Features of Robinsons Bank Auto Loan & the Application Process
ROBINSONS BANK AUTO LOAN – Here are the excellent features and a guide on the requirements in applying for the loan offer.
In the Philippines, one of the banks that offer vehicle loans is the Robinsons Bank. It is open to finance several purposes such as the following:
- acquisition of brand new vehicle
- purchase of used vehicle
- refinancing
With regards to the loanable amounts under the Robinsons Bank Auto Loan offer, you may borrow up to an equivalent of 80% of the net cash price of a brand new vehicle or up to 70% of the appraised value of a second-hand car.
Under the loan offer, the downpayment required is only 20% of the selling price of the vehicle. A borrower may repay the loan from twelve (12) monthly amortizations up to 60 months for brand new cars and up to 48 months for second-hand vehicles.
On the car loan interest rates, it is dependent on your chosen loan term. Also, the bank implements different rates for clients with an advance payment.
| Tenor | Add-On Rate (AOR) | One Month Advance (OMA) |
|---|---|---|
| 12 months | 5.02% | 4.31% |
| 18 months | 7.20% | 6.46% |
| 24 months | 10.47% | 9.67% |
| 36 months | 16.48% | 15.56% |
| 48 months | 22.38% | 21.40% |
| 60 months | 28.76% | 27.70% |
- Filipino or Foreign citizen
- at least 25 years old at the time of application
- working for at least 3 years and with current employer for at least 6 months
For self-employed individuals, here are the qualifications set by the bank in applying for the Robinsons Bank Auto Loan offer:
- Filipino or Foreign citizen
- at least 25 years old at the time of application
- should be in operation for at least 3 years
