Guide on Robinsons Bank Auto Loan Interest 2023 based on Vehicle
ROBINSONS BANK AUTO LOAN INTEREST 2023 – You can check the guide below on the interest rates implemented by the Robinsons Bank.
Nowadays, there are options that you can turn to if you want to purchase a vehicle but you cannot yet afford to do it under a one-time cash payment. There are banks that offer car loans. One of them is the Robinsons Bank.
The Robinsons Bank has an Auto Loan offer that can finance the purchase of a vehicle whether it is brand new or pre-owned. You may apply for the loan offer to finance any of the following:
- purchase of a branch new vehicle
- acquisition of a pre-owned vehicle
- refinancing of an existing car loan
Robinsons Bank has set different eligibility requirements among the employed and self-employed applicants of the loan offer. If you are locally-employed, here are the eligibility requirements for qualification to the offer:
- a Filipino or foreign citizen
- at least 25 years old at the time of loan application
- must be working for at least three (3) years already and with the current employer for at least six (6) months.
If you are self-employed, the status of your business is part of the eligibility requirements. You must meet the following eligibility criteria to qualify for the loan offer:
- a Filipino or foreign citizen
- at least 25 years old at the time of loan application
- the business must be in operation for at least three (3) years already.
The bank has set the maximum loanable amount under the Robinsons Bank Auto Loan offer based on whether it is a brand new or pre-owned vehicle. The Robinsons Bank Auto Loan interest 2023 depends on the loan term and the payment status.
| Tenor | Add-On Rate (AOR) | One Month Advance (OMA) |
|---|---|---|
| 12 months | 5.02% | 4.31% |
| 18 months | 7.20% | 6.46% |
| 24 months | 10.47% | 9.67% |
| 36 months | 16.48% | 15.56% |
| 48 months | 22.38% | 21.40% |
| 60 months | 28.76% | 27.70% |
The interest will be implemented under the Robinsons Bank Auto Loan 2023 until it is fully paid. Brand new vehicles can be repaid for up to 60 months while used vehicles have a maximum loan term of 48 months.
There are documentary requirements for Robinsons Bank Auto Loan 2023 application. The list of the required documents is based on your employment status. Make sure to prepare the original copies for possible submission to Robinsons Bank.