Bank of the Philippine Island (BPI) finances car loans for Overseas Filipino Workers. What’s great about BPI is their payment terms, making it totally possible to get your dream car in no time!
BPI also offers downpayment options that starts from 20%. OFWs need not to worry on when to get the loan decision because BPI will give it to you in a matter of 3 to 8 hours. Aside from that, you can easily monitor your payments as well as balances using BPI Online and Mobile Banking.
Who Are Eligible To Get BPI Car Loan?
- At least 21 years old
- Less than 65 years old
- Individuals that are self-employed or with regular salary
- Individuals earning an income of PhP40,000/month and up
- Minimum loan amount should be PhP200,000 and up
- Fully accomplished application form
- Photocopy of any of the following;
- Driver’s License
- GSIS/SSS ID
- Digitized TIN ID
- PRC ID
- Documents required for salaried applicants:
- Certificate of Employment (with compensation and ITR)
- Documents required for Self-employed applicants:
- DTI Registration/SE (photocopy)
- Latest ITR w/BIR or Bank Stamp (photocopy)
- Audited Financial Statement
Interest Rates for BPI Auto Loan
The interest rates are calculated based in the loan term, new or used car, and if paid ‘arrears’ or ‘advance’.
Brand New Cars
Terms In Arrears In Advance
12 Months 4.77% 4.10%
18 Months 6.99% 6.28%
24 Months 10.19% 9.41%
36 Months 15.63% 14.77%
48 Months 21.22% 20.30%
60 Months 27.28% 26.28%
Second Hand Cars
Terms In Arrears In Advance
12 Months 7.72% 6.57%
18 Months 11.37% 10.16%
24 Months 16.10% 14.79%
36 Months 24.71% 23.25%
48 Months 34.32% 32.68%
60 Months 44.17% 42.39%
Advantages of BPI Car Loan
Huge Options of Cars Covered
With BPI, you will have a huge variety of options to choose from. You won’t have to restrict yourself from owning your dream car as they don’t have limitations when it comes to car loan offer. OFWs can simply apply from BPI and own a car almost instantly.
Fast Track Processing
For OFWs wanting to own a car, the time processing can become a hindrance into acquiring their cars. However, with BPI, everything works smoothly and easily. The loan decision is usually released within 3 to 8 hours upon application. This turnaround time is considered the fastest these days.
Flexible Payment Options
You can pay through online internet baking or Auto Debit Arrangements, making it so convenient for OFWs even if they are outside the country.
Very Affordable Interest Rates
You will be amazed with their 4.10 percent interest rates. Who would thought that this term in still available these days. But then, nothing is impossible with BPI.
Hassle Free Documentation
Overseas Filipino Workers won’t have to worry about documentation and paperwork because with BPI, everything is simple and free of hassle.