Digital bank CIMB Bank Philippines is answering the call for a more inclusive financial industry by expanding its loan portfolio with personal loan products with REVI Credit.
Citing its own survey conducted in December 2021, 74% of its personal loan customers are new bank loan customers. Building on this momentum, CIMB Philippines recently launched another credit offering that continues to make formal credit more accessible to Filipinos.
“One of the biggest barriers to formal credit is demand itself,” Vijay Manoharan, CEO, CIMB Bank Philippines. “Banks usually asked for a lot of income and supporting documents, which Filipinos working in the informal sectors don’t necessarily have. Not to mention that the review process usually takes time, even weeks, which isn’t ideal if you need the money to spend now.
Lalamove uses CIMB to provide partner drivers with access to loans
CIMB Bank taps analytics firm MoEngage to boost digital customer engagement
REVI Credit, the latest credit product and Buy Now Pay Later from CIMB Bank Philippines, offers an alternative to informal loan 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 annual fees to maintain their line of credit. They will only pay when they use the product.
“With REVI Credit, the application process is completely digital and takes less than five minutes,” Manoharan said. “The process is even simpler for pre-screened 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 2 billion pesos to its users. The bank plans to make REVI more accessible and offer it to more than one million CIMB customers in the next two years.
“That said, products like REVI Credit can help democratize access to formal credit in the Philippines and hold tremendous promise for fostering financial inclusion, especially for the underserved,” said CIMB Philippines.