Details about the EastWest Bank Auto Loan Amount for Client Applications
EASTWEST BANK AUTO LOAN AMOUNT – Here is a guide on how much you may borrow for a vehicle purchase under the EastWest Bank’s offer.
Are you looking for a bank where you may apply for a car loan offer? In the Philippines, one of the entities that you may turn to is the EastWest Bank, one of the biggest and reputable banks in the country.
The EastWest Bank has opened its loan offer to cover purchases whether it is a brand new car or a pre-owned one. The EastWest Bank Auto Loan amount allowed for borrowing which you can check below are the same on both cases.
How much is the EastWest Bank Auto Loan amount allowed for borrowing? According to the bank the minimum loanable amount is Php 200,000.00. It can lend you up to an equivalent of 80% of the selling price of the vehicle.
For example, if the selling price of the vehicle is Php 1 million, you may borrow up to Php 800,000. The bank sets 20% as the minimum downpayment under the loan offer.
Aside from the loanable amount, the EastWest Bank has also generously posted the details about its loan term. Here are the minimum and maximum loan term under the offer:
- Minimum Loan Term — 12 months or one (1) year
- Maximum Loan Term — 60 months or five (5) years
The loan is under the EastWest Bank Auto Loan interest rate until it is fully paid. The interest is dependent on the loan term as well as the type of vehicle whether it is brand new or pre-owned.
The Auto Loan offer is open for both employed and self-employed individuals as well as corporations. For the latter to qualify, it must be a registered business entity that is profitably operating for at least three (3) years already and has a gross monthly income of at least Php 200,000. Here are the eligibility requirements set by the EastWest Bank for individuals:
- Between 21 years old and 70 years old at the time of loan maturity
- Filipino citizen, foreigner residing in the Philippines for at least 1 year, or foreigner with a Filipino co-maker
- Salaried or self-employed
- For locally employed, must have regular or permanent status upon application
- Gross monthly income of not less than PHP60,000
In applying for the offer, there are EastWest Bank Auto Loan requirements for application. The lists vary depending if the loan applicant is an individual or a corporate.
