMENTS: What You Need To Prepare in Applying.
You may also visit – BPI LOANS: List of Loan Offers by Bank of the Philippine Islands (BPI)