RIZAL Commercial Banking Corp. (RCBC) has launched a new auto loan product with cheaper and more flexible payment options, it said on Wednesday.
“The RCBC Auto Loan FlexiLite represents a breakthrough in our auto loan offerings. Designed to provide unparalleled flexibility, this product allows customers to enjoy lower monthly amortizations without the need for a downpayment,” RCBC’s Consumer Lending Group Head Ramil M. De Villa said in a statement.
The bank said the product will help “expand its consumer lending portfolio and continue driving growth within the consumer sector.”
“Through this loan, borrowers will have lower, more affordable monthly amortization and flexible payment terms for the residual value,” it added.
Upon a loan’s conclusion, clients have the option to settle the residual value with a balloon payment or refinance the balance for an additional three years.
“This auto loan variant is designed to be inclusive to enable young professionals to own their first car, enhance mobility for start-up families, and offer flexibility for business owners,” RCBC added.
Earlier this year, the bank said it expects its consumer loan portfolio to reach P160 billion this year, higher by 27% from P126 billion in 2023.
It said the growth will be mainly driven by “targeted marketing campaigns and programs, analytical-based selling strategies, the introduction of new products, enhancements to the existing loans management system, ongoing process improvements, and internal sales expansion.”
As of end-2023, RCBC was the sixth-largest lender in the country in terms of assets with P1.29 trillion, data from the central bank showed.
The bank’s net income fell by 39.47% to P2.2 billion in the first quarter in the absence of a one-off gain from its sale of properties recorded in the same period last year.
RCBC shares closed at P22.40 apiece on Tuesday. — Luisa Maria Jacinta C. Jocson
