BPI Auto Loan Loanable Amounts 2023 — Here’s How Much You May Borrow
BPI AUTO LOAN LOANABLE AMOUNTS 2023 – Here are the borrowing amounts allowed by BPI for brand new and pre-owned car purchase financing.
Nowadays, banks are among the entities that people usually turn to when it comes to loans. Most banks in the Philippines now have multiple loan offers — some loans attend to specific purposes while others are multi-purpose.
In the country, one of the trusted banks is the Bank of the Philippine Islands. More popularly called BPI, it is one of the biggest banking firms in the country. It has several offers from savings and current accounts to credit cards and loans.
One of the loans offered by BPI is the Auto Loan. It can finance the purchase of a brand new vehicle as well as a pre-owned car. You may also apply for the loan to obtain some cash using your vehicle as the collateral.
Who are qualified to apply for the loan offer? For qualification, here is the eligibility criteria that the borrower must meet:
- at least 21 years old upon the loan application
- not more than 70 years old upon the loan maturity
- earning a minimum household income of Php 30,000
Woth regards to the BPI Auto Loan loanable amounts, it depends if the vehicle is brand new or pre-owned. For the financing of a brand new vehicle purchase, here are the loanable amounts:
a. Minimum Loanable Amount: Php 200,000
b. Maximum Loanable Amount: Up to 85% of the purchase price
As mentioned, there is a separate loanable amounts if you will be purchasing a pre-owned vehicle. Here are the borrowing amounts allowed by BPI:
a. Minimum Loanable Amount: Php 200,000
b. Maximum Loanable Amount: Up to 70% of the purchase price
To apply for the offer, there are documentary requirements for BPI Auto Loan application that must be submitted to the bank. After the submission, wait for an update from the bank.