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.