A loan facility designed to finance the acquisition of pre-owned car, brand new or pre-owned motor vehicle, and down payment for property being acquired.
Interest and Term
Below are the Nominal Interest Rates per term as of June 1, 2024, approved by the Board of Trustees. Interest is computed based on the diminishing balance of the loan.
Effective interest rate (EIR) is the actual interest rate the borrower pays on the loan after taking into account fees/charges (e.g. documentary fee, filing fee, etc.) incidental to the loan availment.
| Term (Months) | Nominal Interest Rate (Per Annum) | Effective Interest Rate (EIR)* |
| 36 | 10.00% | 11.25% |
| 48 | 11.00% | 12.18% |
| 60 | 11.75% | 12.19% |
*Assumed Loan Amount is P100,000.00
Loan Amount
The loanable amount is equivalent to the selling price of the vehicle/property being acquired, subject to the member’s Single Borrower’s Limit, paying capacity and take-home pay policy, as applicable.
Requirements
- Proof of source of income (e.g., latest one (1) month pay slip, pension pay slip, etc.)
- Any government-issued ID
- Accomplished loan application form duly endorsed by authorized signatory of corporate member
- Dealer’s quotation;
- Contract to Sell;
- Copy of LTO OR/CR under the name of the seller;
- PNP clearance and macro etching certificate;
- Comprehensive insurance coverage
- For down payment of a property but not to be used as collateral – Contract to Sell from the individual seller or developer
Loan Proceeds
The loan proceeds shall be payable under the name of the dealer/seller of the particular vehicle or property being acquired.
