I. Who are qualified to avail?
Employees, professionals, OCWs, DTI registered SMEs and borrowers and depositors (in good standing) of Producers Bank.
II. Amount of Loan
a. Brand New – Maximum loan value is seventy (70%) of invoice price
b. Pre-Owned – Maximum loan value is fifty percent (50%) of the appraised/fair market value
III. Interest Rate & Service Charge
At very competitive interest rate.
IV. Purpose of Loan
To finance acquisition of automobile and other service vehicles.
a. Brand New – Amortized monthly for up to five (5) years
b. Pre-Owned – Not more than three (3) years old, amortized for up to two (2) years only
1. Registered Chattel Mortgage (CM)
2. Assignment of comprehensive motor vehicle insurance
3. Assignment of life insurance or mortgage redemption insurance (MRI)
VII. Other Terms & Conditions
a. Equity should be deposited with Producers Bank prior to the release of the loan
b. Amortization must be covered by post dated checks (PDCs)
a. Certification of employment (COE), PRC license and Business Permit
b. Individual Tax Return (ITR) or Financial Statement (FS)
c. Two pieces of 2×2 ID pictures
d. Barangay and court clearances
e. Quotation from the supplier
f. CASA deposit with Producers Bank which should include 30%/50% of equity of borrower
g. PDCs to cover monthly payments
For more information regarding this type of loan, you may visit the nearest Producers Bank branch or browse to the Contact Page and fill out the contact form to send us a message.