Chattel Loan

I. A piece of property other than real estate:

  • Motorized vehicles (e.g. Car, Truck, Boat, or Heavy Equipment)
  • Machinery
  • Shares of stock

II. Maximum loanable amount is 40% of appraised value

III. Interest rate is 16% to 14% per annum

IV. Maximum term is 5 years.

V. Requirements:

  • OR/CR
  • Proof of income of the borrower
  • 2 pcs. 2×2 picture
  • 2 valid ID’s
  • Birth certificate/Marriage Contract
  • Proof of billing address

VI. Guidelines:

  • Motorized vehicles must not be more than two (2) years from initial purchase (brand new)
  • Loan value (LV) of motorized vehicles and machinery must be fifty (50%)percent of depreciated value
  • Insurance Policy must be endorse to Entrepreneur Bank
  • Loan value (LV) of shares of stock must be forty percent (40%) of market value
  • Prevailing Market Stock Value on current newspaper must be the basis.
  • In the event the value of the share of stock decline to a level whereby the loan value (LV) becomes insufficient to cover the loan amount, the client is required to liquidate the portion of the loan no longer covered by the value of the stocks.