Security Bank Car Loan: How To Apply & Requirements Needed

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How to avail the Security Bank car loan?

SECURITY BANK CAR LOAN – Here are the documentary and eligibility requirements needed for the application for car loan in Security Bank.

In terms of buying cars, the car loan in Security Bank depend whether what you will purchase is a brand new or a second hand one. The minimum amount you can actually borrow for the brand new and the second hand is up to 80% of the purchase price and 70% of the appraised value, respectively. Also, it can be paid in 12 to 60 months with the brand new and 12 to 48 months with second hand.

It would only take up 1 banking day for your loan to be approved with the maximum car age of 11 years old.

DOCUMENTARY REQUIREMENTS:

Application Forms here: Auto Loan Application Individual and Sole Proprietor

  • Basic requirements:
  1. Accomplished and signed Auto Loan Application Form
  2. Valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories of the loan
  3. Latest Proof of Billing under borrower’s name

-For employed:

  1. Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR), Or Pay Slips for at least 3 months
  2. Latest Certificate of Employment with Compensation

-For employed abroad:

  1. Latest Crew Contract (for seafarer/seaman)
  2. Latest Employment Contract duly authenticated by Phil. Consulate (for OFWs)
  3. Proof of Remittance (allotment slips) for at least 3 months

-For self-employed with business:

  1. Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR)
  2. Latest Audited Financial Statements/Statement of Assets and Liabilities/Statement of Income and Expenses
  3. Certificate of Business Registration with DTI (sole proprietorship) or SEC (partnership/corporation)
  4. Bank Statements or photocopy of Passbook for the last 3 months
  5. Proof of Other Income (Certificate of Deposits, Stock/Bond Certificates, Lease Contracts, etc.)
  • IF CAR HAS USED COLLATERAL/SECOND HAND/IMPORTED
  1. Copy of LTO OR/CR under the name of the seller/applicant
  2. Deed of Sale
  3. PNP Clearance and Macro Etching Certificate
  4. Bill of lading and importation papers, including proof of payment on custom and duty taxes (for imported units only)

The borrower must be a Filipino citizen, however, if residing outside the country he or she must have a qualified Filipino citizen guarantor or co-maker in place. If a foreigner is residing in the country, he or she must present a positive endorsement from the company he is with and a qualified Filipino citizen guarantor or co-maker in place.

They must be 21 years old but not more than 65 years old. The monthly income with spouse must be Php 40,000.00 in the bran new and Php 20,000.00 in second hand car. He or she must be regularly or permanently employed for at least 2 years.

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