PSBank auto loan for june 2023

The PSBank auto loan provides reasonable interest rates, different payment choices, and credit decisions through SMS on loan applications within 24 hours. The loan's most attractive feature is its prime rebate function, which allows you to get loan reductions when you make prior or surplus repayments on your regular due date. You will be able to reduce your overall loan amount, decrease your loan term, or both with this arrangement.

Applying is equally simple; you can apply online by clicking on the Apply now button on their website or by going to any PSBank store near you. Fund your automobile expenses with a PSBank auto loan with prime rebate, whether for personal or corporate usage. The minimum loanable amount is ₱100,000, the loan durations range from 12 to 60 monthly amortizations, and the interest rate is determined by the prevailing rate at the time of loan booking. This loan is for new and used cars.

Customers can get rebates or discounts when they make earlier or surplus repayments on their PSBank automobile loan monthly due. The rebate is applied automatically to all existing and new term loans. To obtain this, the customer is not required to register or enroll. Rebates from earlier/surplus payments are calculated daily - including Saturdays, Sundays, and holidays - beginning on the day the transaction is posted and credited on each due date. The prime rebate does not apply to loans that are part of a zero-interest rate campaign or program.

How to apply for the PSBank auto loan?

The processes to apply for a PSBank auto loan are outlined below. To apply successfully, carefully follow the instructions:

1. Visit the PSBank official website.

2. Highlight your mouse through Loans and then select Auto.

3. Check by your right hand side and click on Apply now.

4. Go down to the PSBank home application portal, choose Auto loan and click on Apply now.

5. Complete the self-assessment test to know if you are eligible for this loan.

6. If you are qualified, click on Find a Car of Your Dreams to continue on the loan application.

7. Select a car of your choice here and click on Loan calculator to continue.

8. Input the details of your potential loan here to forecast your monthly payment. Please adjust to what you could afford. Click on Apply now! when done.

9. Input your personal information, this covers your name, date of birth, civil status, gender, etc.

10. Take time and enter all the other required data.

11. Go through the terms and conditions of the loan, tick on the I agree with the Terms and Conditions as set by PSBank box if you agree with the terms.

12. Enter the image verification number correctly. Note that it is case-sensitive.

13. Click on Proceed. Follow the screen directives to complete your application.

Main requirements

The following are some of the prerequisites for obtaining a PSBank auto loan:

Eligibility

• Borrowers must be at least 21 years old and no older than 65 years old when the loan matures.
• Borrowers must be Filipinos or foreigners with legal resident/immigrant visas (permanent residents), as well as some non-immigrants and diplomatic employees (temporary residents), subject to certain limits and requirements.
• Borrowers must be employed for a minimum of two years.
• Borrowers who are in business must have been profitable during the past two years.
• Borrowers must have a minimum gross monthly household income of ₱30,000.

Documentary requirements

For employed borrowers

• Must have employment certification.
• Must have an ITR.
• Must have a copy of valid government-issued identification with photo and signature.

For self-employed borrowers

• Must have their company registration certificates.
• Must have a corporate document.
• Must have financial reports.
• Must have ITR.
• Must have a copy of valid government-issued identification with photo and signature.

For corporate borrowers

• Must have the fully completed PSBank auto loan application form.
• Must have the company registration certificates.
• Must have a corporate document.
• Must have financial reports.
• Must have ITR.
• Must have a copy of approved signatories' valid IDs.

Pros and cons

Before applying for the PSBank auto loan or experimenting with several other auto loans, it is usually a good idea to weigh the advantages and downsides of each lender. Consider the following honest pros and cons of the PSBank auto loan.

Pros

• The loan applications and loan disbursements can be made and completed online.
• The loan comes with very little requirements compared to competitors.
• The prime rebate feature is an enticing one.
• This loan can be applied for, get approved, and the loan amount availed all within 24 hours.

Cons

• The bank is not straightforward with the interest rate.
• The bank will investigate your credit history before approving a loan.

How to repay the PSBank auto loan?

There are various repayment choices for this loan, but the most straightforward is the automatic debit arrangement. This will be arranged during the loan application process. To prevent skipping a payment, the borrower must input their amortization date and make sure they have enough money in their PSBank savings account.