BANK of the Philippine Islands (BPI) has launched a loan product specifically for cancer treatment called LavLoans, it said on Monday.
“We want to provide specialized financing solutions to ease the financial challenges associated with cancer treatment. This program offers a lifeline to those in need,” BPI Retail Lending and Bancassurance Group Head Dexter Lloyd C. Cuajotor said at an event.
“While it is named after lavender, this color is associated with cancer awareness, symbolizing universal support for individuals affected by any form of cancer. The resemblance of love represents care, support, and solidarity we aim to offer to all types of cancer patients. And that’s exactly what this is all about… LavLoans is a specialized financing service designed to assist cancer patients and their families in managing financial burden associated with a cancer treatment,” he added.
BPI LavLoans is available through three financing solutions.
First, personal loans are multi-purpose cash loans for customers who need immediate access to additional funds without the need for collateral. Clients can borrow up to P500,000 with flexible payment terms of up to 24 months.
Meanwhile, the auto multi-purpose loan financing mode is for those who need to stretch their payments for lower monthly amortizations. Borrowers can use their car as collateral and pay for medical expenses for up to 60 months.
Lastly, the property equity loan is for those who need more funds for their treatment. It has a maximum loan amount of up to P2 million and lets borrowers use their existing real estate property as collateral to borrow up to 70% of the appraised value of their property. They may also stretch their payments for lower monthly installments of up to 60 months.
“The rate that we’ll offer is 100 basis points lower than the published rate for both auto and housing and then also for personal loans,” Mr. Cuajotor said.
PHYGITAL BRANCHESMeanwhile, BPI Head of Consumer Banking and Executive Vice-President Maria Cristina “Ginbee” L. Go on Monday said the bank is aiming to transform 83 of its branches to be phygital or physical and digital branches this year and has a long-term goal of making all its branches phygital.
This comes as the bank reopened its flagship Dela Rosa, Makati branch as a phygital branch.
Phygital branches focus less on transactions and more on advising with added digital capabilities, Ms. Go said.
BPI saw its net income grow by 25.8% to P15.3 billion in the first quarter as higher revenues offset increases in provisions and expenses.
Its shares went down by P1 or 0.83% to end at P120 apiece on Tuesday. — AMCS
