Special Vehicle Financing Program

This is a special vehicle-financing program extended to eligible officers of government and private institutions for personal and business use. Under this program, the bank shall finance 100% cost of the car.

Product Features

Loan Amount The loans shall not exceed the following limits:
Vice President and up P 1,000,000
Assistant Vice President and up P 850,000
Managers and other Officers P 700,000

The amortization amount shall not exceed 30% of the compensation and benefits of the borrower.

Loan term 12, 24, 36, 48 and 60 months.
Repayment terms Equal monthly amortization thru salary deduction.

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Benefits

  • The Bank shall finance 70% cost of the car.
  • Competitive interest rates.
  • Fast approval.

Eligibility requirements

  • Employed or self-employed individuals.
  • At least five (5) years residing in present address.
  • Monthly amortization should not exceed fifty percent (50%) of the borrower’s monthly net income.

Documentary requirements for Employed

  • Individual applicant shall be a regular/permanent employee of the company/office who has rendered one (1) year of continuous service from the date of regularization; this shall cover individuals with ranks of President, Vice Presidents, Assistant Vice Presidents, Managers and other qualified employees of Government Offices and Private Companies.
  • The company/office shall execute a Memorandum of Agreement (MOA) with Philippine Postal Savings Bank, Inc. that covers the Special Vehicle Financing Program, guarantee functions and salary deduction.
  • The age of the applicant applying for the loan shall not exceed 60 years old.
  • Net take home pay shall be over Php 3,500 after deducting amortization payments.
  • The borrower has not been a beneficiary of this program for the past three (3) years.
  • The borrower has (a) co-maker whose combined compensation and benefits is equal to or more than that of the borrower; whereas the co-maker is also a qualified borrower

Benefits

  • The Bank shall finance the acquisition cost for brand new cars.
  • Competitive interest rates.

Documentary requirements for Employed

  • Completely filled-out application form.
  • Latest ITR.
  • Latest Billing Statement indicating home address (water, electric, telephone or credit card, etc.).
  • Last three (3) months Bank Statement.
  • Last three (3) months credit card statement, if a credit card holder.
  • Certificate of Employment (indicating position, tenure and compensation).
  • Valid IDs.