RCBC Car Loan; Things You Need to Know
RCBC or Rizal Commercial Banking Corporation offers car loans to help individuals and businesses purchase new or used cars. RCBC car loans come with flexible repayment terms, competitive interest rates, and other features such as a grace period and an insurance program.
RCBC auto loan program is available for both new and used cars, with loan amounts ranging from a minimum of PHP 100,000 up to a maximum of PHP 5 million, payable up to five years. The bank also offers a loan-to-value ratio of up to 80%, which means borrowers can finance up to 80% of the car’s selling price.
To apply for an RCBC car loan, applicants must meet certain eligibility criteria and provide the necessary documents such as proof of income, proof of billing, valid government-issued IDs, and others. A co-maker or co-borrower may also be required depending on the type of loan and the borrower’s financial situation.
RCBC’s car loan program is one of the most popular and competitive offerings in the Philippines, and the bank has a good reputation for its customer service and financial stability. It is worth noting, however, that like any other loan, failure to make timely payments may result in penalties, late fees, and even repossession of the car. Therefore, it’s important to carefully assess one’s financial capacity before applying for a car loan.
Who is RCBC?
RCBC stands for Rizal Commercial Banking Corporation. It is one of the largest universal banks in the Philippines, offering a wide range of financial products and services to individual and corporate clients. RCBC was founded in 1960 and is headquartered in Makati City, Philippines.
The bank provides various services, including deposits, loans, trust and investment management, credit cards, remittance, foreign exchange, and other banking services. It also has a subsidiary, RCBC Savings Bank, which caters to small and medium-sized enterprises (SMEs), microfinance, and retail banking.
RCBC has been involved in several controversies in the past, including the infamous Bangladesh Bank heist in 2016, where hackers stole $81 million from Bangladesh’s central bank account at the Federal Reserve Bank of New York, which was wired to four RCBC accounts in the Philippines. RCBC was fined $21 million by the Philippine central bank for its failure to prevent the laundering of stolen money.
RCBC Car Loan Requirements
If you are planning to apply for an RCBC car loan, the following are the typical requirements you need to prepare:
- Applicant must be at least 21 years old and not more than 65 years old upon loan maturity.
- Proof of income such as the latest Income Tax Return (ITR), Certificate of Employment (COE), or payslips for the last three months. For self-employed individuals, a copy of the latest audited financial statement or bank statement is required.
- Valid government-issued IDs such as a passport or driver’s license.
- Proof of billing such as utility bills, credit card bills, or any valid billing statement.
- Completely filled out and signed loan application form.
- For brand new cars, a reservation agreement or a purchase order from an authorized dealer is required. For used cars, a certificate of ownership and registration is needed.
- For employed applicants, a co-maker or co-borrower is not required. But for self-employed applicants, they must have a co-maker or co-borrower.
These requirements may vary depending on the type of RCBC car loan you are applying for, so it’s best to inquire directly with the bank or visit their website for more information. You can get a sample computation through the RCBC auto loan calculator or RCBC car loan calculator.
How to Avail RCBC Car Loan
To avail an rcbc car loan, you can follow these simple steps:
- Check the eligibility criteria: Before applying for an RCBC car loan, make sure that you meet the bank’s eligibility criteria. You must be at least 21 years old and not more than 65 years old upon loan maturity, have a stable source of income, and meet the bank’s credit requirements.
- Choose the car: You need to choose the car you want to buy before applying for a loan. You can either buy a brand new or used car from an authorized dealer or a private seller.
- Prepare the necessary documents: Gather all the necessary documents such as proof of income, proof of billing, valid government-issued IDs, and others as required by the bank. The complete list of documents can be found on the bank’s website or by visiting a branch.
- Apply for the loan: You can apply for an RCBC car loan by visiting the nearest RCBC branch or through the bank’s website. Fill out the loan application form and submit it along with the required documents.
- Wait for approval: After submitting your application, wait for the bank to process it. The bank will evaluate your application and determine if you meet their credit requirements.
- Receive the funds: If your loan is approved, the funds will be released to the seller or dealer, and you can take possession of the car.
It’s important to note that the process of availing an RCBC car loan may vary depending on the type of loan and the borrower’s situation. It’s best to inquire directly with the bank or visit their website for more information.