Motorcycle Loan

Tricycle Loan

 

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  • Purpose: Purchase of motorcycles for personal use and/or for the purpose of converting it into tricycle for hire.[/custom_list]

 

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  • Security: The motorcycle to be financed together with its improvements, if any.[/custom_list]

 

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  • Collateral Valuation: 80% of the acquisition cost of the motorcycle to be financed.[/custom_list] 

 

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  • Terms and Repayments:[/custom_list]
  1. Maximum of three (3) years maturity.
  2. Monthly amortization based on equal monthly payments

 

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  • Loan Requirements:[/custom_list]
  1. Franchise to operate within the municipality, if any.
  2. Barangay Clearance
  3. Proforma Invoice from the Dealer
  4. Original sales invoice (upon payment of motorcycle from the dealer)
  5. With 20% equity as cash participation of the prospective borrower plus other bank deductions such as first month advance interest, service fees, Own damage insurance and Chattel mortgage registration fees, etc. to be shouldered by the borrower.
  6. Residence Certificates or any valid ID of borrower, co-borrower and co-makers (current year)
  7. Pictures of the collateral (after acquisition of the motorcycle being financed)
  8. Stencil of Chassis & Engine No. of the motorcycle financed.
  9. 2” x 2” ID pictures (borrower/co-borrowers)

 

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