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Welcome Bank Auto Finance Loan

Borrow funds up to ₱1 Million using your vehicle's OR/CR.

  • icon Interest Rate
    Interest rate (p.a.)
    1.40% - 16.80%
  • icon Min. monthly income
    Loan Tenure
    1 - 3 years
  • icon Min. monthly income
    Approval Duration
    2 to 3 business days
  • icon Min. monthly income
    Min. monthly income
    ₱ 25,000

Loan Calculator

icon New Base Rate Loan Calculator

Monthly salary 25000
Interest Rate
You Pay
Total Interest Payable
Total Amount Payable

Whats so great about Welcome Bank Auto Finance Loan?

  • User your vehicle's OR/CR to loan additional funds

Product Features

Min. Financing Amount ₱100,000
Max. Financing Amount ₱1,000,000
Min. Loan Tenure 1 year
Max. Loan Tenure 3 years
Interest Rate 16.80% to 27% per annum
Approval Duration 2 to 3 business days
Debt Consolidation No

Fee & Charges

One time set up
Processing Fee 3.00% of approved loan amount
Stamp Duty ₱400 (including notarial fee)


Age requirement Age 21 - 60
Employment eligibility Must be regular employed or self-employed
Min. salary requirement ₱25,000 gross per month
Guarantor / Collateral requirement vehicle's OR/CR

Other Requirements

Need to open linked bank account? No
Other details Get a loan using your current vehicle's OR/CR as collateral

Review by iMoney

Welcome Bank is a subsidiary of Welcome Financial Group, a specialized retail banking provider from Korea established in 2002. They offer a wide range of financial solutions to retail consumers from credit lines and loans, to banking products such as savings accounts, to digital banking services.

One of their offerings to the retail market is their auto finance loan - this isn’t a car loan, but rather a type of loan where a car is used as collateral. A good alternative for those who need a bigger loan amount but fall short in the eligibility department to qualify for more premium loan products.

Welcome Bank Auto Finance Personal Loan FAQ

How can you buy a car with the Welcome Bank Auto Finance loan?

With Welcome Bank's Auto Finance Loan, you can use your current vehicle's OR/CR as a collateral to get financial assistance when purchasing your next vehicle.

How can I apply for a Welcome Bank Auto Finance Loan?

You can apply for a Welcome Bank Auto Finance Loan using our online application form. Our Customer Care Agent will contact you shortly to guide you through the application process.

How much can I borrow?

You can loan from up to PHP1 Million with Welcome bank’s auto finance loan depending on the appraisal of your car.

How fast is the application and approval process?

Application and approval for the auto finance loan takes 2-3 business days.

What are Welcome Bank Auto Finance Loan's requirements?

Welcome Bank requires their autofinance loan applicants to meet certain eligibility requirements and provide the following documents.

  • Filipino citizen, at least 21-65 years of age
  • Minimum gross monthly income of PHP25,000 for both employed and self-employed individuals.


  • Fully accomplished autofinance loan application form
  • Bank authorization letter for verification
  • Two (2) valid government IDs
  • Documented Proof of Income
    • If Employed:
      • Company ID, COE, and latest 2 months payslip or latest ITR
    • If Self-Employed/Professional:
      • Latest Business/Mayor’s Permit, DTI/SEC Registration, latest 3 months bank statement, latest ITR with AFS and Trade Reference
  • Photocopy of updated OR/CR; Original will be submitted upon release
  • 2 copies of Stencil of motor number and the chassis number (in blue form) to be provided upon release.
  • Comprehensive Insurance endorsement to Welcome Finance Inc to be provided upon release.

*Additional documents may be required during credit evaluation.

What is Welcome Bank Auto Finance Loan's interest rate?

The estimated monthly interest rate for Welcome Bank’s Autofinance Loan is 2.25% but it can go as low as 1.4% depending on their assessment.

What is the loan tenure for Welcome Bank Auto Finance Loan?

Repayment options are from 12 to 36 months.

Are there any other applicable fees and charges?

The following fees will be deducted from your loan amount:

  • Processing Fee - 3% of Approved Loan Amount
  • Notarial Fee - PHP400
  • Documentary Stamp Tax - Approval Loan Amount / 200 * 1.5

How does the Welcome Bank Auto Finance Loan calculator work?

The Welcome Bank Auto Finance Loan calculator provides you with a rough estimate of how much your monthly amortization will be based on your desired loan amount and payment term (tenure). You only need to fill in the amount of loan you’re applying for and your preferred tenure.

How can I check my Welcome Bank Auto Finance loan application status?

You may check your loan status by visiting Welcome Bank's 'My Page' on their homepage.

How can I check my Welcome Bank Auto Finance loan balance?

You can check your Welcome Bank Auto Finance loan balance by logging in to your account.

Can I still get an auto loan if I have poor credit?

Your loan application is stil subject for approval once you passed all needed requirements aside from participating in credit verification.

Is Welcome Bank Auto Finance Loan the right one for me?

This loan product is specifically made for car owners who are willing to put up their car as bank collateral for a bigger loan amount. While we don’t necessarily encourage such practice if the need calls for it, this should be a faster option to access a better loan opportunity for a lower interest rate.

With few options currently in the market, here are some products similar to the current one:
SB Finance Car4Cash

SB Finance, a subsidiary of Security Bank offers a unique product that allows you to borrow cash with the use of your vehicle’s official receipt or certificate of registration (OR/CR). You can borrow from ₱100,000 up to ₱2,000,000 with interest rates starting from 1.25% per month. Get approved within 5 - 7 banking days and repay your loan up to 48 months. You can apply if you have at least ₱15,000 monthly income.

BPI Personal Loan

As one of the leading banks in the country, BPI offers top customer service for your financing needs. For the BPI personal loan, loan amount ranges from ₱20,000 to ₱1M and payable starting from 1 up to 3 years. Interest rate starts at 14.4% per annum and can be approved within 8 - 14 business days. You are eligible to apply if you have a minimum monthly salary of ₱25,000.

Citi Personal Loan

Delivering the level of reliability of an international bank, Citi offers numerous advantages as a financial services provider. With Citi personal loan, it offers one of the longest loan tenure options in the market of up to 5 years. Borrow from ₱20,000 up to ₱2M at competitive interest rates starting from 26.9% per annum. Approval duration is as fast as 24 hours. To apply, you need to have at least ₱21,000 monthly income and an existing credit card holder.

Similar options are still few in the market, however, you can also consider the common loan products as you take a look at our list of personal loans to help you compare and choose the right one for you.