Guide on the Minimum & Maximum Loanable Amounts Under the BPI Auto Loan Offer
BPI AUTO LOAN OFFER – Here is a guide on the minimum and maximum loanable amounts under the Bank of the Philippine Islands’ auto loan offer.
One of the common loan offers of banks in the Philippines is a car loan. It is a cash assistance provided for those who wanted to acquire their own vehicles. One of the bank offering it is the Bank of the Philippine Islands or more commonly called BPI.
Under this car loan offer of one of the most prominent and the biggest banks in PH, a client may apply for a cash assistance in buying a brand new or second-hand vehicle. It is also open for application using a car as a collateral for a multi-purpose loan.
The BPI Auto Loan offer features low interest rates for as low as 20% down payment option. The borrower may pay for the loan for up to sixty(60) months or five(5) years.
With regards to the minimum and maximum loanable amounts under the BPI Auto Loan offer, based on the official website of the bank, here is a guide on the range of the amount that the bank can lend:
- Minimum Loanable Amount: Php 200,000.00
- Maximum Loanable Amounts:
- Brand New Vehicle – as low as 20% downpayment
- Second Hand Unit – as low as 30% downpayment
- Brand New Truck – as low as 30% downpayment
To be eligible for the said loan offer, here is a list of the qualifications set by BPI. The applicant must be:
- at least 21 years old but not more than 65 years old on the day that the loan matures
- having a total family income of not less than Php 30,000.00 per month
- married to Filipinos (for foreign national applicants)
With regards to the requirements in applying to BPI, an employed applicant must prepare a copy of his or her Certificate of Employment with Compensation and ITR along with the loan application form. Self-employed applicants must prepare the following:
- business registration papers
- articles of incorporation
- ITR
- latest financial statements
- list of trade references including the address and contact numbers
- duly-accomplished loan application form.
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READ ALSO: BPI LOAN OFFERS – Full List of BPI Personal & Business Loans
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