Loans | Ride your Dream Motorcycle Loan | Frequently Asked Questions


Frequently Asked Questions


1. What is BPI Family Savings Bank's Ride your Dream Motorcycle Loan all about?



Ride your Dream Motorcycle Loan is the best loan deal on two wheels (Underbone and Big Bike) in the market offered to Individuals, Corporate Clients and 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. We offer special rates for fleet accounts (5 units or more)


2. Who are the qualified applicants for a Ride your Dream Motorcycle Loan?



Any regular corporate client/employee whose Payroll account is with BPI/ BFB, with gross monthly income of P 20,000 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).

Preferred Accounts

Valued Depositors / Personal Banking clients

Good Repeat Consumer Loan Clients

Corporations

Proprietorships and Partnerships


3. What is the loanable amount and what are the eligible motorcycle brands for financing?



Underbone Motorcycle
The minimum loan amount is P 30,000 while the maximum is P 200,000. Honda, Suzuki, Kawasaki and Yamaha whose engine size varies from 100cc to 200cc are the preferred brands under this financing.

Big Bikes
The minimum loan amount is P 100,000. BMW, Ducati, KTM, Honda, Suzuki and Kawasaki big bikes whose engine size varies from 250cc to 1300cc are the accredited brands under big bike financing.


4. Why choose BPI Family Savings Bank's Ride your Dream Motorcycle Loan versus other motorcycle financing in the market?



With Ride your Dream Motorcycle Loan:

-
You will enjoy the lightest payment package on two wheels.
Underbone

  • Minimal processing fee of P 600 only.
  • Very light and easy monthly installment with monthly add-on interest rate of only 1.4% for a 12-month term.
  • Flexible payment term choices of 12, 18, 24, 30 or 36 months.

Big Bikes


  • Competitive pricing for chattel fee
  • Light and easy monthly installment with add-on interest rate of only 9% for a 12-month term
  • Flexible payment term choices of 12, 18, 24, 30 and 36 months

- You will experience the best of class service through fast credit processing. (24 hours)


- You will enjoy convenience of paying automatically from your payroll account for Regular Corporate Payroll Employees and from savings/current deposit accounts for other depositors.


- You will get more add-on benefits from our accredited dealers absolutely for free.



Underbone (Applies to all brands)

  • Free 1 year LTO registration
  • Free 1 year Third Party Liability insurance
  • Free Safety Riding Lessons in Honda Safety Driving Center (Metro Manila and GMMA only)
  • Other freebies offered by accredited dealers

Big Bikes (Applies to all brands)

  • Free 1 year LTO registration (select accredited dealers)
  • Free 1 year Third Party Liability insurance (select accredited dealers)
  • Free Safety Riding Lessons in Honda Safety Driving Center (Metro Manila and GMMA only)
  • Other freebies offered by accredited dealers


5. What are the rates offered by BPI Family Savings Bank's Ride your Dream Motorcycle Loan?



TERM Monthly Add-On Rate

12 months 25.45%

18 months 37.30%

24 months 49.80%

36 months 76.70%

   



*For Underbone Financing – please visit any of BPI or BPI Family Savings Bank for computation of
your monthly amortization

*For fleet financing (5 units or more) – please contact (02) 754-6902 and (02) 754-6586

*For big bike financing – please contact (02) 754-6902 and (02) 754-6586 or visit any BPI or BPI Family
Savings Bank branch nearest you

6. What are payment terms?



Payments can be settled in 12, 18, 24, 30 or 36 months.


7. How much is the minimum downpayment?



Underbone
Minimum downpayment is 20% of the selling price. (Minimum downpayment is subject to Credit Services approval)

Big Bikes
Minimum downpayment is 30% of the selling price. (Minimum downpayment is subject to Credit Services approval)


8. What are the fees to pay?



Underbone
P600 Processing Fee which covers (a) Notarial Fee and (b) Documentary Stamp Fee.

