The Development Bank of the Philippines' auto loan, known by the bank as Connecting Rural Urban Intermodal Systems Efficiently (CRUISE), is DBP's enlarged transportation and logistics financing program, which uses long-term funding from several sources, including cash from official development assistance programs like the Logistics Infrastructure Building Project from the Japan International Cooperation Agency. This supports government efforts to develop a national, integrated, multimodal transportation and logistics system, as reflected in the Philippine Development Plan 2011-2016.

Types of DBP auto loans

This loan focuses on five sub-divisions, namely

1. Transportation
• Services and infrastructure for road transportation. They include bridges, farm-to-market roads, toll roads, vehicles, and LGU roads.
• Services and infrastructure for water transportation. This includes shipyards, seaports, cargo handling facilities, RORO terminals, and cargo/passenger vessels.
• Services and infrastructure for air transportation. They include airports and aircraft.
• Services and infrastructure for rail transportation. They include railroad lines, rolling engines, stock, equipment, freight, and passenger terminals.
• Urban and & non-motorized transport.
2. Logistics. This loan is for packaging, transport, and logistical distribution facilities. It could be:
• Grains bulk highway. Grain terminals, processing and storage facilities, bulk trucks, and carriers.
• Cold storage. Centers for processing and marketing, ice factories, other cold storage facilities, reefer vans, and other transportation equipment.
• Cargo consolidation. Public markets, cargo equipment, cargo handling systems, cargo vans, prime movers, and truck tractors.
3. Tourism
4. IT and communication link relevant to the sector
5. Climate proofing of transportation, logistics, and tourism Infrastructure

How to apply for a DBP auto loan?

Follow the below steps to apply for a CRUISE loan:

1. Visit the DBP branch that is most convenient for you and speak with an account officer about your goals. Depending on the type of the CRUISE loan you are applying for, the officer will tell you the list of requirements you need to meet.
2. Gather the necessary paperwork and head to the DBP branch with it.
3. Ask for a copy of the loan application form and fill it out with the required data.
4. DBP will evaluate and process your application as necessary after submission. If your application is accepted, DBP will inform you in writing and via phone.Open a DBP account if you don't already have one after your application has been accepted. After that, everything will be done through your DBP account.

Call the bank's customer care at (02) 683-8324 for more information.

Requirements

Eligible applicants

To be eligible, the borrower must be a:

• Private business/corporation.
• Unit of local government (LGUs).
• Corporations that are owned and run by the government (GOCCs).
• Governmental institution (where allowed).
• Cooperative association.
• Microfinance Institutions (MFIs) and participating financial institutions (PFIs).

Documentary requirements

The complete CRUISE loan application documentary requirements depend on the type of loan you want, which will be communicated to applicants during the loan application. Some of the general requirements are:

• Fully completed application form.
• DBP customer record form.
• DBP confidential information sheet.
• Two copies of the borrower(s)' current, valid IDs (government-issued IDs).
• Company's registration forms.
• Company's license (from LGU).
• Company's plan with an income statement and cash flow projection included.

Pros and cons

Check out these honest pros and cons before applying for a DBP CRUISE loan.

Pros

• There is a longer payment term, which means the monthly payment is at its minimum.
• There are lower interest rates and low down payments compared to its competitors.

Cons

• The loan is mainly for large-scale firms, which means it is limited.
• There is a long list of requirements, so you are more likely not to qualify.
• It takes a longer period for loan applications to be approved.

How to repay a DBP auto loan?

There is not much info from the bank about loan repayment, but most auto loans in the Philippines are paid back in fixed or equal monthly payments that include both the principal and interest. It could be repaid by auto debit Arrangement (ADA), which means the monthly payments will automatically be deducted from your account. Call the bank's customer care at (02) 683-8324 for more information.