PROMO MECHANICS
- The Metrobank Upgrade Your Ride Promo is open to all customers nationwide who apply and avail of a Metrobank Car Loan from May 20 to December 31, 2019 (“promo period”)
- Qualified car loan borrowers are entitled to the following:
- Free chattel mortgage fee
- Car insurance on installment at 0% interest
- To qualify, car loan borrowers whose loans meet the following criteria are eligible to join the promo:
- Complete loan application must be received within the Promo Period.
- Loan must be booked within 60 days from the date of loan approval but not beyond March 2, 2020.
- Minimum of PHP 500,000.00 and maximum of PHP 3,000,000.00 loan amount.
- Minimum of 36 months and maximum of 60 months loan term.
- Minimum down payment of 20% of the vehicle’s net selling price to the dealer.
- Brand new units of passenger cars like sedan, sports utility vehicles, pick-ups, and vans are eligible for the promo.
- Loans for the purpose of purchasing utility vehicles, light trucks and the like which are normally used as mass transport utility vehicle/common carrier, as delivery vehicles to transport quantities of goods for trade purposes, as school service vehicles, etc. shall not be eligible for the promo.
- Units sourced from gray market dealerships (not from authorized/franchise car dealers) does not qualify to the promo.
- Promo Conditions
a. Automatic car insurance policy renewal for the succeeding years of the loan
b. Payments should always be on time and the account should always be updated
c. Pre-termination of the loan is subject to the following fees:
- Full cost of Chattel Mortgage Fee, if the loan is pre-terminated within 12 months from the date of booking.
- Pro-rated cost, if the loan is pre-terminated beyond 12 months from the date of booking.
| LOAN TERM | w/in 1st year | w/in 2nd year | w/in 3rd year | w/in 4th year | w/in 5th year |
|---|---|---|---|---|---|
| 36 months | 100% | 65% | 35% | N/A | N/A |
| 48 months | 100% | 75% | 50% | 25% | N/A |
| 60 months | 100% | 80% | 60% | 40% | 20% |
d. Pre-termination fee can be waived on the following conditions:
- Pre-termination is not client/borrower initiated such as full payment of outstanding car loan due to collection of insurance proceeds from carnapped or total wrecked vehicles.
- With remaining loan term of 62 days or less (with 2 months remaining unpaid amortization)
e. Borrower cannot sell the vehicle acquired under the promo offer during its loan term.
f. Borrower shall keep the vehicle acquired under the campaign offer for private use only and not to be converted into a public utility vehicle.
g. Borrower shall authorize Metrobank to hold the original LTO OR/CR, Deed of Cancellation/Release of the Chattel Mortgage, and other documents relative to the motor vehicle until maturity/full settlement of the loan and/or until any unpaid obligation (i.e. Chattel Mortgage fee) is settled.
Click here to apply now: https://mcola.metrobank.com.ph/car-loan