Rizal Commercial Banking Corporation (RCBC) has introduced its latest vehicle loan product, the RCBC Auto Loan FlexiLite.
According to Atty. Ramil de Villa, head of RCBC’s Consumer Lending Group (CLG), this offering is part of the bank’s strategic initiative to broaden its consumer lending portfolio and foster growth in the consumer sector.
Ramil described the new product as a “breakthrough” in auto loans, highlighting about the RCBC Auto Loan FlexiLite,
“Designed to provide unparalleled flexibility, this product allows customers to enjoy lower monthly amortizations without the need for a downpayment,”
he said.
The new RCBC auto loan product is set to offer borrowers more affordable monthly payments and flexible terms for the residual value.
At the end of the loan term, borrowers can either settle the residual value with a balloon payment or refinance the balance for an additional three years.
Ramil noted,
“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.”
The RCBC Auto Loan FlexiLite is said to be an “inclusive” auto loan, aimed at enabling young professionals to own their first car, enhancing mobility for start-up families, and offering flexibility for business owners.
The innovative loan product recently won two awards from the Asian Banking and Finance Retail Banking Awards: Automobile Lending Initiative of the Year – Philippines and Consumer Finance Product of the Year – Philippines.
In March, RCBC announced its objective to increase its total loan portfolio from P126 billion in 2023 to P160 billion this year. This 27% growth is expected to be driven by strategic marketing campaigns, analytical-based selling strategies, the introduction of new products, enhancements to the existing loan management system, ongoing process improvements, and internal sales expansion.
Featured image credit: Edited from Freepik
