Guide on How Much You Can Borrow Under the RCBC Corporate Auto Loans
RCBC CORPORATE AUTO LOANS – Here is a guide on how much you can borrow under each Corporate Auto Loan offer of Rizal Commercial Banking Corporation (RCBC).
Nowadays, even though you cannot pay for a car purchase in full, you can achieve you dream car. There are a lot of options out there and among them are the loan offers of banks like the Rizal Commercial Banking Corporation (RCBC).
With regards to loan offers, RCBC provides several options for applicants. You can apply under the RCBC personal loan offer or you may also consider the RCBC corporate loans. The latter is open for the employees of the companies accredited to the bank.
In this article, we will list the different RCBC Corporate Auto Loans and as well as their features. A guide on how much you can borrow under each may be provided.
Based on the official website of the bank, there are two(2) RCBC Corporate Auto Loans offered by the bank – Auto Fleet Financing and Floorstock Financing. Here are some information about each of it including the downpayment, the loanable amounts, and the payment terms:
Auto Fleet Financing
According to the bank, under this loan offer, the applicant must be prepared to provide 20% of the selling price of the car for the downpayment. The payment term is up to sixty(60) months or five(5) years.
- Minimum Loanable Amount – Php 300,000.00
Floorstock Financing
Under the Floorstock Financing, there may be a monthly, quarterly, semi-annually, or annually interest repricing thus the downpayment may depend on the current rate implemented. You can pay for the loan for up to sixty(60) months or five(5) years.
- Minimum Loanable Amount – Php 1,000,000.00
RCBC has listed a set of eligibility qualifications in applying for the loan. The applicant must be:
- a sole proprietor aging at least 25 years old but not more than 60 years old upon the loan maturity or
- a corporation that is at least 60% owned by Filipinos
- having a business operation(s) that is existing and profitable since the last three(3) years
The requirements in applying as sole proprietor and a corporation may differ. Here are the lists of the documents that you must prepare according to RCBC:
SOLE PROPRIETOR:
- Accomplished RCBC SME Loan Application form
- Latest unexpired DTI Registration
- Mayor’s Permit ITR for the past 3 consecutive years
- Audited Financial Statements for the past 3 years
CORPORATION
- Accomplished RCBC Savings Bank SME Loan Application form
- Latest General Information Sheet
- Articles of Incorporation and By-Laws
- Company profile
- Resume of key persons and principals
- ITR for the past 3 consecutive years
- Audited Financial Statements for the past 3 years
Gather the requirements and head to an RCBC branch. Submit your documents and the bank will evaluate them. You will then be informed of the status of your loan application.
Thank you for visiting our website. We hope we have helped you with regards to this matter. You may keep coming back for more informative guides.
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