Guide on How To Apply for RCBC Auto Loan & the Requirements Needed
RCBC AUTO LOAN – Here is a guide on how to apply for the auto loans offered by Rizal Commercial Banking Corporation (RCBC) including the requirements that applicants must prepare.
The Rizal Commercial Banking Corporation (RCBC) is one of the banks in the Philippines that offer auto loans to the public. It is open to assist the purchase of both brand new and pre-owned vehicles.
The RCBC Auto Loan offers for brand new and pre-owned vehicles may differ. Meanwhile, the steps on how to apply for any of them are similar and may require the same set of requirements.
If you want to purchase a brand new car with the help of RCBC, you have to prepare at least 20% the selling price of your target vehicle for the downpayment. You may pay for the loan for twelve(12) to sixty(60) months.
- Minimum Loanable Amount – Php 300,000.00
- Maximum Loanable Amount – Up to 80% of the selling price
In the case of purchasing a pre-owned vehicle, you must prepare at least 30% of the purchase price of the car for the downpayment. The same loan term is offered under this loan – twelve(12) to sixty(60) months.
- Minimum Loanable Amount – Php 200,000.00
- Maximum Loanable Amount – Up to 70% of the selling price
How to apply for RCBC Auto Loan and the requirements needed?
To apply, gather first the requirements needed in applying. It may differ depending on your employment status.
For Employed Applicants:
- Copy of latest Income Tax Return (ITR)
- Certificate of Employment and Compensation
- Valid Government IDs
- 1 month latest utility bill
For Self-Employed Applicants:
- Business Registration
- Audited Financial Statements
- Income Tax Return (ITR)
- Valid Government IDs
Bring the requirements to an RCBC branch and ask for a copy of the loan application form. Provide the information asked in the form and submit it together with your documents. Have them checked and evaluated by the bank staff.
RCBC will notify you regarding the status of your loan application. You may also apply online through its official website – https://www.rcbc.com/Personal/AutoLoans.
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