Backed by a rich heritage, The Bank of Philippine Islands or BPI as popularly known, is one of the most trusted banking brands in this island nation today. Founded in the year 1851 as El Banco Español Filipino de Isabel II, this banking giant has been serving Filipinos for over 164 years now. With decades of market expertise, BPI extends a slew of banking and financial services to the retail, corporate and institutional customers.
You’re probably eligible for an BPI Car Loan if you are
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your BPI Car Loan amount eligibility is based on these factors
Minimum income required
P30,000 per month
EMIs of other loans lower
Increase your eligibility for Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 6 years
Documentation needed to apply for an BPI Car Loan
- 1.Duly filled auto loan application form
- 2. PhotoCopy of your Passport,Driver's License,Digitized TIN ID ,Voters ID,GSIS / SSS ID,PRC ID
- 3.Documentation for salaried applicants:
- copy of Certificate of Employment with compensation and ITR
- 4. Documentation for self Employed applicants:
- Photocopy of DTI registration or SEC
- Photocopy of latest ITR with BIR/Bank Stamp.
- Copy of Audited Financial Statements of the past year
BPI Car Loan DetailsUpdated on 21 Oct 2016
|Min Loan Amount||P200,000|
|Brand New Cars Interest Rates||4.10% - 26.28% ( In Advance) and 4.77% - 27.28% ( In Arrears)|
|Second Hand Cars Interest Rates||6.57% - 42.39%(In Advance) and 7.72% - 44.17%(In Arrears)|
Overview of BPI Car Loan
In its retail lending portfolio, BPI provides Auto, Housing, Business and Personal loans to customers across this island nation, serviced by a strong network of branches and integrated by best-in-class technology. Talking about BPI Auto Loans,the bank provides finance towards purchase of all kinds of cars such as SUV’s, Sedan or an Hatchback. The loan facility is also extended for procuring used cars as well.
Using BPI Auto Loans to fund your new means access to exclusive features and benefits such as fast track processing, servicing at 800+ branches nationwide, affordable interest rates to name a few. Therefore, if you’re looking for a loan that is transparent and gives you the most competitive package, a car loan from BPI is what you need.
Why Choose BPI Car Loan?
Owning a car is one of the most basic requirements in life and in most of the cases, we look forward to procure a car with the help financial assistance from banks in the form of a loan. BPI Auto Loans not only offer competitive interest rates, but also provide benefits such as the high quantum of financing. Therefore, if you’re looking for a loan that provides end-to-end solution backed by technology driven processes that ensures a sound relationship with customers, BPI Car Loans should be on top of your list. Read the Features and Benefits section that follows and you will be able to relate your expectations further.
Features and Benefits of BPI Car Loan
Wide Range of Cars Covered
You don’t have to restrict your dreams of owning your favorite car with limitations in the car loan offer. The BPI Family Auto Loan covers all possible car brands and types in the country. From SUV to a small car, they provide flexible financing options which also covers used car units.
Fast Track Processing
In a loan product such as Auto Loan, the processing time can be quite cumbersome owing to back end processing and other potential bottlenecks such as documentation. In case of BPI Car Loan, a decision on your loan application is made as early as 3 to 8 hours. This kind of turnaround time taken is one of the best in the market today.
Convenient Loan Servicing Options
One of the most crucial aspects of availing a loan is managing the loan itself after you start paying EMIs. There are be a range of challenges if you do not have real time access to your loan account. As a privileged customer of BPI, you can access the loan details at your fingertips by way of internet banking. Servicing can also be done at over 800 branches nationwide with customer centric staff.
Flexible Payment Channels
Monthly installment payments can either be made by way of Auto Debit Arrangements(ADA) for uninterrupted payments or can be paid online over internet banking, at ATMs and also by BPI Express Phone service. With so many options at your disposal, you will never run out of payment options.
Affordable Interest Rates
Highly affordable, BPI Car Loan interest rates start at just 4.10 percent for new cars (for 12 months tenor, based on In Advance payment arrangement). With such humble rates, you’re sure to have a loan that goes soft on your monthly budget and ensures no heartburns in the long term.
