By Angel Rivero
THERE WAS a time when applying for a car loan required a lot more effort, mental preparedness, and nerve. Among the common challenges associated with the traditional method of loan applications were queues, the back and forth of requirements, long waiting times for the outcome, and even getting to the physical venues for these transactions to be made in the first place. Fortunately, the digital age has democratized not only the purchasing of plane tickets and booking of hotels, but also the application of loans, it appears. And BPI (the 172-year-old Bank of the Philippine Islands) is leading this digital transformation in the realm of bank loans, via the recently launched BPI Loans Marketplace.
The BPI Loans Marketplace is a one-stop shop for browsing and applying for loans for the purchase of properties and cars. It is accessible via the website: https://loansmarketplace.bpi.com.ph. And of course, being online, it is available for interested clients to visit anytime, 24 hours a day, seven days a week. That makes a huge difference in terms of convenience, and provides the added comfort of allowing clients to take all the sweet time they need when they want to compare the featured cars from partner car brands, or when they want to experiment with different loan schemes depending on different down payment options and lengths of loan periods.
BPI’s Head of Retail Loans Dennis Fronda was keen to explain at the media event: “As we launch BPI Loans Marketplace, we are not just introducing a platform; we are redefining the way our clients experience loan applications for properties and cars. Our commitment to innovation, transparency, and customer satisfaction is at the forefront of this initiative.” He also furthered that the BPI Loans Marketplace is primarily designed to empower clients, “providing them with the tools and information they need to make informed decisions about their financial future.”
The landing page of BPI Loans Marketplace highlights several areas for loan seekers. — IMAGE FROM BPI
BPI executives also explained the advantages of using the new platform. Among them is the “real-time” availability of the featured cars which customers can browse — because a designated number of vehicles is already allotted for inclusion in the website. Therefore, clients have better chances of getting their desired cars as soon as possible. Clients can also directly compare the cost of different payment schemes, as there is a standalone calculator that can be used to compare the difference between varying down payment percentages and payment terms. There are also special features on the website, such as the Compare and Sort and Filter options, which enable side-by-side comparisons and targeted searches based on attributes such as car brand, location, and price range.
Of course, the BPI Loans Marketplace is also accessible on portable devices, so customers can browse the website anywhere they are, even while traveling. And as there is an array of payment solutions available, clients may also course any questions that they might have to the BPI Loans Marketplace’s dedicated online support team. The bank promises that their online team will be ready to revert with prompt responses.