Big Bikes
Chattel Fee depending on the unit price


9. How will the client pay the loan?



Thru Automatic Debit Arrangement vs. Payroll or Deposit account with BPI/BFB.


10. What are the acceptable collaterals?



Underbone
Motorcycles under the following preferred brands: Honda, Kawasaki, Suzuki and Yamaha. The unit applied will automatically serve as collateral.

Big Bikes
Motorcycles under the following preferred brands: BMW, Ducati, KTM, Honda, Suzuki and Kawasaki big bikes. The unit applied will automatically serve as collateral.



11. What are the documents needed for Individual applicants?




Be sure to prepare and submit the following documents:




APPLICATION (Initial Requirements)

Employed

1. Completely filled out application form


2.
Certificate of Employment with compensation details
3. Proof of Billing


4.
ITR


Self-Employed
1. Completely filled out application form


2.
DTI Business Registration or Mayor's Permit
3. Income tax Return


4.
Proof of Billing
5. ITR




POST APPROVAL (with approved application)

Employed
Latest Community Tax Certificate


Photocopy of one (1) valid ID


Self-Employed
Latest Community Tax Certificate


Photocopy of one (1) valid ID

12. What are the documents needed for Corporate Clients?




Be sure to prepare and submit the following documents:




APPLICATION (initial requirements)

1. Completely filled-out application form

2. Articles of Incorporation duly approved by SEC

3. Income Tax Return and Audited Financial Statement for the past 2 years




POST APPROVAL (with approved credit advice)
1. By Laws
2. Photocopy of latest Community Tax Certificate of Surety and Corporate Secretary
3. Photocopy of one (1) valid government issued IDs of Surety and Corporate Secretary



13. How will the client apply and what are the processes involved?




1. Client will simply fill-up the application form, indicate the motorcycle brand with model and attach the needed initial documentary requirement.





Drop it off in drop boxes within your company premises (if with special arrangement)





Submit it to BPI/BFSB payroll branch.





Submit it to any BPI or BFSB branch





Fax it to (02)754-6875.





Scan it and e-mail to This e-mail address is being protected from spambots. You need JavaScript enabled to view it




2. BFSB Credit Services Dept. conducts credit, personal and employment verification. Credit Services Dept. releases credit advice within 24 hours. BFSB Motorcycle Loan Dept. (MLD) transmits credit advice to client/branch.




3. Branch informs the client of the credit advice if approved or not.




4. Client visits the branch and signs the loan documents. Upon completion of the loan documents, branch will endorse original Purchase Order to client.

5. Client contacts the nominated or designated accredited dealer and confirms availability of unit. Client awaits for the authority to deliver (ATD) issued by the bank before claiming the unit. 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 client settles the payment.


14. When will the 1st due date start?



First due date starts 1 month after the booking of the account. Client will receive a copy of promissory note which indicates the billing details of the loan. It includes the loan account number, due date, payment term, net monthly amortization and loan's policy, terms and conditions.


15. How does ADA work?



Monthly due date of corporate payroll client's employees coincide with their payroll date. ADA will take effect only once a month depending on the enrolled payroll date of the client. (Client may effectively manage their cash flow by securing/leaving half the amortization amount every payroll date, by the time the due date comes, the full amount is already available on the ATM Payroll account) Monthly due date for account whose ADA is linked to Savings/Current account varies depending on the booking date.


16. How much is the penalty if the payroll/deposit account has no available balance?



Penalty is 5% of the monthly amortization amount.



17. What can be the proof of payment of the client?




a. Print out of Bank Statement from branch of account

b. Print-out of Account History in BPI Express Online

c. Quarterly Bank Statement


18. Do we honor Trade In and Take Out loan?



NO, we only allow new applications for financing of brand new motorcycle units.



19. If I have inquiries about Ride Your Dream Motorcycle Loan, who should I call?




Andrew T. Cua / Louie O. Bernardo

Tel. Nos. (02) 754-6902, 754-6945,


754-6586,754-6537

Fax Nos. (02) 754-6875 or 845-6875

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