Guide on BPI Truck Loan Features & Application Process
BPI TRUCK LOAN – You can check here the details about this Truck Loan offer of the Bank of the Philippine Islands.
While passenger cars are beneficial for personal purposes, in running a business, the vehicles that are usually needed includes trucks. However, truth be told that not all businesses are ready to purchase a truck for their operations as it requires a huge amount just as how huge it is.
Meanwhile, your business doesn’t actually have to wait for years before it can have a truck and the operation will be taken to another level. There are loan offers that you can turn to to fast-track the purchase of the key to boosting your business’ operations.
In the country, one of the banking entities with a Truck Loan offer is the Bank of the Philippine Islands. The BPI Truck Loan is ready to finance the purchase of the following:
- brand new light/medium trucks
- brand new heavy trucks
Under the BPI Truck Loan, the loanable amounts may vary among light and heavy trucks purchase’s financing. Here is a guide on the borrowing amounts allowed by the reputable banking entity:
Light/Medium Trucks
- Minimum Loanable Amount — Php 200,000
- Maximum Loanable Amount — up to 70% or 80% of the approved purchase depending on the brand of the vehicle
Brand New Car
- Minimum Loanable Amount — Php 200,000
- Maximum Loanable Amount — up to 60% or 70% of the approved purchase depending on the brand of the vehicle
With regards to the loan term, the minimum and maximum loan terms also vary among light/medium trucks and heavy trucks. Here’s a guide on the borrowing terms allowed by the bank:
| Light / Medium Truck | Heavy Truck | |
| Minimum Loan Term | 1 Year | 1 Year |
| Maximum Loan Term | Up to 5 Years | Up to 4 Years |
With regards to the BPI Truck Loan interest rates, there are varying interest rates among the financing of light and heavy trucks. Here is a guide on the interest rates under the loan offer:
Light / Medium Trucks
| Term | Add-on rate | Effective rate |
|---|---|---|
| 12 | 6.55% | 11.88 % |
| 18 | 9.31% | 11.45% |
| 24 | 12.14% | 11.25% |
| 36 | 18.18% | 11.19% |
| 48 | 25.30% | 11.53% |
| 60 | 33.28% | 11.94% |
Heavy Truck
| Term | Add-on rate | Effective rate |
|---|---|---|
| 12 | 7.68% | 13.89 % |
| 18 | 11.08% | 13.56% |
| 24 | 14.67% | 13.50% |
| 36 | 22.51% | 13.70% |
| 48 | 31.27% | 14.04% |
The Bank of the Philippine Islands is also ready to finance the purchase of a motorcycle. In this case, you may turn to the BPI Big Bike Loan offer.
