Loans

BDO Asenso Kabayan Auto Loans

• Product Description

  CLG Auto Loans is a car financing facility for personal or business use (except for public transport).

  Payment Terms of 1-6 Years (for brand new)

• Product Features

  Brand New Vehicles Financing

  Passengers Cars (e.g., Altis, Civic, Lynx, etc.)

  AUV's (e.g., Revo, Crosswind, Adventure, etc.)

  Vans (e.g., Hi-ace, Starex, Spacegear, etc.)

  SUV's (e.g., Pajero, Patrol, Expedition, etc.)

  Small SUV's (e.g., CRV, RAV4, Outlander, etc.)

  LCV's (e.g., Strada, Frontier, Hi-Lux, etc.)

  Used Vehicles Financing

  Age of vehicle should not exceed 6 years upon loan maturity

  Maximum term of 4 yrs.

  Refinancing / Multipurpose Vehicle loan (case-to-case)

  For brand new units applied within one month of acquisition date, brand new rates will apply

  Otherwise, applicable rates will be those used for used vehicles

  Acceptable year model same as those for used vehicles (not more than 6 years old upon loan maturity)

  Amount Financed/Loan to Collateral Ratio

  A. BRAND NEW ACQUISITION/ REFINANCING

  PERSONAL USE - 80% of vehicle's selling price as stated in Vehicle Price List or Dealer's Quotation for brand new cars. LCR of 85% may also be allowed provided ALL conditions are met: a) Borrower is a repeat client of BDO or other financial institutions with satisfactory credit history; or qualified in BDO cross-sell initiatives b) Borrower must not be BAP-NFIS positive for the past two years; c) Business or occupation of borrower not considered "high-risk"; d) Loan tenor not to exceed five (5) years or sixty (60) months

  BUSINESS USE - 70% of selling price

  B. USED VEHICLES FINANCING

  PERSONAL USE - 70% of appraised value or selling price whichever is lower

  BUSINESS USE - 60% of appraised value or selling price whichever is lower

  Minimum Loan Amount

  Must be at least P100,000

• Application and Processing Guidelines

  Credit Requirements

  Minimum acceptance criteria - applicants must meet all of the following:

  21 years old upon loan application and up to 65 years old upon loan maturity

  Filipinos; Filipinos married to foreigners; former Filipinos with or without Dual Citizenship; Foreign-based Filipino/OFW whose dependents/beneficiaries are based in the Philippines (In case the remitter is not in the country at the time of application, the beneficiary will act as the borrower)

  Gross family income of PHP 50,000/Month or its US$ equivalent

  Employment: 2 years consecutive contract

  Good credit standing

  With at least one (1) local landline

  Applicant/ beneficiary must have a local residence address within 30 km. radius of any BDO branch/BDO serviceable areas

  Pre-Approval Requirements - Upon Application

  Completely filled-out application with the following mandatory information

  Unit Applied (Selling Price / DP / Terms)

  Full Name of Principal / Co-maker

  Residence Address/Telephone No./ Cellular Phone No.

  Date of birth

  Employment/Business Information

  Office Address/Telephone No.

  Last 6 months Proof of Remittance or any qualified equivalents:

  a) Remittance Receipts/ slips

  b) Bank Passbooks

  c) Bank Statements

  Proof of Income:

  - Certificate of Employment or current employment contract for the last 6 months

  Post Approval Requirements - Upon Loan Availment

  Two (2) Valid IDs

  Signed Loan Docs (i.e., PN/CM, Disclosure Statement, Undertaking, Confirmation of Purchase (COP))

  PDCs/ADA Instruction if Debit to Account

  Insurance Policy with OR of Premium Payment

  Chattel Mortgage Fees

  OR of Down Payment

  SPA, if applicable

  Inspection Report/ Car History (for used vehicles)

  Affidavit of Marital Consent (if Applicable)

  
  

  For our Kabayans working abroad, please use the Asenso Kabayan application forms by clicking on the following links:

  1. Application Form

  2. Affidavit of Marital Consent

  3. Special Power of Attorney Form