Auto Loan Free First Year Motor Car Insurance Program (“Program”) is open to all Security Bank Corporation clients (the “Client/s”) who apply and are subsequently approved of an Auto Loan.
To qualify, the availed auto loan should meet the following criteria:
Vehicle must be brand new and for private use
Minimum loan amount of P500,000
Minimum loan term of 36 months
Qualified clients shall be entitled to Free First Year Comprehensive Motor Car Insurance with Acts of Nature excluding Third Party Liability.
Published board rates shall apply. The only applicable rate discount shall be the preferred rate for SBC Gold and Platinum Depositors.
Upon availment of the program, the mortgaged vehicle’s insurance shall be locked in with Security Bank Corporation – Insurance Services Department (SBC-ISD) through-out the duration of the loan term. Upon renewal, self-procured policies from the Client shall not be accepted.
To avail of the Program, the client will need to sign a Memorandum of Agreement and submit post-dated checks or an automatic debit form for the payment of the insurance premiums for the succeeding years for the renewal of the coverage.
In case of cancellation of the coverage, either via full payment of the loan or coverage by other insurance companies aside from SBC-ISD, Client will pay the gross premium cost of the free one year comprehensive insurance coverage.
All Security Bank Corporation employees and their spouses are not qualified for this program.
If any of the terms and conditions above is not met, the Client shall not be qualified for the Free First Year Motor Car Insurance Program.
All Auto Loan applications submitted during the program period shall undergo the standard evaluation and approval process of Security Bank.
The offer is non-transferable, non-convertible to cash, cannot be exchanged for other program items and cannot be availed in conjunction with other promotions or rate discounts.