Instead of having to cash out on your car insurance and paying the premium in annual lump sum payments, Multiyear Protect allows you to stretch the cost of the motor insurance by paying the premiums in affordable monthly payments together with your loan amortization.
Auto Loan + Insurance Premium
Sample Computation (Standard Auto Loan vs. Multiyear Protect)
Car SRP: Php 1,250,000
Loan Term: 60 months
|Standard Auto Loan||Year 1||Year 2||Year 3||Year 4||Year 5|
|*Monthly amortization||Php 21,800||Php 21,800||Php 21,800||Php 21,800||Php 21,800|
|**Annual insurance||Php 26,000||Php 24,000||Php 21,000||Php 19,000||Php 17,000|
*Fixed monthly amortization for 5 years without the cost of car insurance yet.
**Cost of car insurance premium to be paid in lump sum payments annually.
|Multiyear Protect||Year 1||Year 2||Year 3||Year 4||Year 5|
|*Monthly amortization||Php 24,100||Php 24,100||Php 24,100||Php 24,100||Php 24,100|
*Fixed monthly amortization for 5 years wich covers both auto loan and the insurance premium.
**Zero cost for annual insurance premium as your monthly amortization already covers the cost for it.
Terms and Conditions
1. Multi Year Protect is available to individual applicants who want to avail a brand new passenger car.
2. The minimum loan term is 36 months while the maximum loan term is 60 months.
3. The minimum down payment is 20% with a minimum loan amount of Php 500,000.
4. The client must have a minimum monthly income of Php 40,000 to avail the Multi Year Protect.
How to Apply
1. Go to any BPI branch.
2. Completely fill out the application form.
3. Submit the requirements. Your application will be reviewed and processed.
4. If your application is approved, you will receive an SMS notification and will be asked to visit the branch or a Loans Business Center.
5. Sign the loan documents.
1. Completely fill out our Auto Loan online application form.
2. Submit the requirements. Your application will be reviewed and processed.
3. If your application is approved, you will receive an SMS notification and will be asked to visit the branch or a Loans Business Center.
4. Sign the loan documents.
For inquiries and comments, send us a message or call our 24-hour BPI Contact Center at (+632) 889-10000.