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.
