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Monday, April 09, 2018

PNB Auto Loan for OFWs in Hong Kong & Saudi Arabia

Aside from having a house, another dream Overseas Filipino Workers (OFWs) wants to achieve is having a car. Be it for the business of personal use for the comfort of the family. 
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Attention to all Overseas Filipino Workers (OFWs) in Hong Kong and Saudi Arabia! Don't you know that there is an auto loan program in Philippine National Bank (PNB) specially made for you?  This is through Global Filipino Auto Loan, a financing facility for car buyers! The following are units eligible for financing;  Sedan Sports Utility Vehicle (SUV) Passenger Vans Asian Utility Vehicle (AUV) Light Commercial Vehicles (LCV)  Am I qualified? Here are the requirements for eligible borrowers;  Should be at least 21 years old, and will not be more than 60 upon loan maturity. Must have been working abroad for the last two (2) years. The documentary requirements are: Signed application form with ID picture;* Special power of attorney (SPA), duly authenticated by the embassy Authenticated contract of employment or Authenticated pay slip Certified statement of income and expenses * Important: Applicant has to fill out the application form completely and accurately in order for expedient application processing.   You may submit your applications through PNB offices in Hong Kong and Saudi Arabia only.  What is the maximum loan term? The maximum term of the loan is sixty (60) months How much is the amount of loan and required down payment? The minimum amount of loan is P 400,000.00. The maximum loanable amount for brand-new vehicles is up to 80 percent of the cash list or purchase price. What is the interest rate? The interest rate is set by management and is computed using the add-on interest method. How long is the processing time? The approval process is three (3) to five (5) days upon receipt of complete basic documentary requirements. What are the miscellaneous fees? Chattel mortgage fees – Chattel mortgage fees are determined by the bank based on the PN amount. Comprehensive insurance – Comprehensive insurance coverage on the motor vehicle financed is procured from PNB General Insurers Company, Inc. Insurance coverage is equivalent to the selling price of the unit. Succeeding insurance coverage will be in accordance with the existing policy on insurance coverage on bank-financed undertakings. What is the mode of payment for monthly amortization? Auto debit arrangement Issuance of post-dated checks (PDCs)
Well this dream, will not stay a dream is an OFW is hardworking and has a savings enough to apply for an auto loan or car loan in Philippine National Bank (PNB).  Oops don't get excited yet because this auto-loan is not open for all OFWs but only those who are working in Hong Kong and Saudi Arabia!



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This is through Global Filipino Auto Loan, a financing facility for car buyers! The following are units eligible for financing;

  • Sedan
  • Sports Utility Vehicle (SUV)
  • Passenger Vans
  • Asian Utility Vehicle (AUV)
  • Light Commercial Vehicles (LCV)



Am I qualified? Here are the requirements for eligible borrowers;

  • Should be at least 21 years old, and will not be more than 60 upon loan maturity.
  • Must have been working abroad for the last two (2) years.

The documentary requirements are:

  • Signed application form with ID picture;
  • Special power of attorney (SPA), duly authenticated by the embassy
  • Authenticated contract of employment or
  • Authenticated pay slip
  • Certified statement of income and expenses
Applicant has to fill out the application form completely and accurately in order for expedient application processing.

You may submit your applications through PNB offices in Hong Kong and Saudi Arabia only.

Read: Steps on How To Open Metrobank OFW ATM Savings Account With No Deposit and Zero Maintaining Balance

What is the maximum loan term?
  • The maximum term of the loan is sixty (60) months
  • How much is the amount of loan and required down payment?
  • The minimum amount of loan is P 400,000.00.
  • The maximum loanable amount for brand-new vehicles is up to 80 percent of the cash list or purchase price.

What is the interest rate?

The interest rate is set by management and is computed using the add-on interest method.

How long is the processing time?

The approval process is three (3) to five (5) days upon receipt of complete basic documentary requirements.

What are the miscellaneous fees?
  • Chattel mortgage fees – Chattel mortgage fees are determined by the bank based on the PN amount.
  • Comprehensive insurance – Comprehensive insurance coverage on the motor vehicle financed is procured from PNB General Insurers Company, Inc. Insurance coverage is equivalent to the selling price of the unit. Succeeding insurance coverage will be in accordance with the existing policy on insurance coverage on bank-financed undertakings.
What is the mode of payment for monthly amortization? 
  • Auto debit arrangement 
  • Issuance of post-dated checks (PDCs)


There you go Kabayan! If you are interested please visit PNB branches in your area in Hong Kong and in Saudi Arabia!

Note: This is not a sponsored post and jbsolis.com is not connected or affiliated with PNB Bank. The sole purpose of this article is to give information especially for OFWs who are looking for a car or auto loan. All transaction you may enter with the bank is at your own risk and account. Thank you.


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