Guide on Security Bank Auto Loan 2024 Application Process & Requirements
SECURITY BANK AUTO LOAN 2024 – You can check here a guide on how to apply for the loan offer and the requirements you must submit.
In the Philippines, one of the trusted banking entities with multiple loan offers is the Security Bank. It is in the service of the Filipino people for decades already since 1951 when it was established as the Security Bank and Trust Company. Through the years, it managed to continuously grow its offers.
Nowadays, aside from the Security Bank Cash Loan offer, the bank also offers the Security Bank Auto Loan that can finance the acquisition of your target vehicle whether it is a brand new car or a pre-owned one. In fact, it can serve many purposes.
The Security Bank Auto Loan offer is also open to finance the reimbursement of a brand new vehicle, the take-out of an existing car loan, and the purchase of vehicles for business purposes. Under the offer, there are varying maximum loanable amounts:
- up to 80% of purchase price for brand new vehicle purchase
- up to 70% of appraised value of secondhabd vehicles
The loan is payable from 12 months up to 60 months for brand new vehicles and up to 48 months for second-hand vehicles. How much is the downpayment? You only need to prepare 20% of the purchase price of the vehicle. For example, if the car’s selling price is Php 1 million, the downpayment is at least Php 200,000 only.
Here are the interest rates set by Security Bank based on the loan term and whether or not there is a one-month advance payment:
| Term | Standard | With One Month Advance |
| 12 | 6.77% | 6.02% |
| 18 | 9.74% | 8.93% |
| 24 | 14.38% | 13.48% |
| 36 | 21.51% | 20.50% |
| 48 | 29.04% | 27.92% |
| 60 | 37.63% | 36.38% |
Who are qualified to apply for the Security Bank Auto Loan offer? The loan is open for locally-employed and self-employed individuals as well as overseas Filipino workers.
For Locally-Employed Loan Applicants:
- Filipino citizens residing in the Philippines
- Foreign citizens residing in the Philippines, provided, accompanied with a positive endorsement from the company he is affiliated with & a qualified Filipino citizen guarantor or co-maker in place
- Filipino citizens who are residing outside the borders of Philippines, provided with qualified Filipino citizen guarantor or co-maker in place
- at least 21 years old at the time of the loan application
- not more than 65 years old upon the maturity of the loan
- minimum joint monthly gross income with spouse of Php 40,000 for brand new cars and Php 20,000 for second hand or used cars
- employed for at least 2 years or officer position on a permanent / regular basis
For Self-Employed Loan Applicants:
- must be duly registered to operate as a legal entity in the Philippines
- business must be in operation for at least three (3) years
For OFW Loan Applicants:
- start-ups or businesses operating for less than 3 years, co-makers / sureties are required
- must have strong business prospects/potentials based on evaluation
To apply for the loan offer, there are requirements for Security Bank Auto Loan that you must submit to the bank. The loan processing may take three (3) to five (5) working days.