Lists of Requirements for EastWest Bank Auto Loan Application
REQUIREMENTS FOR EASTWEST BANK AUTO LOAN – Here are the lists of the documents required in applying for the EastWest Bank loan offer.
Are you interested to apply for the Auto Loan offer of the EastWest Bank? It can help you achieve your dream car, whether it is brand new or pre-owned, without forcing you to shelve out a huge amount from your savings.
With just a downpayment as low as 20% of the selling price of your target vehicle, you can have the purchase of your target vehicle financed by the reputable bank. Truth be told that most people prefer to buy cars through loans so they can still use their money in venues where it may grow like in business or investments.
The car loan offer is open for both individual and corporate applications. There are varying eligibility requirements for EastWest Bank Auto Loan application such as the following:
Individual
- Between 21 years old and 70 years old at the time of loan maturity
- Filipino citizen, foreigner residing in the Philippines for at least 1 year, or foreigner with a Filipino co-maker
- Salaried or self-employed
- For locally employed, must have regular or permanent status upon application
- Gross monthly income of not less than PHP 60,000
Corporate
- Registered business entity that has been profitably operating for at least 3 years
- Gross monthly income of not less than PHP 200,000
To apply for the loan offer, there are documentary requirements for the EastWest Bank Auto Loan application. The lists of documents required vary among the individual and corporate loan applicants.
If you are applying as an individual, here’s a guide on the documents required by the bank in applying for the loan offer:
- duly-accomplished and signed EastWest Bank Auto Loan Application Form
- two (2) valid government-issued IDs
- Income Tax Return (ITR)
- proof of income:
- If employed — Certificate of Employment
- If self-employed:
- Business Registration Certificate
- Business Permit
- Financial Statement (for the last 3 years)
- If overseas Filipino worker:
- Complete Name
- Complete Residential Address
- Contact Number
- at least one (1) government-issued valid ID
- If direct hire:
- COEC w/ original 6-month remittances, or;
- COEC w/ original 6-month payslip, or;
- Consularized Certificate of Employment w/ Compensation (COEC)
- Bank Reference/Statements
- Proof of other Income Sources
In case you are applying as a corporate, here are the documents required in applying for the EastWest Bank Auto Loan offer:
- duly-accomplished and signed EastWest Bank Auto Loan Application Form
- Financial Statements for the last 3 years (both Audited and In-House)
- Income Tax Return
- Articles of Incorporation
- By-laws
- List of Major stockholders, addresses and ownership
- List of principal officers, positions, and addresses
- List of Beneficial Owners and Attestation of Beneficial Ownership Declaration
- Company Profile
- Business write-up
- Trade References – at least 3 major suppliers and 3 major clients
- Bank References (Deposit Accounts; Credit Lines and existing/paid loans)
Aside from the personal documents of the borrower, there are also collateral requirements for the EastWest Bank Auto Loan offer application. Here are the collateral documents required by the bank for appplication:
- Notarized Promissory Note with Chattel Mortgage
- Comprehensive Insurance Policy with proof of premium payment
- For Brand New Vehicles
- Encumbered LTO Official Receipt and Certificate of Registration or Letter of Undertaking to Submit LTO OR/CR within 30 days
- Delivery Receipt
- Sales Invoice / Sales Parts Invoice
- Stencil on LTO Form
- Certified true copy of Official Receipt of down payment and Chattel Fee proof of payment
- For Used Vehicles
- Encumbered LTO Official Receipt and Certificate of Registration under Borrower’s Name
- Deed of Sale
- Car history check from LTO to confirm ownership
- Unit appraisal / Inspection report
- Stencil on LTO Form
- Appraisal Report
- Notarized Deed of Sale
- Original Cancellation of Mortgage and Registered copy of PNCM (for refinancing with encumbrance)
Aside from the EastWest Bank, another reputable banking entity with a car loan offer is Philippine National Bank. It also got impressive features under its offer.
