Yuchengco-led Rizal Commercial Banking Corp. has launched an auto loan product that extends to borrowers a lower, more affordable monthly amortization and more flexible payment terms for the privilege.
RCBC consumer lending group head Ramil de Villa said the new offering, RCBC Auto Loan FlexiLite, is part of the initiative to widen its consumer lending portfolio and continue driving growth in the consumer sector.
“The RCBC Auto Loan FlexiLite represents a breakthrough in our auto loan offerings. Designed to provide flexibility, this product allows customers to enjoy lower monthly amortizations without the need for a downpayment,” De Villa said.
At the term’s conclusion, borrowers have the option to either settle the residual value with a balloon payment or refinance the balance for an additional three years.
“This product is designed to meet the needs of a diverse clientele, offering them the freedom to manage their finances more effectively while planning for future vehicle upgrades,” De Villa said.
This auto loan variant is designed to be inclusive to enable young professionals to own their first car, enhance the mobility of start up families, and offer flexibility for business owners, the bank said.
The product recently won two awards from the Asian Banking and Finance Retail Banking Awards for the Automobile Lending Initiative of the Year – Philippines and the Consumer Finance Product of the year – Philippines.
Last March, RCBC aimed to boost its total loan portfolio to P160 billion this year from P126 billion in 2023, through targeted marketing campaigns and programs, analytical-based selling strategies, the introduction of new products, enhancements to existing loans management systems, process improvements, and internal sales expansion.
