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Bank Financing Insurance Penalty

By Hanna

Posted on Apr 29, 2021

banks penalty

 

Bank financing offers a high loanable amount that gives us the power to purchase our dream car. We usually opted to those financing that offers low interest with long payment terms, but after getting the loan approval many just sign alot of documents without understanding their Terms and Policy. In an auto loan, majority of financing requires insurance policy for their protection and for the protection of their client, but if you miss to have one, or late to submit it, you are subject for their penalty.

 

Here are the list of most well known financing and their corresponding penalty:

                                                     

BANK FINANCING      PENALTY
PS Bank      2,500 after 30 days
RCBC

     Auto renewal / penalty 1,500
Banco De Oro Unibank, Inc. (BDO)      None
Eastwest Bank      None
Toyota Financial Services Phils. Corp.      None
Union Bank      None
Bank of Commerce      None
Maybank      None
UCPB / UCPB Savings Bank      None
BPI Family Savings Bank                     1 day late sub-auto renewal
Metropolitan Bank & Trust Co.      None
China Bank / China Bank Saving      300 after a month
PNB Savings Bank      None
Security Bank Corp.      Auto renewal
Insurance Savings Bank      None
Orix Metroleasing & Financing & Finance Corp.         None
Asialink Finance Corp.         None
Asian Cathay Finance & Leasing Corp.          None
Global Dominion Financing Inc.       None
Malayan Bank      Auto renewal
Robinsons Bank                     None
Sterling Bank of Asia      None
Asia United Bank                   None
First United Finance & Leasing Corp.

     None
Philippine Business Bank

     With facilitation fee - 500

(always include in the quotation)


Some financing auto renew their clients comprehensive insurance, after failing to submit the banks copy which is more expensive, compare to insurance of your choice while it has the same benefits. So you might want to review your loan terms and policy to avoid any penalty and future problems. 

               

 

 

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