Vehicle LOAN


    VEHICLE LOAN

 

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

 

COVERED VEHICLES

 

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

 

INTEREST 6% p.a.

 

PENALTY

1% per month

 

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

 

OTHER CHARGES

Premium Insurance which will depend on the amount of loan

 

TERM OF LOAN

60 MONTHS

 

MODE OF PAYMENT Diminishing Amortization thru payroll deduction


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