Guide on Producers Bank Car Loan Application Process
PRODUCERS BANK CAR LOAN – You can check here the features of this loan offer of the Producers Savings Bank Corp. and how to apply for it.
Are you looking for a bank that offers financing of a purchase of a vehicle? There are several trusted banking entities that you may turn to and one of them is the Producers Savings Bank Corporation or more popularly called Producers Bank.
The Producers Bank is operating in the Philippines for several years now since 1995 when it first started its operation in San Jose City, Nueva Ecija. It continued to grow and has already reached 253 branches across the nation.
The Producers Bank has several loan offers including the Producers Bank SME Loan, the Producers Bank Teacher’s Loan, the Producers Bank Business Loan, and many others. Also one of the offers is the Producers Bank Car Loan.
Who are qualified to apply for the loan offer? Here is a coverage of the loan offer in terms of the eligibility for application:
- employees
- professionals
- overseas Filipino workers (OFWs)
- DTI-registered Small and Medium Enterprises (SMEs)
- Producers Bank borrowers and depositors
How much is the loanable amount under the offer? The Producers Bank has set only maximum loanable amounts which differ among the financing of brand new and pre-owned vehicles.
- For the financing of brand new vehicles, the maximum loanable amount is seventy (70%) of the invoice price.
- For the financing of pre-owned vehicles, the maximum loanable amount is fifty percent (50%) of the appraised/fair market value.
With regards to the loan repayment, up to five (5) years is allowed for brand new vehicles financing and up to two (2) years for second-hand vehicles. Here are the collateral requirements for application:
- Registered Chattel Mortgage (CM)
- Assignment of comprehensive motor vehicle insurance
- Assignment of life insurance or mortgage redemption insurance (MRI)
The lender assures competetive interest rates under the Producers Bank Car Loan offer. Here are the requirements in applying for the loan:
- Certification of employment (COE), PRC license and Business Permit
- Individual Tax Return (ITR) or Financial Statement (FS)
- two pieces of 2×2 ID pictures
- Barangay and court clearances
- Quotation from the supplier
- CASA deposit with Producers Bank which should include 30%/50% of equity of borrower
- PDCs to cover monthly payments