Rizal Commercial Banking Corporation (RCBC) has launched its latest innovative auto loan product, the RCBC Auto Loan FlexiLite.
RCBC’s Consumer Lending Group (CLG) head Atty. Ramil de Villa said this new offering is part of the universal bank’s strategic initiative to expand its consumer lending portfolio and continue driving growth within the consumer sector.
“The RCBC Auto Loan FlexiLite represents a breakthrough in our auto loan offerings.
Designed to provide unparalleled flexibility, this product allows customers to enjoy lower monthly amortizations without the need for a downpayment,” De Villa said.
Through this loan, borrowers will have lower, more affordable monthly amortization and flexible payment terms for the residual value.
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,” added De Villa.
This auto loan variant is designed to be inclusive to enable young professionals to own their first car, enhanced mobility for start up families, and offer flexibility for business owners.
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.
