Bank of Commerce in the Philippines

Bank of Commerce is one of the country’s progressive commercial banks. It has been in operation since 1963. The Bank offers a wide range of banking products and services including deposit and cash management products, corporate banking, consumer banking, credit card services, e-banking solutions, trade and remittances, treasury and trust services.

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Bank of Commerce https://upfinance.com/app/uploads/2019/10/BOC-Logo-1.png
San Miguel Properties Centre # 7 St. Francis Street Mandaluyong City 1550 Philippines
CUSTOMER SERVICE: (02) 8-632-BANK (2265) (GLOBE LINES): 1800-8-982-6000 , CUSTOMERSERVICE@BANKCOM.COM.PH
Interest rate 0.56% - 1.75%
Loan tenure from 12 to 240 months
Approval duration Up to 168 hours
Min. monthly income

Head Office

San Miguel Properties Centre # 7 St. Francis Street Mandaluyong City 1550 Philippines

Product Features

Min. financing amount ₱ 100000
Max.financing amount ₱ 30000000
Min. loan tenure 12 months
Max. loan tenure 240 months

Credit

Home loan

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Fixed Rates:

years 1 3 5
rates APR 8% 8,25% 6,75%

Minimum loan amount: 500 000 PHP
Maximum loan amount: Up to 80% of assessed value
Payment terms: 10-20 years
Approval time: 5 banking days

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Auto loan

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Interest Rates: 

months 12 18 36-60
rates APR 13% 12% 10%

Minimum loan amount: 100 000 PHP
Terms: From 12 to 60 months
Loan Purpose: Purchase of new car
Approval time: 1-5 banking days
Down payment: As low as 20% of purchase price

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Loan Calculator

%
Monthly payment
₱ 888.49
Total overpayment
₱ 661.85
Total
₱ 10661.85

Borrower requirements

General:  
– Photocopy of valid ID (individual if employed and self-employed / authorized signatories if corporation and partnership)
– List of acceptable ID: Driver’s License, Passport, SSS ID, Company ID (if Top 5,000 Corporation), Postal ID, PRC ID
– Photocopy of deposit passbooks or bank statements (6 months)
– Billing statements (cellphone, utilities, etc.) (latest 1 month)
– Vehicle quotation from the dealer (if available)
Employed:
– Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 1 year)
– Certificate of Employment stating applicant’s position, income, and length of stay in the company (original copy only)
Self-employed:
– Copy of business registration papers with DTI (if single proprietorship) or SEC (if partnership or corporation)
– Copy of Audited Financial Statements (latest 1 year)
– Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 1 year)

Business loan

Small Business Loan

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Interest Rates: 

years 1 2-3 4-5
rates APR 6,5% 7,5% 8%

Minimum loan amount: 1 000 000 PHP
Maximum loan amoong: 15 000 000 PHP
Collateral: Any prime residential / commercial / industrial property with or without improvements and/or Cash Deposits under the name of the applicant
Payment terms: Up to 60 months
Approval time: 3 – 7 banking days

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Eligibility Requirements

Eligibility: 
– SBL Application Form
– Photocopy of any 2 valid IDs with photo and signature
– Copy of ITR & AFS of the business for the last three (3) consecutive years
– DTI Certificate of Business Name Registration for sole proprietorship / SEC Papers for partnership and corporation
– Business/ Mayor’s Permit
– Bank Statements for the last 6 consecutive months
– Signed Authority to Bank Check
Collateral documents: 
– Copy of TCT/CCT, updated Tax Dec & RETRs
– Vicinity Map/location plan/lot plan/building plan
– Master Deed of Restriction (for condos)
– Copy of Deposit Instrument (if secured by deposit)

Deposited

SAVINGS ACCOUNT PLUS

Initial deposit and maintaining ADB PHP 10,000
Required ADB to earn interest PHP 50,000
Interest rate Based on prevailing interest rate
Interest crediting Monthly

SAVINGS ACCOUNTS WITH PASSBOOK

Initial deposit and maintaining ADB PHP 5,000
Required ADB to earn interest PHP 10,000
Interest rate Based on prevailing interest rate
Interest crediting Monthly

