Digital bank CIMB Bank Philippines answers the call for a more inclusive financial industry expanding its loan portfolio with Personal Loan products with REVI Credit.
Quoting its own survey conducted in December 2021, 74%, of its Personal Loan customers are first-time bank loan customers. Building on this momentum, the CIMB Philippines has recently released another credit offering which continues to make formal credit more accessible to Filipinos.
“One of the biggest barriers to formal credit is the application itself,” Vijay Manoharan, CEO, CIMB Bank Philippines. “Banks would usually ask for a lot of income and supporting documents, which Filipinos working in the informal sectors may not necessarily have. Not to mention, the evaluation process usually takes time, even weeks, which is not ideal if you need the money to spend now.”
REVI Credit, CIMB Bank Philippines’ latest credit and Buy Now Pay Later product, offers an alternative to informal lending sources and even traditional formal credit products. It offers higher credit limits of up to P250,000 and interest rates as low as 1%. Customers also do not need to pay any annual fees to maintain their credit line. They will only pay when they use product.
“With REVI Credit, the application process is entirely digital and takes less than five minutes,” Manoharan said. “The process is even easier for preselected users, who will not be required to submit income documents, thanks to CIMB Bank’s alternative credit scoring process.”
Since its full launch for all CIMB Bank customers in December 2021, REVI Credit has already issued a total credit limit of over P2 billion to its users. The bank eyes to make REVI more accessible and offer it to more than one million CIMB customers in the next two years.
“With these said, products like REVI Credit can help in democratizing access to formal credit in the Philippines and show tremendous promise in driving financial inclusion, especially to the underserved,” CIMB Philippines said.