Lists of Sterling Bank Auto Loan Requirements for Application
STERLING BANK AUTO LOAN REQUIREMENTS – Here are the documents required in applying for the Sterling Bank of Asia loan offer.
One of the banks that operate in the Philippines with multiple loan offers is the Sterling Bank of Asia. It is aside from the variety of the bank accounts and loans that the reputable banking entity offers.
With regards to the loan offer of the popular banking entity, one of the offers is the Sterling Bank Auto Loan that can finance the purchase of brand new and pre-owned cars, Harley Davidson motorcycle, and trucks.
The loan offer is open for individuals who are at least 18 years old but not more than 65 years old at the time of the loan application. Also, the bank considers that the monthly amortization of the vehicle must not exceed 30% of the gross monthly income of the borrower.
In case you are employed, you must be employed for at least two (2) years already in your current company or employer to qualify for the loan offer. Also, the business or employer must be operating for at least three (3) years already.
If you are self-employed, you must be engaging in a business or profession for at least three (3) years already and the business or profession is profitable “at least in the immediately preceeding year”.
In case you are applying as a corporate, the Sterling Bank of Asia requires at least two (2) years of profitable operation.
Aside from the qualifications, there are Sterling Bank Auto Loan requirements that must be submitted in applying for the loan offer. Here’s a guide on the documents required by the bank:
Locally-Employed Individuals
- duly-accomplished and signed Sterling Bank Auto Loan Application Form
- At least 2 government-issued IDs
- Original Contract of Employment (COE) with salary, position, and length of service
- 1 month pay slip
- Income Tax Return
Overseas Filipino Worker (OFW)
- duly-accomplished and signed Sterling Bank Auto Loan Application Form
- At least 2 government-issued IDs
- Latest COE from the manning agency with salary & position
- Proof of Remittance, Allotment Papers with Beneficiary Data, or any qualified equivalent (if applicable): Remittance Receipt or Slip, Bank Passbook, Bank Statement
Locally Self-Employed Individuals
- duly-accomplished and signed Sterling Bank Auto Loan Application Form
- At least 2 government-issued IDs
- Bank Statements (last 3 months)
- Trade References (3 suppliers & 3 customers)
- Certificate of Registration of Business Name (for proprietor)
Self-Employed Individuals Abroad
- duly-accomplished and signed Sterling Bank Auto Loan Application Form
- Bank Statements (last 3 months)
- Trade References (3 suppliers & 3 customers)
- Certificate of Registration of Business Name (for proprietor)
Partnerships and Corporates
- duly-accomplished and signed Sterling Bank Auto Loan Application Form
- at least 2 government-issued IDs
- Income Tax Return and Audited Financial Statements for the last 3 years
- Bank Statements for the last 3 years
- Secretary’s Certificate
- SEC Certificate of Registration
- Articles of Incorporation or Partnership
- By-Laws (for Corporation)
- Notarized Board Resolution/Partnership Resolution
- General Information Sheet
- List of Partners (for Partnership)
In case the vehicle involved is a second-hand car, there are additional Sterling Bank Auto Loan requirements that you must prepare and submit to the bank in applying for the loan offer. Here are the additional documents required by the bank:
- Original OR/CR (under the borrower’s/ applicant’s name)
- Other Requirements For Brand New & 2nd Hand Vehicles (if applicable)
- Notarized Deed of Sale
- PNP Clearance with Macro Etching
- 3 Sets of LTO Stencils
