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.
Interest Rate
8% – 18% p.a.
Loan Term
12 – 36 months
Down Payment
25%
Processing
3 – 5 business days
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
Advantages
- 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.
Drawbacks
- 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.