Guide on PSBank Auto Loan Interest Rate & Fees Charged by the Bank
PSBANK AUTO LOAN INTEREST & FEES – Here are some important details that clients of the Philippine Savings Bank who wish to apply fpr the Auto Loan offer must be aware of.
Are you one of the people who are looking for a bank that can finance your vehicle purchase? In the Philippines, one of the entities that you may turn to for it is the Philippine Savings Bank or more popularly called PSBank.
The PSBank is one of the most popular and trusted banks in the Philippines. It has several loan offers including the PSBank Home Loan, the PSBank Cash Loan, and the PSBank Auto Loan. Whether you are up to acquiring a brand new or pre-owned vehicle, the bank’s loan offer may attend to your financial needs.
Who are qualified to apply for the PSBank Auto Loan offer? Here are the eligibility requirements that the aspiring applicants must meet to qualify for the loan offer of the bank:
- at least 21 years of age and not more than 65 years at the time of loan maturity
- Filipinos, foreigners holding permanent resident / immigrant visas (permanent residents) and certain non-immigrants and embassy officials (temporary residents), subject to specific limitations and conditions.
- with a stable source of income:
- If employed, the loan applicant must have a tenure of at least two (2) years
- If engaged in a business, the loan applicant must be operating for the last two (2) years
- earning a gross monthly family income of at least Php 30,000
How much is the PSBank Auto Loan interest rate? It depends on the prevailing interest rate implemented by the bank at the time of the loan application.
The PSBank Auto Loan interest rate will be applied until the loan is fully-paid. The bank allows the loan repayment of up to five (5) years or sixty monthly amortizations. Aside from knowing some details about the interest rate, it is best to know the fees that you must be prepare of.
- Processing of loan certification — P100
- Transmittal of loan documents to another branch — P100
- Due date extension fee — Computed as: “Outstanding Balance x Rate x number of days / 360”
- Service Fee for Certificate of Encumbrance for LTO registration
- Certification Fee — P100
- Notary Fee — P500
- Processing fees for change of collateral and conversion of unit to PUV
- P5,000 shall be charged for amendments or change of collateral
- P10,000 shall be charged for conversion of unit to PUV
- Late / Non submission fee on insurance policy renewal — P3,000
- Late payment penalty fee — 5% per month or a fraction thereof
- Early Settlement Processing Fee
- P10,000 or
- No Charge
- if remaining term is equal or less than 6 months
- if outstanding balance does not exceed PhP50,000
- Safekeeping Fees — P2,000 if collateral loan document/s is/are unclaimed after 90 days to 120 days from loan closure date
In applying for the loan offer, there are PSBank Auto Loan requirements you must submit for application. Make sure to have all the documents needed for the loan application to be processed right away.
