MANILA, Philippines — The local banking arm of Malaysia’s CIMB Group has extended P2 billion to users of its low interest rate loan facility that features instant approval and higher credit limits, making a stronger push toward greater financial inclusion in the country.
Vijay Manoharan, CEO at CIMB Bank Philippines, said the bank has already made significant progress on this front through its personal loan product.
Since its full launch last December, REVI Credit has already issued a total credit limit of over P2 billion to its users.
Its latest credit and Buy Now Pay Later product offers a promising alternative to informal lending sources and even traditional formal credit products. It comes with a multitude of features that address a lot of the pain points borrowers normally face when borrowing from the usual sources.