What do I need to know about the Security Bank Auto Loan?
Planning to own your dream car? Consider the Security Bank Auto Loan as your ideal solution. You can secure up to 80% of the purchase price (70% for second-hand vehicles) with extended payment terms. Experience swift approval within 3-5 banking days, making your dream car more accessible. The Utua team suggests the Security Bank Auto Loan for those prepared to commit to the journey of owning their dream vehicle. With competitive features and a straightforward application process, this loan is tailored for individuals seeking a reliable and efficient way to turn their car ownership dreams into reality.
Who Qualifies for This Loan?
Eligibility for the Security Bank Auto Loan is designed to accommodate various individuals and entities.
For Individuals, Filipino citizens residing in the Philippines or foreign citizens residing in the country can apply. Foreign citizens must be accompanied by a positive endorsement from their affiliated company and a qualified Filipino citizen guarantor or co-maker. Filipinos residing abroad are eligible with a qualified Filipino guarantor or co-maker. The age requirement is 21 to 65 years upon the loan’s final maturity.
Minimum joint monthly gross income with a spouse is PHP40,000 for brand new cars and PHP20,000 for used ones. Employment for at least 2 years or holding an officer position on a permanent/regular basis is necessary.
Partnerships and corporations must be duly registered and operational for at least three years. Start-up businesses operating for less than 3 years require co-makers/sureties and must demonstrate strong business prospects based on evaluation. This inclusive eligibility ensures that various individuals and entities have access to the Security Bank Car Loan, facilitating their car ownership goals.
Documents Required for Application
✅ Duly accomplished and signed Auto Loan Application Form
✅ Valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories ofthe loan
✅ Latest Proof of Billing under borrower’s name
Requirements for locally employed:
✅ Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR), Or Pay Slips for at least 3 months
✅ Latest Certificate of Employment with Compensation
Requirements for employed abroad:
✅ Latest Crew Contract (for seafarer/seaman); Latest Employment Contract duly authenticated by Phil. Consulate (for OFWs)
✅ Proof of Remittance (allotment slips) for at least 3 months
Requirements for self-employed/with business:
✅ Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR)
✅ Latest Audited Financial Statements/Statement of Assets and Liabilities/Statement of Income and Expenses
✅ Certificate of Business Registration with DTI (sole proprietorship) or SEC (partnership/corporation)
✅ Bank Statements or photocopy of Passbook for the last 3 months
✅ Proof of Other Income (Certificate of Deposits, Stock/Bond Certificates, Lease Contracts, etc.)
Additional requirements if collateral is used/second hand/imported vehicle:
✅ Copy of LTO OR/CR under the name of the seller/applicant
✅ Deed of Sale
✅ PNP Clearance and Macro Etching Certificate
✅ Bill of lading and importation papers, including proof of payment on custom and duty taxes (for imported units only)
What are the available rates for the Auto Loan?
✅ Term: 12 / Standard: 6.77% / With One Month Advance: 6.02%
✅ Term: 18 / Standard: 9.74% / With One Month Advance: 8.93%
✅ Term: 24 / Standard: 14.38% / With One Month Advance: 13.48%
✅ Term: 36 / Standard: 21.51% / With One Month Advance: 20.50%
✅ Term: 48 / Standard: 29.04% / With One Month Advance: 27.92%
✅ Term: 60 / Standard: 37.63% / With One Month Advance: 36.38%
I am interested in applying for the Security Bank Auto Loan
The application process for the Security Bank Auto Loan is extremely easy and straightforward. Simply access the official website, click on the “Auto Loan” tab, choose the desired loan type, click “Apply now,” follow the provided steps, and submit your application.
Take the first step towards your dream car by accessing the official Security Bank website and initiating your application process today!