Auto Loan
Auto Loan is a loan facility extended to qualified individual/companies for the purpose of financing vehicle acquisition.
Customer’s Benefits:
1) Convenience – loans are processed at the earliest possible time
2) Affordability – interest rates are low and payment terms are comfortable and easy on the budget
3) Flexibility – maybe granted for acquiring new and second-hand vehicles
4) Efficient and Personalized Service – efficient staff of UCPB Savings will promptly answer question and offer assistance with a personalized touch
BORROWER’S ELIGIBILITY:
INDIVIDUAL
Age : 23 years old minimum age upon loan application
65 years old (employed) upon loan maturity
70 years old (self-employed) upon loan maturity
Citizenship : Filipino or aliens with working permit
Credit Ratio : 30% of total amortization/gross monthly income*100
COMPANY:
Credit worthiness, reputation, ability to repay the loan, stability of source of repayment and collateral offered.
FEATURES:
| Loan Amount | Price of the Car less down payment | |
|---|---|---|
| Downpayment | New Car | 20% of Net Cash Price |
| Second Hand Car | 30% of Net Cash Price | |
| Interest Rate | Prevailing interest at time of availment | |
| Payment Term | New Car – Minimum of 1 year maximum of five (5) years Second Hand Car -Up to a maximum of three (3) years |
|
| Mode of Payment | Equal Monthly Amortization (Principal plus Interest)via post-dated checks (PDC) or automatic debit arrangement (ADA) | |
| Acceptable Collateral | Chattel Mortgage on Financed Unit.Year model shall not be more than 5 years from date of availment | |
| Residence Tenure | Three (3) years if renting | |
BASIC DATA REQUIREMENTS:
1) KYC Requirements
| – Complete name of borrower/co-borrower/co-maker |
| – Complete residence address(present address, permanent address) |
| – Date and place of birth |
| – Contact numbers(landline or mobile) |
| – Unit details (model, brand, lcp, down-payment, term) |
| – Source of income (complete business name, name of employer and address) |
2) Proof of Income:
| – Certificate of employment |
| – For OFW, latest contract or consularized or POEA validated COE |
| – Latest payslips |
| – ITR |
| – Proof of remittances |
| – Bank Statements |
| – Latest in-house Financial Statements |
| – Latest Audited Financial Statements
|
3) Proof of Billing
– Credit card Billing
– Electric bills
– Telephone bills
– Water utility bills
4) Valid IDs
– Passport
– Driver’s license
– PRC ID
– Voter’s ID
– GSIS e-Card
– SSS Card
– Government office and GOCC ID (e.g. AFP HDMF IDs)
– Intergrated Bar of the Phils. ID
– Alien Certificate of Registration/Immigrant Certificate of registration
– Company IDs issued by private entities or institutions registered with or regulated by neither the BSP nor SEC.
INFORMATION REQUIRED FROM APPLICANTS:
1) Individual
– Employment Address
– Position
– Employment Status
– Rank, whether officer or non-officer
– Salary or approximate salary, if exact mount cannot be disclosed
– Number of years employed with the company
2) Self-Employed
– Existence of business
– Business address
– Approximate income base on average daily balance or amount of monthly transactions
3) Corporation
• Income Tax Return
• Latest Audited Financial Statements
• Latest in-house financial statements (if necessary)
• Bank Statements
• List customers and suppliers
• Articles of Incorporation with SEC Certificate of Registration
• By-Laws with SEC Certificate of Filing
• Notarized Board Resolution or Notarized Secretary’s Certificate indicating the following:
• To Avail loan at USB
• The type of loan to be availed
• The amount of loan
• The property to be used as collateral, if any
• The name of the authorized signatories to the loan account
• The signature combination/s
• Two (2) Valid IDs of the signatory/ies of the account