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Sumisho

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About bank

Sumisho was incorporated on November 26, 2009. In August 2017, the PSBank Group transferred 20% of its shares of stocks to GT Capital Holdings, Inc. In December of the same year and in February 2018, Sumitomo Corporation Philippines followed suit and transferred 10% in favour of its counterpart company, Sumitomo Corporation Japan.

Sumisho Motor Finance Corporation is a joint venture between Philippine Savings Bank (PSBank) and Sumitomo Corporation (Japan). Individuals, corporations, and organizations may get motorbike finance with easy-to-get and flexible terms. It is governed by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP). The company’s headquarters are on the 12th floor of the PSBank Centre, 777 Paseo de Roxas Corner Sedeo Street in Makati City.

Pros and cons

It’s important to consider and read the pros and cons carefully to make a sensible decision. One should always check them before opting for a loan.

Pros

  • Sumisho Motor Finance Corporation makes motorcycle loan financing faster and hassle-free. They offer four hours of loan application processing time and take only three days to release the unit.
  • It has over 700 dealer partners, which allows the company to cater to more customers.
  • With more than 25 branches nationwide, it is easily accessible for interested applicants.

Cons

  • Customers claim that customer relations and service is poor.
  • The company has a bad image of rejecting multiple loans even if the applicant has completed all the due diligence.

Loan conditions

To be eligible for a loan, one should be at least 21 years old but not more than 65 years old upon loan maturity. Loans are available for fixed salary employees, self-employed, entrepreneurs, pensioners, clients regularly receiving local or international remittances, and partnerships or corporations. The applicant must have a steady source of income and present one government-issued ID. A working mobile or landline number should also be provided.

Loans types

Sumisho Motor Finance Corporation is specialized in providing accessible means of motorcycle finance to consumers in the Philippines. They only provide one type of loan, which is a motorcycle loan.

Motorcycle loans are personal or specialty loans used to buy a motorcycle or an ATV. A motorcycle loan works similarly to a car loan in that the company lends funds, and you return the loan with interest in monthly payments. Motorcycle loans often have lower loan amounts than car, truck, or other vehicle loans.

Sumisho Motor Finance Corporation provides motorcycle finance ranging from ₱20,000 to ₱1,800,000 with a tenure of 12 months and a maximum of 48 months.

FAQ

What is Sumisho Motor Finance Corporation?

Sumisho Motor Finance Corporation is a joint venture between Philippine Savings Bank (PSBank) and Sumitomo Corporation (Japan). Individuals, corporations, and organizations may get motorbike finance with easy-to-get and flexible terms.

Who owns Sumisho Motor Finance Corporation?

The company is owned and established by Philippine Savings Bank (PSBank) and Sumitomo Corporation (Japan). In August 2017, the PSBank Group transferred 20% of its shares of stocks to GT Capital Holdings, Inc. In December of the same year and in February 2018, Sumitomo Corporation Philippines followed suit and transferred 10% in favor of its counterpart company, Sumitomo Corporation Japan.

How do you qualify for Sumisho Motor Finance Corporation?

To apply for a motorcycle loan in Sumisho Motor Finance Corporation, you must be at least 21 years old but not more than 65 years old upon loan maturity. Loans are available for fixed salary employees, self-employed, entrepreneurs, pensioners, clients regularly receiving local or international remittances, and partnerships or corporations.

Is Sumisho Motor Finance Corporation a legitimate company?

Yes, it is a legit company. Sumisho holds its strong foundation in financing with its affiliation with industry giants, namely, GT Capital, Philippine Savings Bank of the Metrobank Group, and Sumitomo Corporation of Japan, which makes it one of the most reliable and trustworthy financing companies in the country. It is also governed by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).

What is the minimum downpayment for motorcycle finance?

The minimum down payment depends on the applicant’s loan requirements. The actual amount can only be known after you apply for a loan.

For what period can I take out a motorcycle loan?

You can motor loan for a minimum of 12 months to a maximum of 48 months.

Does the bank own the motorcycle for the loan period?

Applicants applying for a vehicle loan have to submit the ownership of their vehicle to the bank against the loan they take. Once the loan agreement is complete, the ownership is transferred back to the applicant.

Can I take out a motorcycle loan for a used motorcycle?

No, the firm does not lend money to anyone who wants to buy second-hand motorcycles. Applicants can, however, purchase old motorcycles from the company’s inventory, with easier financing options available.

What are the requirements for motorcycle loans?

The interested applicant has to duly fill out the application form and submit a valid primary ID, copy of driver’s license, proof of income, proof of billing, and three specimen signatures over the printed full name of the client.

Do I need to register my auto in LTO?

No, the company has no such prerequisites.

What is the longest motorcycle loan term?

The longest motorcycle loan term is 48 months.

What is the duration of motorcycle loan processing?

It takes four hours to approve the loan.

What is more profitable- a long-term motorcycle loan or a short one?

If you have a good income, go for a short-term motorcycle loan because the longer the payment tenure, the more is the amount you pay as interest.

Financial products

Sumisho
Motorcycle Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱20,000-₱1,800,000
Rate
i

Effective interest rate on the product

from 0.02% per day
Term
i

Loan term for the financial product

up to 48 months

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