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| Frequently Asked Questions
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| 1.
| What is BPI Family Savings Bank's Ride your Dream Motorcycle Loan all about?
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| Ride your Dream motorcycle loan is the best loan deal on two wheels in the market offered to (a) Individuals, (b) Corporate Clients, (c) Business Entities. It is an equal monthly installment term loan for motorcycle acquisition and application is underwritten based on the individual or entity's risk profile.
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| 2.
| Who are the qualified applicants for a Ride your Dream Motorcycle Loan?
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| Any regular corporate client employee whose Payroll account is with BPI/ BFB, with gross monthly income of P 10,000 and not more than 60 years old upon maturity of the loan (may include regular allowances, salary of spouse and other legitimate sources of income).
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| Preferred Accounts
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| Valued Depositors
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| Good Repeat Clients
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| 3.
| What is the loanable amount and what are the eligible motorcycle brands for financing?
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| The minimum loan is P 30,000 while the maximum loan amount is P 200,000. Honda, Suzuki, Kawasaki and Yamaha which engine size varies from 100cc to 200cc are the preferred brands under this financing. (High end motorcycles are treated as auto loan. i.e. BMW, Ducati, Honda big bikes and KTM)
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| 4.
| Why choose BPI Family Savings Bank's Ride your Dream Motorcycle Loan versus other motorcycle financing in the market?
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| With Ride your Dream Motorcycle Loan:
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| You will enjoy the lightest payment package on two wheels.
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| Low down payment of only 10% of the selling price of the motorcycle and a minimal processing fee of P 600 only.
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| Very light and easy monthly installment with monthly add-on interest rate of only 1.4% for a 12 month term.
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| Flexible payment term of 12, 18, 24, 30 and up to 36 months.
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| You will experience the best of class service through fast credit processing. (24 hours)
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| You will enjoy convenience of paying automatically from your payroll account for Regular Corporate Payroll Employees and from savings/current deposit accounts for Preferred, Valued Depositors and Good Repeat Clients.
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| You will get more add-on benefits absolutely for free.
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| (Applies to all brands)
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| Free helmet
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| Free jersey (Selected dealer branches)
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| Free 1 year LTO registration
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| Free 1 year Third Party Liability insurance
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| Free maintenance check-up up to first 10,000 km.
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| Free service/labor charge on selected services
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| 5.
| What are the rates offered by BPI Family Savings Bank's Ride your Dream Motorcycle Loan?
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| TERM
| Monthly Add-On Rate
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12 months
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1.41%
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18 months
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1.46%
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24 months
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1.53%
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30 months
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1.55%
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36 months
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1.64%
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| 6.
| What are payment terms?
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| Payments can be settled in 12, 18, 24, 30 or 36 months.
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| 7.
| How much is the minimum downpayment?
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| Minimum downpayment is 10% of the selling price. Client may pay more than the minimum downpayment and client will be provided with the new monthly amortization. (Minimum downpayment is subject to Credit Services approval)
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| 8.
| What are the fees to pay?
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| P600 Processing Fee which covers (a) Notarial Fee and (b) Documentary Stamp Fee.
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| 9.
| How will the client pay the loan?
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| Thru Automatic Debit Arrangement vs. Payroll or Deposit account with BPI/BFB.
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| 10.
| What are the acceptable collaterals?
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| Motorcycles under the following preferred brands: Honda, Kawasaki, Suzuki and Yamaha. The unit applied will automatically serve as collateral.
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| 11.
| What are the documents needed for Individual applicants?
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| Be sure to prepare and submit the following documents:
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| APPLICATION (initial requirements)
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| Completely filled-up application form
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| Certificate of Employment and Compensation or latest 1 month payslips - For employed
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| Photocopy of latest ITR – For self-employed
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| POST APPROVAL (with approved credit advice)
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| 2008 Community Tax Certificate
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| Certificate of Compensation Payment Tax Withheld (BIR Form 2316) or Photocopy of TIN Card
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| Photocopy of any two (2) valid IDs
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| 12.
| What are the documents needed for Corporate Clients?
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| Be sure to prepare and submit the following documents:
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| APPLICATION (initial requirements)
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| Completely filled-up application form
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| POST APPROVAL (with approved credit advice)
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| Notarized Board Resolution/Secretary's Certificate
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| Articles of Incorporation duly approved by SEC
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| By Laws
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| Photocopy of latest ITR
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| Photocopy of latest financial statement
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| TIN Nos. of Surety, Corporate Secretary and Corporation
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| Photocopy of latest Community Tax Certificate of Surety and Corporate Secretary
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| Photocopy of any two (2) valid government issued IDs of Surety and Corporate Secretary (i.e. Driver's License, SSS, PRC, Passport, GSIS E-card, NBI Clearance, Police Clearance, Postal ID, Voter's, Barangay Certification and Other valid IDs issued by the Government & its instrumentalities.)
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| 13.
| How will the client apply and what are the processes involved?
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| 1.
| Client will simply fill-up the application form, indicate the motorcycle brand with model and attach the needed initial documentary requirement.
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| | Drop it off in drop boxes within your company premises (if with special arrangement)
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| | Submit it to BPI/BFSB payroll branch.
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| | Submit it to any BPI or BFB branch
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| | Fax it to (02)754-6875.
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| | Scan it and e-mail to motorcycle@bpi.com.ph
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| 2.
| BFSB Credit Services Dept. conducts credit, personal and employment verification. Credit Services Dept. releases credit advice.
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| 3.
| Client visits the branch and signs the loan documents. Upon completion of the loan documents, branch will endorse original Purchase Order to client.
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| 4.
| Marketing issues Authority to Deliver (ATD) to accredited dealer. Marketing informs the branch and client of the clearance (ATD). The client proceeds to selected dealer and pays the Processing Fee and Downpayment. Client should bring the original Purchase Order when paying the PF and DP. Client will immediately claim the unit once the payment is settled.
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| 14.
| When will the 1st due date start?
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| First due date starts 1 month after the booking of the account. Client will receive a bank statement which indicates the billing details of the loan. It includes the loan account number, copy of signed PN/CM, due date, payment term, net monthly amortization and loan's policy, terms and conditions.
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| 15.
| How does ADA work?
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| ADA will take effect only once a month.
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| 16.
| How much is the penalty if the payroll/deposit account has no available balance?
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| Penalty is 5% of the amortization amount.
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| 17.
| What can be the proof of payment of the client?
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| a.
| Bank Statement
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| Print-out of Account History in BPI Express Online
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| 18.
| Do we honor Trade In and Take Out loan?
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| NO, we only allow new applications for financing of brand new motorcycle units.
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