CIMB Bank Philippines of Bankero Vijay Manoharan has already issued a credit line exceeding P2 billion to clients via its latest buy-now-pay-later product offering instant approval, higher credit limit and lower interest rates.
REVI Credit offers higher credit limits up to P250,000 and interest rates as low as one percent. Customers also do not need to pay annual fees to maintain their credit line and pay only when they use it.
Manoharan said the application process for an REVI Credit is entirely digital, takes less than five minutes and even easier for preselected users who are no longer required to submit income documents.
“One of the biggest barriers to formal credit is the application itself. Banks would usually ask for a lot of income and supporting documents, which Filipinos working in the informal sectors may not necessarily have. Not to mention, the evaluation process usually takes time, even weeks, which is not ideal if you need the money to spend now,” Manoharan added.
The Kuala Lumpur-based bank pointed out that products like REVI Credit help in democratizing access to formal credit in the Philippines and show tremendous promise in driving financial inclusion, especially for the underserved.
The BSP, in its 2019 Financial Inclusion Report, bared that over half of the Filipinos who borrow money do so to meet basic needs and essentials like food, house, rentals and utilities.
Unlike other credit products that borrowers have limited use for, REVI Credit offers multiple features. Customers can use it to pay bills and should also soon be able to use it to shop online and purchase online goods on installment through its buy-now-pay-later feature.