Guide on BPI Car Loan Offer MyKotse
BPI – The Bank of the Philippine Islands is now offering a car loan that allows up to a maximum of 84 monthly amortizations paving the way for low monthly dues.
Nowadays, more and more people realize that it is really beneficial to have your own vehicle. A lot of individuals prefer a brand new car to avoid high maintenance costs but many are also not ready for the huge prices of brand new vehicles. Meanwhile, there are banks that you can turn to for loans.
One of the banks that you may turn to for loans is the Bank of the Philipppine Islands or more popularly called BPI. It has several loan offers including car loans. Aside from the regular BPI Auto Loan offer of the bank, it also has the car loan with extended terms of up to 84 months.
Undeniably, a lot of people prefer extended terms when applying for the loan. Many would prefer monthly dues that can hardly be felt when deducted from the salary. Huge monthly amortizations are also prone to late payment penalties.
With regards to the BPI car loan offers, one of them is the MyKotse Loan that can finance the acquisition of a brand new passenger car. It offers a maximum loan term of up to 72 months for all cars and 84 months for selected brands and models.
Which cars are eligible for the 84-month term? According to the bank, it is open for vehicles with engine displacements of 1.4 liter and higher for selected car brands. With regards to the loanable amount under the offer, here’s the amount posted by the bank:
- Minimum Loanable Amount — Php 500,000
The MyKotse Loan offer is open for individual borrowers who have a gross monthly income of at least Php 30,000. The bank requires a downpayment of at least 15% of the selling price of the vehicle. Here are the requirements under the BPI loan offer:
| Term | Add-On Rate | Effective Rate |
|---|---|---|
| 12 | 5.43% | 9.88% |
| 18 | 7.73% | 9.55% |
| 4 | 11.30% | 10.50% |
| 36 | 17.76% | 10.94% |
| 48 | 24.13% | 11.03% |
| 60 | 31.01% | 11.19% |
| 72 | 38.42% | 11.37% |
| 84 | 46.39% | 11.58% |
The bank has not posted the documentary requirements under this loan offer. Meanwhile, you may proceed to a branch of the bank nearest to you and talk to a staff about your intent to apply for the MyKotse Loan.