For many motorcycles riders, getting a loan for a smaller motorcycle has usually been limited to in-house financing which may not have the most favorable rates or terms. A senator has even alleged that these in-house financing services are all part of a scheme designed to defraud the consumer.
We’re not saying they’re all bad. However, those who would prefer a more reputable institution would be surprised to know that BPI Family Savings Bank now offers loans for bikes 250cc and above.
These are under the BPI Family Auto Loan program and can be availed of for certain bikes. There are plans for a “Sub-400cc Big Bike” (250cc-399cc) and “Big Bike 400” (400cc and above).
As expected, the Sub-400cc Big Bike loan covers models like BMW’s G310 GS (PhP7,457 per month) and KTM’s 390 Adventure (PhP7,682 per month). It can also be used for a Vespa GTS Super 300 (P8,601 per month). The Big Bike 400 plan covers the usual models like a Kawasaki Ninja 650, Suzuki V-Strom, or even Ducati Scrambler Icon. The plans come in a variety of terms from 12 to 36 months and a minimum loan amount of PhP200,000. BPI is very transparent about the interest rate, stating it is anywhere from 15.97% to 16.72% depending on the term.
Of course, these all come with a variety requirements, such as IDs, proof of employment, income tax return, and others depending on your financial situation.
The rates are nothing to celebrate but it’s certainly a good sign that the bigger banks are starting to change their mind about motorcycle loans.
If you're curious about these plans, you can read about it HERE.