Lists of BDO Auto Loan Qualifications for Aspiring Applicants
BDO AUTO LOAN QUALIFICATIONS – Here is a guide on who are qualified to apply for the BDO Unibank loan offer.
In the Philippines, one of the reputable banks that you can turn to for a car loan is the BDO Unibank which is in the service of the Filipino people for decades already. Its loan offer is open for locally-employed and self-employed individuals as well as overseas Filipino workers (OFWs).
The bank can finance a car purchase for personal purposes as well as business use. Its offer is surrounded with affordable cash-out options, fast loan processing, and low-interest rates.
Also, there is a short list of qualifications in applying for the BDO Auto Loan offer. The bank has set a different list of eligibility criteria among locally-employed and self-employed individuals as well as overseas Filipino workers (OFWs):
Locally-Employed
- Filipino citizen or foreign nationals
- at least 21 years old but not exceeding 70 years old at the end of the loan term
- minimum gross family income of ₱50,000/month or its equivalent in US Dollars
- at least 2 years with current company
Self-Employed
- Filipino citizen or foreign nationals
- at least 21 years old but not exceeding 70 years old at the end of the loan term
- minimum gross family income of ₱50,000/month or its equivalent in US Dollars
- at least 2 consecutive profitable years of operation
Overseas Filipino Workers (OFWs)
- Filipino citizen or foreign nationals
- at least 21 years old but not exceeding 70 years old at the end of the loan term
- minimum gross family income of ₱50,000/month or its equivalent in US Dollars
- 2-3 years consecutive employment. Assignment of Beneficiary as Loan Administrator if not in the Philippines at the time of application
Aside from the BDO Auto Loan qualifications for application, it is also best to check the fees under the loan offer before proceeding to apply. Here are the three (3) charges that aspiring loan applicants must be aware of:
- Chattel Mortgage Fees (CMF) — This is a total of the charges that include the documentary stamp tax, processing and notarial fees. It is computed based the borrowed amount and is approximately 2-3% ot the said amount.
- Comprehensive Motor Insurance Premium — This fee is computed based on the type of vehicle financed under the offer and purchase price.
- Compulsory Third Party Liability (TPL) Insurance — costc approximately ₱700 for one year.
