Check Here the List of BPI Auto Loan Requirements for Specific Cases of Self-Employed Individuals
LIST OF BPI AUTO LOAN REQUIREMENTS – Here are the documents that partnerships, corporations, and businesses must submit in applying for the loan offer.
Nowadays, more and more people are recognizing the benefits of having your own car. It is not simply for some “cool” effect but it brings a lot of convenience when you can instantly go anywhere you need or want to be as you have your own wheels.
However, truth be told that a car purchase is also something that not everyone is ready to do in cash. It will need thousands of money and, due to the high inflation rate in the Philippines now, a cash purchase of a vehicle may fall on the list of the expenses to be catered.
Meanwhile, there is a way if you really want to get that car now and start enjoying its benefits. You may apply for a car loan. One of the offers that you may turn to is the offer of the Bank of the Philippine Islands.
More popularly called BPI, its Auto Loan offer is open for both salaried and non-salaried individuals. In the case of the self-employed individuals, here is a list of the BPI Auto Loan requirements for application:
- duly-accomplished and signed Auto Loan Application Form
- 2 valid Identitifcation Cards
- If married, both spouses to sign on the application form
- If with co-borrower or co-mortgagor, separate application form is needed
- DTI Registration or Mayor’s Permit
- Latest ITR with financial statements
- Working account (6mos) with authorization letter to verify
- Trade references with complete contact information (business name, complete address, contact person, business phone number) *Major suppliers (at least 3) *Major clients (at least 3)
- Authorization letter to conduct trade verification
The Bank of the Philippine Islands has set an additional list of BPI Auto Loan requirements for specific cases of self-employed individuals. Here’s a guide on the cases with additional requirements and the documents required by the bank for the loan application:
For Partnership & Corporations. Here are the additional documents required by the Bank of the Philippine Islands for submission to apply for the loan:
- Individual ITR
- Payroll account where claimed salary is credited with authorization letter to verify
For Rental Property Businesses. Here are the additional requirements set by the bank for self-employed individuals running a rental property business:
- Copy of TCTs/CCTs
- Copy of valid and notarized lease contracts
For Transport Businesses. In the case of self-employed individuals who are operating a transport business, here are the documents required by BPI for submission to apply for the loan offer:
- Copy of LTFRB franchise decision of all units
- Copy of OR and CR of all units
- Authorization letter to conduct franchise verification with LTFRB
- Copy of valid ID of franchise owner
You may apply for the loan at a branch of the Bank of the Philippine Islands or online. If you want to save money, time, and energy or you are dealing with a hectic schedule, the latter option might be beneficial for you.