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AUTO LOAN

Auto Loan

A loan for purchasing of brand new and second-hand car that may use in personal use purposes. it must be secured by chattel mortgage.

Eligible Borrowers

Individuals at least 18 years old up to 65 years old with a regular source of repayment

Loan Purpose

Acquisition of a brand new or second-hand vehicle

Amount of Loan

Brand new unit – Market Value/Selling Price, net of 20% downpayment/equity
Second-hand unit – 50% of appraised value
Loan Limit – within the debt-capacity ratio of the borrower

Mode of Payment

Payable monthly or semi-monthly

Interest Rate

Based on credit scoring

Security

Chattel Mortgage

Term

Maximum of five (5) years – if brand new ; Maximum of three (3) years – if second-hand


Basic Requirements:

  • 2 Valid ID’s of Applicant/s
  • Latest Residence Certificate of Applicant/s
  • Latest ID Picture of Applicant/s (2×2) 2pcs.
  • Latest Income Tax Return (if any) / T.I Nos. of Borrowers
  • Proof of Billing
  • Bank’s Statement (if applicable)
If Applicant is Employed:
•  Latest Certificate of Employment or
•  In lieu of COE, duly signed employment validation
•  Latest 3 months Payslip
•  Employment Contract (if applicable)


If Applicant is a Proprietor:

•  Business Permit (Barangay Business Permit, SEC Registration, DTI Permit, Mayor’s Permit)

•  Latest General Information Sheet

•  Articles of Incorporation or Partnership

•  Board Resolution Authorizing the Loan

•  3 years Latest Audited Financial Statement (AFS)

•  Proof of Business Transaction (if applicable)

•  2 Valid ID’s of Authorized Signatories/Representative (Applicant)


Additional Requirements if secured with CHM:

•  Official Receipt (OR) / Certificate of Registration (CR)

•  Special Power of Attorney (if applicable)

•  Stencil of the Vehicle

•  Pictures of Vehicle (offered collateral)



MCRBi is a proud member of RBAP

MCRBi is regulated by the Bangko Sentral ng Pilipinas  

Quick Links 

Corporate Office 

Mount Carmel Rural Bank Inc.

J.M. Kalaw Street. Poblacion 5, Lipa City, Batangas 4217

kapartner@mcrbi.com.ph

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For any questions, please call Mount Carmel Rural Bank Inc. Customer Service Hotline at (043) 456 6272 or + (63) 917 683 7211 (CALL ONLY)

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