The Bank of the Philippine Islands (BPI) is strengthening its loan offerings as it marks its 171st year with a month-long promo that that will waive up to 171,000 in loan fees for both auto and housing loans, as well as insurance from its non-life insurance arm, BPI MS Insurance Corp.
“This offering proves our thrust of being customer obsessed. As we mark our 171st anniversary in the business, this is one of the many ways we are thanking our customers for the trust and support they have given BPI throughout the years. This also marks our first year since BPI and BPI Family Savings Bank (BFSB) merged as One BPI,” said BPI Retail Loans Group head Dennis Fronda.
Available to new and existing BPI depositors, the loan promo will allow clients to have an initial cash-out equal to only the down payment. It offers free Chattel Mortgage fee and first year motor insurance for auto loans, and waived loan fees and free first year fire insurance for housing loans.
The auto loan can be availed by individual applicants via branches, dealers, and online. It is applicable for brand new units of passenger cars and should be for personal or private use only.
The promo covers applications that are received from August 1 to 31, 2022 and booked on or before September 30, 2022. The minimum loan term is five years with a minimum loan amount of P500,000. It can be bundled with Step Up and Zero Cash Out loan programs, and it can be bundled with other exclusive partner offers. The offer is also available with Auto Loan Multiyear Protect, however, it will not be eligible for the free 1st year insurance.
As for the housing loan, it can be availed by individual applicants via internal and external channels such as branches, developers and online applications via bpiloans.com. Only those with a loan purpose of acquisition, construction, renovation, and refinancing will be accepted.
With loan terms of 10 to 20 years and a minimum loan amount of P1,000,000, the deal covers applications received from August 1 to 31, 2022 and booking period for full amount released from August 1 to October 31, 2022, except for construction loans.
BPI noted that clients who avail the housing loan must be able to pay the first monthly amortization on time and should not have any delayed monthly amortization payments for more than three succeeding months.
The bank will also not accept pre-termination or pre-payment of loan for both auto and housing loan deals.
In the first half of 2022, BPI reported that its auto loan portfolio grew by 4% and housing loan portfolio by 13% versus the same period pre-pandemic or in 2019. For the industry, the total amount of booked housing loans during the first half amounted to P877 billion, while the auto loan industry’s reached P409 billion.
“Since the merger as One BPI, the bank has been providing innovative loan offerings to our clients, continuing the legacy of BFSB. We remain committed to serve our growing customers with products and services that make us one of the country’s trusted financial partners,” Fronda added.
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