Coverage For All Types of Vehicles
The bank has some innovative loan schemes such as reimbursement of cash for a car that was purchased from the dealer and settlement of monies directly with the owner if you’re purchasing an used car. BPI also provides loans to refinance by using the car as a collateral.
Incentives and Freebies
As a welcome gesture, BPI extends the option of availing a Petron-BPI Mastercard free for the first year with no annual fees. This is a tailor made card that can be used to purchase fuel at Petron outlets and accessorize your car with rebates and discounts. In addition, you can also be eligible to participate in existing promos from the bank that guarantee rewards and deals.
Hassle Free Documentation
The paperwork and documentation is simple and hassle free. All the required documents are requested upfront so that there is no delay in processing the application. The bank accepts a wide range of documents so that you never fall short of clearing the application process.
BPI Auto Loan Interest Rates
Interest rates for BPI car loans are calculated in the basis of
- Loan Term
- If paid “In Arrears” or “In Advance”
- On the basis of new or used car
Brand New Cars
|Terms||In Arrears||In Advance|
Second Hand Cars
|Terms||In Arrears||In Advance|
Eligibility Criteria for BPI Car Loan
To be eligible for a BPI Car Loan, the following requirements must be fulfilled.
- The applicant should be a Filipino or a foreign national with a stable Filipino as co-applicant.
- Should be atleast 18 years old and not more than 70 years. Applicants above the age of 70 years can apply, provided they have a co-borrower on the application.
- Should be looking forward to purchasing a brand new car or a used car not older than 5 years from the date of registration.
- Salaried or self employed with a minimum regular income of P40,000 onwards.
- The minimum loan amount requested should not fall below P200,000.
BPI Car Loan Requirements
Before making an application, the checklist below should help you prepare for the loan.
- Duly filled and signed application form
- 2 valid ID cards as proof of identity
- Married applicants are required to have their spouse sign the application form in the relevant field.
- An additional application form is needed if the primary applicant is introducing a co-borrower.
In addition to the above, the following documents are accepted as income proof.
|Salaried and working in Philippines||
|Self Employed Individuals||
|Overseas Filipino Workers(OFWs)||
Income from rental properties should be validated by providing a Rental/Lease contract in acceptable format along with a Photocopy of the Title.
How to Calculate Loan Repayment for BPI Auto Loan?
Before availing a loan from BPI, you can asses your monthly liability by using the BPI Auto Loan Calculator available on this site. This all inclusive calculator not only gives you a breakup of the monthly EMI, but also provides other pleasing details such as breakup of interest charges, amortization table and much more in manner that is easy to understand. It's quite simple and easy-to-use tool.
Before using the car loan calculator, you must keep handy, details such as loan amount, interest rate, processing fee(if any) and the loan term.
FAQ's for BPI Auto Loan
- I am looking forward to getting a BPI Family Auto Loan to purchase a Sedan. How much down payment is required from my end?
- Is there a limit on the age of a second had car for approving the loan?
- I am looking forward to importing a car through a dealership located in the Philippines. Does BPI also provide financing for imported units?
- Does BPI have any tie ups with car dealerships in Philippines for exclusive offers?
- I was reading a section in this page that used the terms “In Arrears” and “In Advance’. Please explain these terms.
Depending on your eligibility, the bank finances as much as 20 percent of the costs involved for a new car. If you’re buying a used car, BPI finances up to 70 percent. Please speak to the bank representatives to determine how much you qualify for, before making an application.
Yes, there is. BPI finances up to 70 percent of the second hand car that is not older than 5 years from the date of registration.
You can approach BPI for financing imported cars. The bank extends the loan facility for brand new imported cars. Speak to the nearest branch or call the helpline for more details on this scheme.
The bank has partnered with over 300 auto dealerships across the nation to provide seamless services for people looking to buy a car by means of an auto loan. Dedicated kiosks and representatives at these dealerships can help you with loan details and application.
BPI uses these terms to depict the interest rate slabs. In Arrears is used to denote the interest rate that is applied when you pay the loan installment on the due date whereas, In Advance means the installment amount is paid and received 30 days before the due date.
The interest rate for “In Advance” term is always lower than its counterpart.
Other Products from BPI