Guide on Security Bank Car Loan Application Qualifications
SECURITY BANK CAR LOAN – Here is a guide on who are qualified to apply for the auto loan offer of Security Bank.
The Security Bank is one of the banks with an auto loan offer. Its offer is open for both brand new and pre-owned vehicles. You may check the details below.
Who are qualified to apply for the Security Bank Car Loan offer? The eligibility requirements vary depending if you are applying as an individual, as a partnership or corporation, or as a start-up business.
If applying as an individual applicant, the borrower-applicant must be:
- a Filipino citizen residing in the Philippines or a foreign citizen residing in the Philippines and with a positive endorsement from the company he is working for and a qualified Filipino loan guarantor or co-maker
- a Filipino citizen residing outside the Philippines provided there is a Filipino citizen guarantor or co-maker
- at least 21 years old but not more than 65 years old upon the loan maturity
- earning a minimum joint monthly gross income with spouse of Php 40,000 for brand new car and Php 20,000 for second-hand car
- employed for at least two (2) years already
If applying as a partnership or corporation, the borrower-applicant must be:
- duly-registered to operate as a legal entity in the Philippines
- (business) in operation for a minimum of three (3) years already
If applying as a start-up business:
- business must be operating for less than three (3) years with co-makers or sureties
- must have strong business proposals as per the evaluation
Do you want to know how much you may borrow under this loan offer? Feel free to visit – Security Bank Auto Loan Minimum & Maximum Loanable Amounts – Here’s How Much You May Borrow.
Aside from the eligibility requirements, there are documentary requirements in applying for this Security Bank loan offer. The documents need also depend if you are locallly employed, self-employed, or an overseas Filipino worker (OFW):
- For locally employed applicants – Requirements for Security Bank Auto Loan Offer for Employed Applicants (Locally).
- For self-employed applicants – Requirements for Security Bank Auto Loan Offer for Self-Employed Applicants.
- For overseas Filipino workers (OFWs) – Requirements for Security Bank Auto Loan Offer for OFW & Seaman Applicants.
Aside from this loan offer, the bank also offers a cash loan. You may visit – Security Bank Cash Loan Application: How To Apply & Requirements to Prepare..
