• China Bank Savings Car Loan

    China Bank Savings Car Loan

    However, the solution to the above woes is a very simple one. A vehicle allows you the freedom of movement, anytime and anywhere. Not only do you save time but also reduce the stress which is caused by the daily work commute. Be it road trips, visiting friends and family, monthly trip to get the groceries, all of it can now be done at your convenience and without having to depend on anyone.

    When it comes to purchasing a vehicle, auto loans have been one of the most popular service offered by banks and financial institutions. Not only do they offer attractive features like low rates of interest, flexible payment options, quick loan processing and minimal documentation but also help you preserve your savings for a rainy day. The China Bank Savings Easi-Drivin’ Auto Loan is one of the most sought after auto loans available in Philippines and offers excellent terms for the purchase of a vehicle.


    You’re probably eligible for an China Bank Savings Car Loan if you are

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    China Bank Savings Car Loan Minimum Age

    At least 21 years old

    China Bank Savings Car Loan Maximum Age

    Less than 65 years old

    China Bank Savings Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    China Bank Savings Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your China Bank Savings Car Loan amount eligibility is based on these factors

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    China Bank Savings Car Loan Minimum Salary

    No Info

    China Bank Savings Car Loan Maximum Loan to Value

    Loan capped @
    80% of the list cash price

    China Bank Savings Car Loan Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible China Bank Savings Car Loan amount by these steps

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    02
    China Bank Savings Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    China Bank Savings Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an China Bank Savings 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 Savings Car Loan DetailsUpdated on 06 Dec 2016

    China Bank Savings Car Loan Details
    Margin of Finance Up to 80%
    Tenure 5 years

    Why opt for China Bank Savings’ Easi-Drivin’ Auto Loan

    Procuring a car is one of the ultimate dreams for every Filipino and is also a status enhancer. The only catch is the finance required to purchase it. Most cannot afford cash hence availing a loan is one of the best options available. The most important criterion that plays the role in helping a customer decide the loan to procure is the rate of interest along with the repayment tenure.

    China Bank Savings’ Easi-Drivin’ loan comes with economical tenures and a repayment tenure that is convenient and flexible.Since repaying loans are lengthy processes, customer experience is also important China Bank offers customer care that is unparalleled in its service which is exactly what customers need.

    China Bank Savings Easi-Drivin Auto Loan

    The China Bank Savings Easi-Drivin’ Auto Loan has been designed specially keeping the needs of the young consumer in mind. This loan may be availed for the following motor vehicle related purposes:

    • Purchase of a new vehicle (All brands)
    • Purchase of a second/hand / pre-owned vehicle (subject to unit appraisal purchase of the vehicle)
    • Multi-purpose Loan – Subject to unit appraisal cash loan where the vehicle may be put as collateral
    • Reimbursement – For a brand new vehicle within 40 days of its delivery or acquisition

    Features of China Bank Savings Easi-Drivin Auto Loan

    Maximum and Minimum Loan Amount

    This loan is available for a minimum amount PhP 250,000 and for a maximum amount which would be 80% of the list cash price.

    Flexible Multiple Repayment Options

    Choose from multiple methods of loan repayment as per your convenience. For this loan, you may opt for:

    • Automatic Debit Arrangement (ADA) where the pre-decided amount will be debited from your chosen bank account
    • Issuing Post-dated Checks (PDCs)
    • Over The Counter (OTC) payment at any CBC or CBS branch.

    Terms

    Under this loan, different loan products are accompanied by different terms of repayment. For example, the minimum and maximum term of loan for a brand new car is 12 months and 60 months respectively. However, the maximum and minimum loan term for a second hand vehicle is fixed at 12 months and 36 months respectively.

    Eligibility Criteria for China Bank Savings Car Loan

    This auto loan comes with the following terms with regards to eligibility, which all applicants must fulfill.

    • This loan is available to individual borrowers, single proprietors, partnership firms and Corporations
    • All applicants must be located (residing or working) within the service areas of China Savings Bank.
    • Applicants must be Filipino citizens or foreigners who have been residing in Philippines for a minimum of 2 years and have valid immigration documents
    • Applicant must be a minimum of 21 years and not more than 65 years of age upon loan maturity.

