AllBank (A Thrift Bank), Inc. (formerly Optimum Development Bank, Inc.) is in the business of providing specialized financing products and services to working-class Filipinos and business owners. AllBank’s fundamental goal is to play a vital role in the development of not only the communities that its branches call home, but also the businesses that surround […]Visit site
|Min. financing amount||₱ 10000|
|Max.financing amount||₱ 2000000|
|Min. loan tenure||3 months|
|Max. loan tenure||120 months|
Interest Rates: From 9.00% APR
Minimum loan amount: 500 000 PHP
Maximum loan amount: Up to 80% of assessed value
Payment terms: Up to 10 years
Approval time: 5- 21 banking days
Interest Rates: From 20% APR
Brand new: up to 80% of purchase price
Second hand: up to 70% of appraised value
Brand New: 12 to 60 months
Second hand: 12 to 48 months
Maximum car age: For second hand, the age of vehicle + loan tenor should not exceed 11 years
Approval time: 1-7 banking days
Down payment: As low as 20% of purchase price
Interest Rates: From 1.79% per month
Minimum loan amount: 10 000 PHP
Maximum loan amount: 300 000 PHP
Payment terms: From 3 months to 12 months
Approval time: 1 – 4 banking days
Interest Rates: From 1.85% per month
Minimum loan amount: 500 000 PHP
Maximum loan amount: 3 000 000 PHP
Payment terms: Up to 3 years
Approval time: 5 banking days
Regular Checking Account
Optimum Check Plus
AllTeens ATM Account
AllKids Savings Account
Foreign Currency Savings Deposit Account
Foreign Currency Time Deposit Account
Partner Checking Account
Regular Time Deposit
The longest loan period is 20 years.
Since this type of loan is associated with large amounts of money and a large volume of documents, the term for making a decision by the Bank depends on two stages of verification. First, the Bank will check your solvency, this stage takes no more than 5 working days on average. Then the Bank will need to check the documents for the land or property you are buying, as well as make an assessment of it.
There is no single solution. If you need the lowest monthly payment, then take loan for the maximum possible period. If you are not sure that you will have a consistently high income, then take as little time as possible.
The minimum down payment for a new car is 20% of purchase price, for a used car – 30% of purchase price.
Payment terms for Brand New cars – up to 60 months.
Payment terms for Used cars – up to 48 months.
No, the car is your property from the moment of purchase, but remains the bank’s guarantee for the loan period. This means that you cannot sell the car, and you also have to pay for car insurance so that the bank can receive its money in any case.
Documents confirming income and identification are the main requirements for obtaining a car loan.
Application form with filled in fields.
Copy of Passport or any ID ( SSS ID, Driver’s License, Voter’s ID)
Working borrowers must submit documents: certificates from the place of work or COE, a copy of payslip for 2 months, income tax return from BIR or ITR within 1 year.
Self-employed applicants must submit documents: a copy of the ITR with THE bir stamp , a copy of registration with the DTI or SEC, and a copy of financial statements for a period of at least 2 years .
After buying a car, you need to pay for insurance.
Initial registration is usually done by agents, so you get a copy of OR / CR. You must remember that the initial registration is valid for 3 years, so after that you need to renew it annually in LTO.
Typically, interest rates are lower for new cars, because used cars less secure investment than new ones because they can break down or undergo repairs that will be more common than a new car. For new cars, interest rates are 2-5% lower and are the most popular way to finance cars in the Philippines.
|Full company name||AllBank|
|Address||Camella Road, cor Levi Mariano Avenue, Taguig, 1630 Metro Manila|
|Phone number||+63 2 255-2265|
AllBank (A Thrift Bank), Inc. (formerly Optimum Development Bank, Inc.) is in the business of providing specialized financing products and services to working-class Filipinos and business owners. AllBank’s fundamental goal is to play a vital role in the development of not only the communities that its branches call home, but also the businesses that surround it.
AllBank also offers highly competitive rates that yield better returns compared with our competitors. Banking with us is never a chore due to our top-notch customer service innovations. But beyond anything, banking with us makes you feel at ease
At AllBank, you can Work hard, live well and Bank easy.