METROBANK PHILIPPINES
CAR LOAN
Application Requirements
Pre-Approval
SALARIED INDIVIDUAL
- Valid Government-issued ID
- SIRV/I-Card/ACR with Official Receipt (for Non-Filipino applicants)
- Latest Income Tax Return (ITR) or certificate of employment with details on salary, position, and length of service (with contact number of the company’s HR)
OFW
- Valid Government-issued ID
- COEC with email address of employer for land-based
- Latest POEA contract for sea-based
- Other Bank’s Statements or Latest Income Tax Return (ITR)
BUSINESS
- Valid Government-issued ID
- Audited Financial Statements and Latest Income Tax Return (ITR)
- Bank Statements
Post-Approval
SALARIED INDIVIDUAL
- Signed car loan application form
OFW
- Signed car loan application form
BUSINESS
- Signed car loan application form
- DTI Certificate of Registration of Business / Trade Name or Business Permit, OR
- Articles of Partnership with Names of Partners, OR
- SEC Certificate of Registration with Articles of Incorporation & By-Laws (whichever is applicable)
Am I qualified to avail a Metrobank Car Loan?
- Yes, if you are a Filipino aged 21 to 65 years old with at least Php35, 000 gross family income, and without any adverse credit history.
- Borrower’s age must not exceed 65 years upon loan maturity.
Payment options
Loan Terms: Pay equal monthly amortization in 12, 18, 24, 36, 48 or 60 months
Loanable Amount: Loan for as low as Php250, 000 or as much as 80% of the net selling price
Down payment: Pay as low as 20% of the net selling price on your initial cash out
Mode of Payment: Pay your monthly amortization with convenience through an Automatic Debit Arrangement (ADA) or through post-dated checks (PDC)
Payment Scheme: Pay your first monthly amortization 30 days after your approved loan is booked (In Arrears). – OR – Pay your first monthly amortization upon the release of your unit, at lower rates (One-Month Advance or OMA).
Minimum down payment: their required minimum down payment is 20% of the vehicle’s selling price.
Other charges aside from the down payment: You will also need to pay for the Chattel Mortgage Fee, handling fee, and the one-month advance payment (if you choose the One-Month Advance payment scheme).
Please note that you will be required to secure a Comprehensive Motorcar Insurance Policy with an Acts of Nature Coverage for the vehicle, before it is released to you.
Documents Required
If you are employed, the pre-approval requirements are:
- One (1) copy of your Certificate of Employment and Compensation
- Government-issued ID with signature
Based on your financial capacity, additional documents may be required. A Car Loan Specialist will keep in touch with you regarding your application, and for any other documentary requirements that you will need to submit.
For non-Filipino applicants, they will need a copy of your:
- One (1) copy of your Passport OR ACR with Official Receipt OR SIRV OR I-Card
- One (1) copy of your Certificate of Employment and Compensation
- Government-issued ID with signature
For Overseas Filipino Worker (OFW)
- Latest POEA Contract (for sea-based employees)
- Certificate of Employment and Compensation with email of Employer (for land-based employees)
- Other Bank’s statements or latest Income Tax Return
- Government-issued ID with signature.
For sole proprietors
- Government-issued ID with signature
- Bank Statements for six (6) consecutive months
- Audited Financial Statements and Latest Income Tax Return
Any of the following:
- DTI Certificate of Registration of Business / Trade Name or Business Permit
- Articles of Partnership with names of partners
- SEC Certificate of Registration with Articles of Incorporation and By-Laws
Please remember the following details after the car loan is released:
- Your Comprehensive Insurance Coverage expires annually, and should therefore be renewed annually until the maturity of the loan.
- To avoid Late Payment Fees (refer to item no. 22), your monthly amortization should be religiously paid on every due date.
- The vehicle’s LTO OR/CR should be submitted to the bank and shall remain in the possession of the bank until loan maturity.
Note: If you miss monthly amortization/installment payment, a late payment fee of 5.00% per month will be levied on any unpaid amortization computed from the date of default until full payment of the amortization/s due.
