Guide on RCBC Auto Loan Features & Application
RCBC AUTO LOAN – The Rizal Commercial Banking Corporation has its own Auto Loan offer with excellent features.
Nowadays, you do not have to wait long before you can finally drive your own wheels. There are several reputable entities in the Philippines that offer car loans and one of them is Rizal Commercial Banking Corporation.
More popularly called RCBC, the bank is one of the longest-operating banking entities in the country with a variety of offers. It got both personal and business offers which include loans. One of the loan offers is the RCBC Auto Loan.
The Auto Loan offer of Rizal Commercial Banking Corporation provides the loan applicants with three (3) major loan type options:
- low monthly amortization
- flexible and worry-free insurance coverage for the entire loan term
- free insurance coverage for the first year of the loan term, free chattel mortgage fees, and low downpayment
Who are qualified to apply for the RCBC Auto Loan offer? The loan offer is open for both employed and self-employed individuals. Here are the qualifications set by the bank:
Employed Individuals
- Filipino Citizen or Dual Citizen
- at least 21 years old upon loan application
- at most 65 years old upon loan maturity
- must have a mobile number and a residence or office landline
- with a minimum employment tenure of 1 year and minimum gross monthly income of Php 40,000
Self-Employed Individuals
- Filipino Citizen or Dual Citizen
- at least 21 years old upon loan application
- at most 70 years old upon loan maturity
- must have a mobile number and a residence or office landline
- business must be in profitable operations for the past 2 years
Under the RCBC Auto Loan offer, the minimum loanable amount is Php 300,000. The bank requires a downpayment of 20% and the loan term is with 12 months up to 60 months.
Are you interested to apply for the loan offer? There are varying requirements among the salaried and non-salaried loan applicants. Here are the documents that employed individuals must submit to apply for the loan offer:
- duly-completed and signed RCBC Auto Loan Application Form
- Certificate of Employment (COE) or latest ITR
- 2 valid government-issued IDs
- TIN
- Utility Bill
For the self-employed individuals, here are the documents required by Rizal Commercial Banking Corporation in applying for the loan offer:
- duly-completed and signed RCBC Auto Loan Application Form
- Business registration with DTI
- Audited financial statements
- ITR or bank statements
