RCBC’s New Vehicle Loan Targets First-Time Car Buyers

Rizal Commercial Banking Corporation (RCBC) has rolled out a new vehicle loan for consumers as part of its efforts to make its lending portfolio more inclusive.

“Designed to provide unparalleled flexibility, this product allows customers to enjoy lower monthly amortizations without the need for [down payments],” Ramil de Villa, head of the consumer lending group at RCBC, said.

ALSO READ

Here's Why the Philippines' Credit Growth Is Projected to Go Down in the Coming Months

He Started a Car Collection That Turned Into a Museum

Called FlexiLite, the auto loan product offers more affordable monthly amortizations and flexible terms. At the end of each term, consumers may either settle the residual value with a balloon payment or refinance their balance for another three years. FlexiLite is specifically targeted at young professionals looking to purchase their first car, providing mobility options for startup families, as well as flexibility for business owners.

“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,” said Ramil.

The new loan offering has earned recognition from the Asian Banking and Finance Retail Banking Awards as Automobile Lending Initiative of the Year and Consumer Finance Product of the Year in the Philippines.

RCBC earlier said it is targeting to expand its loan portfolio to P160 billion this year, a 27-percent rise from P126 billion in 2023. Among the expected drivers for this growth are the launch of new products and the upgrading of its loan management system, among others.

Owned by the Yuchengco Group of Companies, RCBC is the fifth largest privately owned universal bank in the Philippines, with over P1.2 trillion in total resources as of end-2023.