Guide on BPI Auto Loan Interest Rates & Fees under the Offer
BPI AUTO LOAN INTEREST RATES – You can check here a guide on the interest rates and the fees charged by the Bank of the Philippine Islands.
Are you looking for a bank where you may apply for a car loan? In the Philippines, one of the popular and reputable banks that you may turn to is BPI or the Bank of the Philippine Islands which has hundreds of branches across the nation.
The BPI offers savings, checking, and time deposit accounts; credit cards, loans; and several other financial products. One of the loan offers of the bank is the BPI Auto Loan that can finance the purchase of both brand new and pre-owned vehicles.
Under the offer, a client may borrow at least Php 200,000 up to 85% of the purchase price for brand new vehicles and up to 70% of the purchase price for pre-owned vehicles. The loan is payable for up to five (5) years for pre-owned vehicles and seven (7) years for brand new vehicles.
With regards to the BPI Auto Loan interest rates, it depends on whether the vehicle financed is brand new or pre-owned. Here are the rates set by the bank for the financing of a brand new car acquisition:
| Term | Add-on Rate | Effective Rate |
| 12 | 5.43% | 9.88% |
| 18 | 7.73% | 9.55% |
| 24 | 11.30% | 10.50% |
| 36 | 17.76% | 10.94% |
| 48 | 24.13% | 11.03% |
| 60 | 31.01% | 11.19% |
| 72 | 38.42% | 11.37% |
| 84 | 46.39% | 11.58% |
In the case of the pre-owned vehicles, here are the BPI Auto Loan interest rates that clients must be aware of:
| Term | Add-on Rate | Effective Rate |
| 12 | 7.89% | 14.26 % |
| 18 | 11.87% | 14.50% |
| 24 | 16.08% | 14.75% |
| 36 | 24.80% | 15.00% |
| 48 | 34.20% | 15.25% |
| 60 | 44.32% | 15.50% |
Aside from the interest rates, it is best to know the charges that the BPI may implement under the loan offer. Here are the charges set by the bank:
- Motor Insurance Premium — Depends on the loan amount
- Documentary Stamps — Depends on the loan amount
- Manual DST for Notarized Docs — Depends on location of booking unit
- LTO Encumbrance Fee — Php 500
- Cancellation of Mortgage Fee — Php 800
- Notarial Fee — Depends on location of booking unit
- Facilitation Fee — Php 2,000 for Metro Manila Php 2,500 for Outside Metro Manila Up to Php 5,000 for Visayas or Mindanao
- Miscellaneous Fee — Depends on location of booking unit
- Processing Fee — Depends on location of booking unit
- Service Fees — Depends on location of booking unit
- Registry of Deeds Fees — Depends on location of booking unit
In applying for the loan offer, the process is simple. You just have to visit a branch of the bank nearest to you and submit the BPI Auto Loan requirements for application. In case of approved loan applications, you will receive a text message from the bank confirming your loan approval.