SAVINGS ACCOUNT WITH ATM DEBIT CARD

Initial deposit and maintaining ADB PHP 500
Required ADB to earn interest PHP 5 000
Interest rate Based on prevailing interest rate
Interest crediting Monthly

SIKAPPINOY

Initial deposit and maintaining ADB PHP 0
Required ADB to earn interest PHP 5,000
Interest rate Based on prevailing interest rate
Interest crediting Monthly

US DOLLAR SAVINGS ACCOUNT

Initial deposit and maintaining ADB USD 200
Required ADB to earn interest USD 200
Interest rate Based on prevailing interest rate
Interest crediting Quarterly

JUNIOR SMART SAVERS

Initial deposit and maintaining ADB PHP 200
Required ADB to earn interest PHP 10 000
Interest rate Based on prevailing interest rate
Interest crediting Monthly

Credit Card

CLASSIC MASTERCARD

Enjoy financial flexibility with a versatile and rewarding everyday credit card. Take care of your basic needs while enjoying the privileges you deserve. Charge your groceries, gas, utilities, or installment purchases and be rewarded on everyday spend.

GOLD MASTERCARD

Live a life without worries; take advantage of greater purchasing power with higher spending limits. Shop, dine, travel and enjoy more perks and rewards on all your spending.

PLATINUM MASTERCARD

Enjoy life’s luxuries and the freedom to purchase the finest things the world has to offer using your premium card. Use your card anywhere in the world and take advantage of exciting privileges, the exclusive benefits of Dual Currency Billing, and Waived Annual Membership Fees.

WORLD MASTERCARD

Benefit from dual currency billing for your local and international purchases, and earn as much as 5x Rewards Points when you use your card for travel-related expenses.
Monthly Effective Interest Rate: 3.25%
Payment amount due: 5% of the outstanding balance or Php500 whichever is higher
Payment timing: On the due date (21 days after cycle cut-off)

CASH INSTALLMENT CREDIT CARD

A card that provides easy and reliable cash loan. Get cash when you need it and enjoy low-interest rates at fixed installment terms.

CASH LOAN AVAILMENT RATES TERM MONTHLY ADD-ON RATE ANNUAL EFFECTIVE INTEREST RATE
12 1,25% 26,62%
24 1,59% 33,19%
36 1,75% 35,07%

Debet Card

CASH CARD

Bank of Commerce Cash Card is a reloadable electronic money card with EMV chip that lets you access funds or pay for purchases securely, here and abroad, without using cash. It is not a deposit account; thus, it does not earn interest and is not insured with PDIC. It does not require a maintaining balance or mip fee. Usembershe it with ATMs, POS, and e-commerce sites.

DEBIT CARD

Introducing the Bank of Commerce Debit Card, the new international Mastercard-enabled card equipped with an EMV (Europay, Mastercard and Visa) chip technology for improved security against fraud, and Mastercard Contactless, the modern way to pay for purchases!

Debit Card allows you worry-free access to your linked Bank of Commerce deposit account, to inquire your balance or withdraw funds through EMV-compatible terminals like ATMs, and to pay for purchase through point-of-sale (POS) at any Mastercard-affiliated merchants worldwide and BancNet-affiliated merchants nationwide, as well as online payment sites and channels.

FAQ

The minimum down payment for a new car is 20% of purchase price, for a used car – 30% of purchase price.
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Payment terms – up to 60 months.
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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.
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No. Purchase of ONLY new car!
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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.
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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.
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The longest loan period is 20 years
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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.
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Send an application

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.
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Send an application

Contacts

Full company name Bank of Commerce
Address San Miguel Properties Centre # 7 St. Francis Street Mandaluyong City 1550 Philippines
Phone number CUSTOMER SERVICE: (02) 8-632-BANK (2265) (GLOBE LINES): 1800-8-982-6000
E-mail CUSTOMERSERVICE@BANKCOM.COM.PH
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Bank of Commerce is one of the country’s progressive commercial banks. It has been in operation since 1963. The Bank offers a wide range of banking products and services including deposit and cash management products, corporate banking, consumer banking, credit card services, e-banking solutions, trade and remittances, treasury and trust services.

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