In today’s fast-paced world, owning a car has become a necessity for many individuals and businesses alike. To facilitate the acquisition of vehicles, financial institutions offer car loan programs with various features. Hence, Tagum Cooperative developed a product to answer the needs of individuals/businesses – the TC Car Loan, which caters to eligible borrowers with specific criteria and offers competitive interest rates and loan terms. Let’s delve into the characteristics of the TC Car Loan program to understand its eligibility, interest rates, loan ceiling, maximum term, and application fees.
Who are the eligible borrowers? TC Car Loan has specific criteria for eligible borrowers, such as Permanent/Regular Employees. These are Individuals who have been employed for at least two (2) years as permanent or regular employees. The Entrepreneurs. Business owners must have at least two (2) profitable years of operations to qualify for the loan. Share Capital: Borrowers are required to have share capital ranging from at least ₱25,000.00 to ₱50,000.00. And finally, Clean Loan Record: Applicants must not have any delinquent loans with TC.The interest rates for the TC Car Loan program vary depending on whether the vehicle is brand new or pre-owned. For brand-new cars, the interest rate is 0.625% per month, and for pre-owned vehicles, it is 1% per month.
The maximum loan amount that can be availed under the TC Car Loan program is ₱2,000,000. This ceiling allows borrowers to finance a wide range of vehicles based on their preferences and needs. The program also offers a maximum loan term of 60 months (5 years). This flexibility allows borrowers to choose a repayment period that suits their financial situation and budget.
When applying for a TC Car Loan, borrowers may incur the following application fees: A service Fee of 0.25% of the loan amount. Freight and Other Incidental Expenses, which are related expenses to the delivery and processing of the vehicle. Registration Fee, which covers the registration of the car with the appropriate authorities. And lastly, the Chattel Mortgage Processing Fees which, refer to charges associated with processing the chattel mortgage, which secures the loan against the vehicle. In conclusion, the TC Car Loan program is designed to provide eligible borrowers with a convenient and affordable way to finance their vehicle purchases. With competitive interest rates, a generous loan ceiling, flexible repayment terms, and transparent application fees, TC’s car loan offering aims to make car ownership accessible to a wide range of individuals and businesses. Prospective borrowers are encouraged to consult with TC Branches/Satellite Offices Marketing Officers near them for detailed information and assistance in navigating the loan application process. Al Gee Omega C. Bula