Guide on the Security Bank Car Loan Requirements for Application
SECURITY BANK CAR LOAN REQUIREMENTS – Here are the documents required by the Security Bank in applying for the loan offer.
Nowadays, you can start enjoying the benefits of having your own vehicle while paying for it in light monthly installments. It is because of the car loans offered by the different entities in the country including banks and lending companies.
One of the banks with this type of loan offer is Security Bank. Its offer can finance the purchase of a brand new and second hand vehicle. It offers a loan term of up to five (5) years or 60 monthly installments. To apply for the loan, you just have to prepare the Security Bank Home Loan requirements which depend if you are locally-employed, self-employed, or an overseas Filipino worker (OFW).
Are you interested to apply for the loan offer? You can check below the Security Bank Car Loan requirements that you must prepare and submit to the bank in applying for the loan offer:
For Locally Employed Individuals
- duly-accomplished and signed Security Bank Auto Loan Application Form
- valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories ofthe loan
- latest Proof of Billing under borrower’s name
- latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR), Or Pay Slips for at least 3 months
- latest Certificate of Employment with Compensation
For Self-Employed Individuals
- duly-accomplished and signed Security Bank Auto Loan Application Form
- valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories ofthe loan
- latest Proof of Billing under borrower’s name
- latest Crew Contract (for seafarer/seaman); Latest Employment Contract duly authenticated by Phil. Consulate (for OFWs)
- Proof of Remittance (allotment slips) for at least 3 months
For Overseas Filipino Workers (OFWs)
- duly-accomplished and signed Security Bank Auto Loan Application Form
- valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories ofthe loan
- latest Proof of Billing under borrower’s name
- latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR)
- latest Audited Financial Statements/Statement of Assets and Liabilities/Statement of Income and Expenses
- Certificate of Business Registration with DTI (sole proprietorship) or SEC (partnership/corporation)
- Bank Statements or photocopy of Passbook for the last 3 months
- Proof of Other Income (Certificate of Deposits, Stock/Bond Certificates, Lease Contracts, etc.)
Aside from the personal documents, there are also collateral requirements in applying for the loan offer. You need to prepare and submit the following to the Security Bank:
- copy of LTO OR/CR under the name of the seller/applicant
- Deed of Sale
- PNP Clearance and Macro Etching Certificate
- Bill of lading and importation papers, including proof of payment on custom and duty taxes (for imported units only)
One of the moves of a responsible loan applicant is to check on the interest that his/her loan may incur. The Security Bank Car Loan interest rates depend on the chosen loan term as well as whether or not you have a one-month advance payment.
