CIMB Bank Philippines and Lalamove Philippines partnered up to provide easy credit access to Lalamove partner drivers through CIMB’s new all-digital offering, REVI Credit.
Through the partnership, qualified Lalamove partner drivers can get a revolving credit line of up to P250,000. They can also convert this into cash or a term loan, use it to pay bills, and soon, shop online through a virtual debit card, at low-interest rates. This unique collaboration will enable Lalamove partner drivers to get easy access to credit for their day-to-day needs and emergencies.
“We are all about consistently innovating to provide meaningful digital financial solutions that address a real need and solve pain points for Filipinos, especially those who are in the informal economy, where access to credit is just so difficult,” said Vijay Manoharan, CEO, CIMB. “Partnering with Lalamove is a step toward this direction. We want to help hardworking Filipinos, like Lalamove’s partner drivers, have easier access to credit to be able to better fulfill their needs, get ahead, and earn more for themselves and their families. We are able to do so through an innovative solution in the form of REVI Credit, which is also CIMB’s Buy Now Pay Later Product.”
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Through REVI Credit, qualified Lalamove partner drivers are given more flexibility over how to access, as well as use, the credit given to them. They can easily pay for bills and online goods upfront on credit and pay over a period of time. REVI also lets them withdraw cash from their credit line to their CIMB Bank savings account. In addition, they can convert up to 70% of their credit limit into a term loan, which they can pay at flexible terms and low-interest rates. As an added benefit, the partnership also entails CIMB Bank Philippines providing for free to the qualified Lalamove partner drivers personal accident insurance of up to P50,000.
Qualified Lalamove partner drivers are pre-selected for a REVI credit line. The application process itself is also fully digital, with the entire application process only taking about five minutes. This makes it suitable for Lalamove’s partner drivers, who are almost always on the road.
Aside from easy access to REVI Credit, the partnership will also give the partner drivers GSave accounts requiring no minimum balance. Yielding a savings interest rate of 5% per annum, this will also enable them to save money from their daily wages.