Vehicle LOAN
VEHICLE LOAN
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| LOANABLE AMOUNT |
The maximum amount of loan shall be equal to cost of the vehicle plus other incidental fees and other charges. Provided, that the total maximum amount of loan shall be limited to the paying capacity of the applicant/borrower
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COVERED VEHICLES
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BRAND NEW ONLY, Second hand vehicle may be allowed provided that it is not more than 10 years of age; the vehicle is owned by first hand owner and the vehicle is not subject to an existing chattel mortgage
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| INTEREST | 6% p.a.
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| PENALTY |
1% per month
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| PROCESSING FEE |
P 300,000.00 and below – P 300.00 300,001.00 – 500,000.00 – 500.00 500,001.00 – 700,000.00 – 700.00 700,001.00 – 900,000.00 – 1,000.00 Over 900,000.00 – 1,500.00
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| OTHER CHARGES |
Premium Insurance which will depend on the amount of loan
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| TERM OF LOAN |
60 MONTHS
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| MODE OF PAYMENT | Diminishing Amortization thru payroll deduction |
