Bank
Rizal MicroBank Auto Loan
Rizal MicroBank Auto Loan offers auto loan rates from 8% – 18% p.a. with terms up to 36 months and a minimum down payment of 25%. Rizal MicroBank (an RCBC subsidiary) targets micro and small borrowers in provincial areas. Maximum financing amount reaches ₱1,000,000, and applications can be filed at RCBC rural banking branches.
Quick Facts
8% – 18% p.a.
Interest Rate
25%
Min. Down Payment
12 – 36 months
Loan Term
3 – 5 business days
Processing Time
Maximum loan amount: ₱1,000,000
Requirements
- Valid government-issued ID (passport, driver's license, or UMID)
- Proof of income (latest 3 months payslips or ITR)
- Proof of billing address (utility bill dated within 3 months)
- Latest 3 months bank statements
- Post-dated checks (PDCs) covering the loan term
- Photocopy of vehicle documents (OR/CR for used cars)
Pros & Cons
Pros
- Rates start at 8% p.a. — competitive among Philippine bank auto loans.
- Maximum financing of ₱1,000,000 covers most new vehicles on the market.
- Loan terms up to 36 months keep monthly payments as low as ~₱34,444/month.
- Minimum down payment of just 25% reduces upfront cash needed.
- Applications accepted at RCBC rural banking branches.
Cons
- Maximum rate of 18% p.a. applies to used cars or longer terms.
- Requires at least 25% down payment — on a ₱1,000,000 vehicle that means ₱250,000 cash upfront.
- Processing takes 3 – 5 business days, slower than some dealer-arranged financing.
- Minimum gross monthly income requirement of ₱30,000 excludes entry-level earners.
Frequently Asked Questions
What is the Rizal MicroBank auto loan interest rate in 2026?
Rizal MicroBank auto loan interest rates range from 8% – 18% p.a. depending on the vehicle age, loan term, and borrower profile. Shorter terms and brand-new vehicles typically qualify for the lower end of the range.
How much down payment does Rizal MicroBank require for a car loan?
Rizal MicroBank requires a minimum down payment of 25% of the vehicle's selling price. For example, on a ₱1,000,000 car the minimum equity is ₱250,000.
How long does Rizal MicroBank auto loan approval take?
Rizal MicroBank auto loan applications are typically processed within 3 – 5 business days. Having complete documents ready at the time of application speeds up the release.
Can I use a Rizal MicroBank auto loan for a used car?
Yes, Rizal MicroBank finances both brand-new and pre-owned vehicles. Used car loans may carry higher rates (closer to 18% p.a.) and the vehicle must generally be no older than 10 years at loan maturity.
What documents do I need for a Rizal MicroBank auto loan?
You will need a valid government ID, proof of income (latest 3 months payslips or ITR), proof of billing address, and a completed application form. Self-employed applicants must also submit DTI/SEC registration and audited financial statements.