    China Bank Savings Car Loan Interest Rates

    For Brand New Vehicle

    Tenure Add-On Rate One Month Advance
    12 Months 5.710% 4.970%
    18 Months 8.350% 7.540%
    24 Months 11.300% 10.420%
    36 Months 16.470% 15.560%
    48 Months 22.960% 21.940%
    60 Months 29.500% 28.410%

    For Second Hand Vehicle

    Tenure Add-On Rate One Month Advance
    12 Months 7.750% 6.550%
    18 Months 11.500% 10.300%
    24 Months 15.250% 14.000%
    36 Months 23.300% 22.000%
    48 Months 31.800% 29.700%

    Documents Requirements for CBS Car Loan

    Different categories of individuals need to furnish different documents in order to apply for this loan.

    Employed Individuals

    • BIR Form 2316 for the most recent taxable year of the applicant and co-maker (if applicable)
    • Most recent Employment Certificate/Contract with compensation details OR pay slips of the last 2 months
    • Original Proof of Billing (MERALCO, PLDT, Manila Water, Maynilad)

    Self-employed Individuals

    • BIR Form 1701/1700 (with AFS) of the borrower or co-maker for the latest taxable year (if applicable)
    • Proof of Business Registration (SEC Certificate, Articles of Incorporation, By-Laws)
    • Original Proof of Billing (MERALCO, PLDT, Manila Water, Maynilad)

    Corporate Applicants

    • BIR Form 1702 (with AFS) for the latest Taxable Year
    • SEC documents (SEC Certificate, Articles of Incorporation, By-Laws)
    • Latest General Information Sheet
    • Original Billing Proof - company and signatory (MERALCO, PLDT, Manila Water, Maynilad)

    For added assistance, given below is a list of primary and secondary ID’s which will be accepted for loan application.

    Primary

    Philippine Passport / Driver License / PRC ID (Professional Regulation Commission) / GSIS e-Card (Govt. Service Insurance System) / UMID (Unified Multi-purpose ID) / OWWA ID (Overseas Worker Welfare Administration) / OFW ID (Overseas Filipino Worker) / IBP ID (Integrated Bar of Philippines)

    Secondary

    SSS Card (Social Security System Card) / Digitized Tax Identification Number ID / Digitized NBI ID (National Bureau of Investigation) / Police Clearance / Postal ID / Voter ID / Barangay Certification / Senior Citizen Card / Seaman’s Book / Firearms License / DSWD Certification (Department of Social Welfare & Development) / Government Office & GOCC ID (e.g. Armed Forces of the Philippines ID, HDMF ID) / NCWDP Certification (from the National Council for the Welfare of Disabled Persons) / Company IDs issued by Private Entities or Institutions registered with or supervised or regulated either by BSP, SEC or Insurance Commission

    FAQs about CBS Car Loan

    1. What is the eligibility criteria for customers to procure an auto loan from China Bank ?
    2. As long as customers meet the evaluation and credit standards and requirements of the bank and also have a stable income, they can avail the Easi-Drivin’ Auto loan from China Banks Savings’.

    3. How can customers avail the Easi-Drivin’ Auto loan from China Banks Savings’ and what vehicles can be brought through the same?
    4. Customers will have to drop in the filled out application to the closest China Bank Savings’ branch and these loan can be used to purchase a variety of vehicles such as SUVs, sedan, LCV and AUV through a number of dealers throughout the Philippines.

    5. What are the payment options available for customers to repay their loan?
    6. Customers can avail various convenient offers to repay their loan. Post dated checks is one of the options available and another one is through an auto debit arrangement against one of the bank’s branches. Customers can also directly pay over the counter at one of the branches.

    7. Within how much time can customers receive a credit decision regarding their loan?
    8. Customers can avail hassle free and quick decisions regarding their loan. If all the required information is provided then customers can expect a decision within a day and all the rates that have been quoted will be valid for a month.

    9. What is loan quantum provided?
    10. A minimum amount of P250,000 is provided and the maximum amount provided is 80% of the cash price listed. Tenure offered is between one year to five years.

    11. Are there any fees involved?
    12. Yes, there are fees to be paid and these include insurance charges and chattel mortgage fees.

    Other Products from China Bank Savings

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