PSBank Car Loan Requirements in the Philippines

When considering purchasing a car in the Philippines, securing a car loan from PSBank (Philippine Savings Bank) can be an excellent option. To help you prepare for the loan application process, here is a detailed overview of the requirements you need to meet to qualify for a PSBank car loan.

1. Eligibility Criteria:
   To apply for a car loan with PSBank, you need to be at least 21 years old and not more than 65 years old at the end of the loan term. You must also be a Filipino citizen or a foreign national with a valid work permit.

2. Proof of Income:
   You need to provide proof of your income to demonstrate your ability to repay the loan. Acceptable documents include:

   • For Employed Applicants: Latest Income Tax Return (ITR), Certificate of Employment with Compensation, and recent pay slips.
   • For Self-Employed Applicants: ITR, Business Registration, and Financial Statements for the past two years.
   • For Overseas Filipino Workers (OFWs): Certificate of Employment or Contract, and remittance records or proof of income.

3. Identification Documents:
   Valid identification is required to process your application. Commonly accepted IDs include:

   • Government-issued IDs such as Driver’s License, Passport, or SSS ID.
   • Additional IDs might be requested for verification purposes.

4. Credit History:
   A good credit history is essential. PSBank will check your credit score and history through credit bureaus to assess your loan application. Ensure that you have a good track record of managing your finances.

5. Down Payment:
   A down payment is typically required, which can vary depending on the value of the car and your loan terms. It’s generally around 20% of the car’s purchase price. The down payment helps reduce the principal amount of the loan and shows your commitment to the purchase.

6. Car Documents:
   If you are purchasing a new car, you will need the following:

   • Sales Invoice: A copy from the car dealer.
   • Reservation Agreement: If applicable.
   • Certificate of Stock Reported: This document indicates that the car is registered with the LTO (Land Transportation Office).

   For used cars, additional documents might be required, such as:

   • Deed of Sale: Proof of ownership transfer.
   • Certificate of Registration: To ensure the car’s registration status.

7. Loan Application Form:
   Complete and submit the PSBank car loan application form, which can be obtained from any PSBank branch or downloaded from their website. Ensure that all information provided is accurate and up-to-date.

8. Other Requirements:

   • Proof of Billing: A utility bill or any other document that shows your current address.
   • Signature: You may need to sign various documents to finalize the loan agreement.

Additional Tips:

• Pre-Approval: Consider getting pre-approved for a loan. This can give you a better idea of your budget and streamline the purchasing process.
• Loan Terms: Review the loan terms carefully. PSBank offers flexible payment terms, so choose one that fits your financial situation.
• Insurance: PSBank may also require you to have comprehensive car insurance as part of the loan agreement.

By meeting these requirements, you can increase your chances of securing a car loan from PSBank and enjoy the convenience of owning a vehicle. Always check the latest updates from PSBank or consult their representatives for any changes or additional requirements in their loan process.