As economies around the world are growing, so is the spending power of the people. Philippines boasts of the 39th largest economy in the world which is growing at a steady pace. As a result, many commodities which were earlier outside the reach of the common man, now fall within the boundaries of his purchasing power. Motor vehicles are one such commodity.
When it comes to purchasing automobiles, auto loans are a wise decision as they allow you to pay for the vehicle in easy installments. Talking of easy installments, the China Bank AutoPlus loan comes as a great choice which offers a gamut of attractive time and money saving features.
You’re probably eligible for an China Bank Car Loan if you are
Salaried or self-employed
with regular income
Earn more than the minimum
Your China Bank Car Loan amount eligibility is based on these factors
EMIs of other loans lower
Increase your eligible China Bank Car Loan amount by these steps
Pay off your credit card bills
Documentation needed to apply for an China Bank 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:
- Employment Certificate mentioning duration of service and monthly pay package
- 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
China Bank Car Loan DetailsUpdated on 19 Feb 2017
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Why opt for the AutoPlus loan from China Bank?
Purchasing a car is regarded as a milestone in everyone’s life and is also a status enhancer. Having a fancy set of wheels is not only convenient, it is also something that is to be celebrated. However procuring a car is not easy as it is not very economical, hence most people avail a loan for this purpose. The most criterion that customers look at is the rate of interest and tenure and the most convenient ones are the one with low rates of interest.
The AutoPlus loan from China Bank is economical, flexible and convenient for all. Apart from low rates of interest, the bank also offers low amortization along with economical down payments.In addition to this, procuring the AutoPlus car loan is also convenient. In addition to this, there are no charges that are hidden and processing is immediate without any delays. Thanks to the China Bank Insurance Brokers, Inc., customers can procure reduced insurance premiums. China Bank has also tied up with reputed dealers who can provide additional services to customers.
About China Bank AutoPlus
If you’re looking to purchase a vehicle, there are multiple ways in which you can benefit from the China Bank AutoPlus loan. When it comes to loans, customers prefer the bank which offers the most competitive money saving deals and that is exactly what the China Bank auto loan promises. To begin with, customers can avail this loan for any of the following purposes:
- To purchase a new or used vehicle
- For reimbursement of the cost of a brand new vehicle within 30 days of its purchase
- One can also avail a multi-purpose loan against their personal vehicle
Moving on further, some of the notable features of this loan are low interest rates, a nominal down payment amount and minimum monthly amortization to help you save more. AutoPlus loans are available for longer terms with multiple repayment methods to suit so you can choose from the tenure and payment method which suits your budget best.
Documents Requirements for China Bank Auto Plus Loan
To apply for this loan, customers must procure the following documents.
- For Salaried individuals: Employment Certificate mentioning duration of service and monthly pay package
- For Self-employed Individuals: Latest Income Tax Return with statement of Assets & Liabilities
- Proof of Business Registration (if applicable)
- Principal and all co-applicant’s Community Tax Certificate
- Alien Certificate of Residence (if applicable)
FAQs about China Bank Auto Plus Loan
- What are the payment options that customers can avail of while repaying their loans?
- What are the other options that can be availed by procuring the China Bank AutoPlus car loan?
- Does China Bank have tie ups with other companies or dealers?
- What are the documents required for credit approval to be processed?
The option that can be availed is an ADA or automatic debit arrangement against an account with China Bank.
In addition to purchasing a car through the loan, customers can also procure another loan against the vehicle which can be used for various purposes. Customers can also get the cost of a brand new vehicle reimbursed within a month of its purchase.
Yes, China Bank has tie ups with other dealers to help facilitate customers with their purchase.
The following documents are required -
- For customers who are employed, a certificate of employment which has information regarding their monthly income and tenure of their service.
- Most recent Income tax return along with liabilities and statements of assets if the customer is self employed.
- If required then a photocopy of the business registration papers.
- If required then the Alien residence certificate.
- Community tax certificate of all co borrowers along with the principal borrower.
Customers can approach the nearest branch of China Consumer Banking Center or China Bank in order to procure the AutoPlus car loan.