Requirements for Security Bank Auto Loan 2024 Application — A GUIDE

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Lists of Requirements for Security Bank Auto Loan 2024 Application Process

REQUIREMENTS FOR SECURITY BANK AUTO LOAN 2024 – Here are the documents that Security Bank requires in applying for the loan offer.

Are you looking for a bank that can finance the purchase of your dream car? Whether it is brand new or pre-owned, or whether it will be used for a personal purpose or for business, one of the reputable entities that can help you is the Security Bank.

Requirements for Security Bank Auto Loan 2024
Photo Credit: Time

The Security Bank offers an Auto Loan that can finance several purposes such as the following:

  • acquisition of brand new or pre-owned car for personal use
  • refinancing of a car loan take-out
  • reimbursement of the purchase of a brand new vehicle
  • purchase of a brand new car for business use such as the following:
    • car rental services
    • transport services
      • taxi
      • Grab
      • UV Express
      • school service
      • company use or employee service
    • cargo
      • trucks
Security Bank
Photo source: The Asian Banker

The Security Bank Auto Loan offer is aside from the Security Bank Cash Loan and the Home Loan offer of the trusted banking entity. Under the offer, for the purchase of a brand new car, you may borrow as much as 80% of the selling price of the vehicle. Thus, if your dream car costs Php 2 million, you may borrow up to Php 1.6 million.

There are varying requirements for the Security Bank Auto Loan application. It depends whether you are locally-employed, self-employed, or an overseas Filipino worker (OFW).

Here is a guide on the requirements for the Security Bank Auto Loan application process:

For Locally-Employed Loan Applicants:

  • duly-accomplished and signed Security Bank Auto Loan Application Form
  • valid government-issued ID of borrower, spouse (if the borrower is married), co-borrower, co-maker, and other signatories of the loan
    • the ID should bear the photo and signature of the owner
  • proof of income:
    • latest Certificate of Employment with Compensation
    • any of the following:
      • latest Income Tax Return (ITR)
      • Bureau of Internal Revenue (BIR) Form 2316 duly stamped by BIR
      • payslips for at least three (3) months

For Self-Employed Loan Applicants:

  • duly-accomplished and signed Security Bank Auto Loan Application Form
  • valid government-issued ID of borrower, spouse (if the borrower is married), co-borrower, co-maker, and other signatories of the loan
    • the ID should bear the photo and signature of the owner
  • proof of income:
    • latest Audited Financial Statements / Statement of Assets and Liabilities / Statement of Income and Expenses
    • Banks Statements or photocopy of passbook for the last three (3) months
    • latest Income Tax Return (ITR) or Bureau of Internal Revenue (BIR) Form 2316 duly stamped by the tax agency
    • Certificate of Business Registration with the Department of Trade and Industry (DTI) or the Securities and Exchange Commission (SEC)
    • proof of other income like the following:
      • Certificate of Deposits
      • Bond Certificate
      • Lease Contracts

For OFW Loan Applicants:

  • duly-accomplished and signed Security Bank Auto Loan Application Form
  • valid government-issued ID of borrower, spouse (if the borrower is married), co-borrower, co-maker, and other signatories of the loan
    • the ID should bear the photo and signature of the owner
  • proof of income:
    • If working as a seaman, prepare your latest Crew Contract
    • If not seaman but OFW, prepare your latest Employment Contract duly-authenticated by the Philippine Consulate

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