OUR BUSINESS

LOANadan Mo? Sagot Ko!

Feb 23, 2018

  1. What kind of vehicles can I avail of?
    • Brand New Vehicles
  2. What is the maximum allowable loan amount?
    • Up to 80% of the purchase price
  3. What is the required downpayment?
    • At least 20% of the purchase price
  4. What are the payment terms?
    • Terms may range from 12 – 60 months
  5. What are the Eligibiliy Requirements?
    • Minimum of 21 years of age
    • Net Income must be twice (2X) of the monthly amortization
    • With sound credit background
  6. What are the documentary requirements?
    PRE-APPROVAL: Personal Loan
    * 3 pcs 2x2 ID Picture
    * Valid IDs
    * Proof of Income

    If employed:

    If Self-employed:

    1. Certificate of Employment (COE)

    1.Copy of Business Permit

    2.BIR Form 2316 (last 2 years)

    2.ITR/Latest Audited Financial Statement (AFS)

    3.Payslip

    3.Lease Contracts/Trade References

    4.Bank Statements (last 2 months)


    PRE-APPROVAL: Business Loan
    * 3 pcs 2x2 ID Picture Pictures of Authorized Representatives
    * Board Resolution
    * Latest SEC GIS
    * Business Permits
    * Financial Documents
    - Audited FS for the past 3 years
    - ITR for the past 3 years
    - Other proof of income

    POST APPROVAL PERSONAL AND BUSINESS:
    * Duly accomplished Bank Forms
    • Deed of Undertaking – loan release prior to Chattel Mortgage Registration
    • Promissory Note w/ Chattel Mortgage Contract & Affidavit of Voluntary Surrender
    • Client’s Authorization to LTO
    - Authority to Debit Form
    - Authority to Deliver Form
    • Purchase Order
    * Original Dealer’s Invoice/Official Receipt
    * Original Certificate of Registration
    * Comprehensive Insurance Policy
  7. How long will before the loan is approved?
    • Within a minimum of 3-5 banking days from receipt of complete application forms and requirements.
  8. What is your accredited insurance?
    • Pioneer Insurance & Surety Corporation
  9. Can I choose my preferred insurance for my vehicle?
    • You can choose your preferred insurance company
  10. What are my options for payment? insurance for my vehicle?
    • (ATD) Authority to Debit – payment will be automatically deducted from your deposit or settlement account.
    • (OTC) Over-the-Counter – payment may be made to any Camalig Bank branch
  11. How can I apply/arrange my payment thru Authority to Debit arrangement?
    • You may visit your servicing branch and accomplish the form.
  12. How do I pay for my loan Over-the-Counter?
    • Payments may be deposited in any Camalig Bank Branch free of charge.
  13. How much is the late payment charge?
    • 5% per month plus a flat rate fee of 3% on the unpaid monthly installment.
  14. How do I avoid late payment charges?
    • Payments should be made on or before the due date to avoid late payment charges. In case your due date falls on week-end/non-working day, or made a day before weekend or in case of a declared holiday, the day before.
  15. If I decide to preterm my loan, is there a penalty? How much?
    • There is 5% penalty to be computed from the principal amount.
  16. Do you finance 2nd hand vehicles?
    • The LOANadan is exclusive for brand new vehicles.
  17. Is there a service fee? How much?
    • There is a 1/2 % service fee of 1% of the loan amount.
  18. Can I have my car mortgaged without having it insured?
    • No. The vehicle should have insurance while it is mortgaged with the Bank.
  19. I have an existing auto loan with Camalig Bank. Can I still apply for another loan?
    • Yes, you may apply for another loan. The application will still be subject for evaluation.