The Market Monitor Minding the Nation's Business
The Bank of the Philippine Islands (BPI) is the very first bank in the country to stretch the financing of car loans to an amazing 7 years from the ordinary 5-year term.
This was revealed during the launch of the BPI Hot Summer Promo, one of the bank’s initiatives to support nation-building by enabling Filipino families to own their dream cars and homes.
“As the thought leader in retail lending, our new promo will leverage on the ‘travel’ or ‘tourism’ mindset of consumers, by helping them get their own home or car while allowing them to have a chance to win a trip,” said Dennis Fronda, the head of the BPI Retail Lending and Bancassurance Group.
Fresh from its co-sponsorship of the recent Manila International Auto Show, Froda said BPI is now open to car financing from 72 months to 84 months of financing a car loan, the very first among the local banks who only give up to 60 months or 5-year financing plan.
BPI expects to generate 30 percent higher business volume for auto and housing through BPI’s Hot Summer Promo, an exciting all-in offer of low rates, free Insurance, waived bank fees, and a chance to win an all-expense paid trip for clients and partner brokers/dealer agents. Winners will be rewarded with an all-expense paid trip to a domestic or international destination.
The auto and housing loan promo offers will run from April 24 to May 31, 2023 for online, branch, and dealer/developer-referred accounts. It is open to all individual and corporate clients whose applications are received within the promo period and booked on or before June 30, 2023 for auto loans, and on or before July 31, 2023 for housing loans.
The minimum loan amount for auto loan is P500,000, with a minimum loan term of 36 months or three years. This is applicable to brand new passenger cars (SUVs, pickups) and big bikes, and must be for personal/private use.
“With the continuous recovery of the economy and upbeat consumer confidence in spending, we will continue to explore new opportunities to capture a wider market share. This will be done through remarkable payment solutions and exciting offers such as the BPI Hot Summer Promo to our clients,” said Fronda.