Transportation has become a necessity owing to the heavy traffic around the Philippines especially in the Manila metro. Maybank2U auto loan gives the opportunity for the Filipinos to own their dream car. Auto loans can be used to purchase either a new car or a second-hand car. Maybank auto loan can be easily availed with very less paperwork from any of the nationwide auto loan centres.
You’re probably eligible for an Maybank Car Loan if you are
Salaried or self-employed
with regular income
Earn more than the minimum
Your Maybank Car Loan amount eligibility is based on these factors
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 5 years
Documentation needed to apply for an Maybank Car Loan
- 1.Duly filled auto loan application form
- 2.Photocopy of ID such as driver's license, passport, SSS ID, Company ID if company belongs to top 5,000 corporation, Postal ID, PRC ID
- 3. Latest income tax return statement
- 4.Documentation for salaried applicants:
- Original copy of Certificate of Employment
- Photocopy of last full month pay slip
- 5. Documentation for self Employed applicants:
- Photocopy of DTI registration or SEC
- Copy of the bank statements of last 3 months.
- Copy of Audited Financial Statements of the past year
Maybank Car Loan DetailsUpdated on 24 Oct 2016
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Overview of Maybank Car Loans
For brand new cars, MayBank2U offers maximum loan tenure up to 60 months with a minimum down payment of 20% of the car value. The interest rates depend on the loan amount and tenure of the loan. Also, loans are available for used car models up to 10 years old. For used cars, the maximum tenure is 48 months and the down payment is minimum 30% of the appraised value. Normally, loans for used cars have higher interest rates because of the depreciation involved.
Why Maybank Car Loan ?
Buying a car is an amazing experience and cars are something that everyone uses and makes life a lot more easy and convenient. But purchasing one is the hard part due to the finances involved. Although buying a car by paying cash is the easiest choice, most people cannot afford to do so. This is where auto loans come in.
Choosing the right kind of auto loan is also important. The ideal loan is the one that has a flexible tenure along with low rates of interest as this significantly reduces the amount that customers will have to repay. In addition to this, other factors that are important are the amount of loan quantum that is provided, additional fees and charges involved and so on and so forth.
Maybank2U Auto Loan keeps all these factors and provides one of the most convenient and economical auto loans in the Philippines. With a minimum quantum of P100,000 along with low downpayment and competitive rates of interest, this loan is extremely convenient for all. This loan is also multi purpose and can be used not just for the purchase of new cars, but also for used cars, trucks and for the purpose of refinancing.
Features of Maybank Car Loan
Maybank2U auto loan is one of the most sought after financial product when it comes to buying cars.
- Maybank2U offers auto loans from P100,000 and above.
- Minimum down payment of 20% and maximum tenure of 60 months makes it one of the most affordable auto loans in the market.
- Loan approval in one-day after the submission of all necessary documents.
- Minimal document requirements to ensure hassle free loan application process.
Eligibility criteria for Maybank Car Loan
One must satisfy all of the following requirements to be eligible for availing Maybank2U auto loans.
- The applicant must be aged between 25 to 60 years in order to be eligible.
- For salaried individuals, the applicant must have been permanently employed for the last two years.
- The applicant must be the owner of a residence.
- For self-employed individuals, the business must have been in operation profitably for the last 3 years at least.
- There must be no adverse records against the applicant and he must also have a good credit rating.
Documents Requirements for Maybank Car Loan
In order to apply for Maybank2U auto loan, one must have the following documents handy. Having all the necessary documents in place will ensure a smooth application process and will also speed up the loan approval process. The list of necessary documents vary depending on the nature of employment of the applicant. Here is the list of documents that are common for all the applicant types.
- Completely filled application form that is also signed by the applicant and co-borrowers.
- At least 2 valid ID’s issued by an authorized authority bearing the signature of the applicant.
- Latest income tax return statement.
For salaried borrowers: In addition to the common documents, salaried applicants must also submit a copy of employment certificate and recent pay-slips.
For self-employed borrowers: Self-employed applicants must have been in a profitably operating business for the last 3 years at least. They must submit a copy of the bank statements of last 3 months.
For corporate borrowers: Corporate borrowers must submit the latest audited financial statements. In case of single proprietorship, Department of Trade and Industry (DTI) certificate is to be submitted. For partnerships and corporations, SEC registration and article of incorporation and by-laws is to be submitted.
FAQs about Maybank Car Loan
- What is the minimum amount that Maybank provides as part of an auto loan?
- How much is the down payment required?
- For what other purposes can the Maybank2U auto loan be used?
- What is the loan repayment tenure available?
- What are the documents required to procure an auto loan from Maybank Philippines?
The minimum amount that Maybank provides for their auto loan is P100,000.
The amount of down payment required is not very high. 20% is the minimum down payment.
The Maybank auto loan can be used for the purchase of a new car as well as a used car based on the requirements of the customer. In addition to this, customers can also utilize this loan to buy trucks. Customers can also use this loan for the purpose of refinancing.
The maximum tenure that customers can use in order to repay their loan is five years or 60 months. The minimum is one year or 12 months.
Customers will have to furnish the application form that has been filled completely, along with identity proofs, Employment Certificate, ITR, Bank Statements, Business Registration documents and Financial Statements in case the borrower is a corporate entity.