In today’s fast paced world, owning a car for your private commute isn’t just a luxury, it’s an absolute necessity. Security Bank Auto loans are a fresh new take on car loans, taking into account the various fundamentals of an effective auto loan and combining them with the customer support and convenience associated with Security Bank’s world-class banking services. Security Bank has roots stretching back to 1951, yet is a young bank at heart, with an inspiring and personal moto of ‘You Deserve Better’.
You’re probably eligible for an Security Bank 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 Security Bank Car Loan amount eligibility is based on these factors
Minimum income required
P40,000 (Brand new) or P20,000 (Used car)
Loan capped @
80% of purchase price
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 Security Bank Car Loan
- 1.Duly filled application form
- 2.Photocopy of ID such as driver's license, passport, SSS ID, 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
Security Bank Car Loan DetailsUpdated on 03 Dec 2016
|Margin of Finance||Up to 80%|
Overview- Security Bank Corporation
A banking giant in the Philippines, Security Bank Corporation was founded on June 18, 1951 and was formerly known as the Security Bank and Trust Company. Today, Security bank is noted as the 8th largest banker in the Philippines, with total assets to the tune of P348 billion. Also, the bank is counted as the 7th largest loaning organization with a loan portfolio exceeding P165 billion, while it ranks 8th largest in terms of capital whilst recording an impressive figures of P41 billion last year.
The Security Bank’s main operations include retail, commercial and corporate banking. Its loan products, including the Security Bank Car Loan is much sought after. A highly respected banking entity, Security Bank has been bestowed with two of the premier global banking awards in 2012- ‘Bank of the Year- Philippines’ (awarded by The Banker of the Financial Times of London) and ‘The Strongest Bank in the Philippines’ (awarded by The Asian Banker of Singapore). Thus, Security Bank is named amongst the elite of International banking.
Auto Loans from Security Bank
When talking of car loans in the Philippines, Security Bank offers one of the most well equipped and popular options. The big three factors- percentage of loan amount as compared to the actual on-road price of the vehicle, comfortable repayment tenure and low down payment, are the central attractions of the Security Bank Car Loans and also the prime reasons for the latter’s enduring popularity. Alongside these, the bank’s steadfast commitment to customer service and adherence to modern methods that translate into simple and complete banking for its customers is setting a new benchmark for banking as a whole in the Philippines.
Features of the Security Bank Auto Loans
- Loan Amount: Upto 80% of the vehicle’s purchase price is financed.
- Flexible Tenure: Flexible payment terms ranging from 12 to 60 months.
- Down Payment: As low as 20% of the actual price of the vehicle.
- Easy Repayments: Paying back your Security Bank Personal Loan is very simple. The monthly instalments can be paid by post-dated checks, or automatic debit from your account.
- Comfortable Interest Rates: Some of the lowest interest rates in the Philippine market.
- Hassle Free: Limited documentation and non-requirement of guarantors or collaterals.
- Versatility: Buy a new or old car, refinance a current auto loan or reimbursement of acquisition costs for your brand new or used car, one loan serves multiple objectives.
- Customer Support: A dedicated bank officer will be in place to help you through and after the loan application process. Competent support with regards to your concerns and queries is just a phone call away.
Eligibility for the Security Bank Auto Loan
- The applicant must be a resident Filipino.
- He/she must be at least 21 years old and not more than 65 years upon loan maturity.
- He/she must be continuously employed for at least 2 year with a minimum gross monthly income of P40,000 for a new car and P20,000 to avail loan for a used car.
- If the applicant is self-employed, he/she must be operating the said profitable business for at least 3 years.
- Fully furnished Loan Application Form (this can be downloaded from the bank’s website).
- Government issued ID proof (Driver’s License, Passport, SSS, PRC, etc.)
- Latest proof of billing under the borrower’s name.
- Latest pay slips (3 months) or Income Tax Returns with BIR or Bank Stamp (BIR Form 2316)
- Latest Income Tax Return (BIR Form 1700 / 1701)
- Financial Statements (audited).
- Bank statements or photocopies of the passbook for the last 3 months.
- DTI Business Permit or SEC Registration.
During the application process, the following documents must be produced as a necessary prerequisite to avail the Security Bank Car Loan. The specific documentation requirements will depend upon your status as an employed or self-employed applicant.
The Security Bank Auto Loan combines the reliability of a world class car loan with the efficiency and benefits offered as part of the domain expertise displayed by Security Bank. A feature rich option, the Security Bank Car Loan is intended for people who count world-class service and robust customer support as necessary requirements when seeking out a means to finance the purchase of their dream car. Why wait? Apply today!
Other Products from Security Bank