“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 down payment,” De Villa said.

Through this loan, borrowers will have lower, more affordable monthly amortization and flexible payment terms for the residual value.

At the term’s conclusion, borrowers have the option to either settle the residual value with a balloon payment or refinance the balance for an additional three years.

“This product is designed to meet the needs of a diverse clientele, offering them the freedom to manage their finances more effectively while planning for future vehicle upgrades,” added De Villa.

This auto loan variant is designed to be inclusive to enable young professionals to own their first car, enhanced mobility for start up families, and offer flexibility for business owners.

The product recently won two awards from the Asian Banking and Finance Retail Banking Awards for the Automobile Lending Initiative of the Year – Philippines and the Consumer Finance Product of the year – Philippines.

Last March, RCBC announced its goal to boost its total loan portfolio (TLP) from P126 billion in 2023 to P 160 billion this year, fueled by strategic campaigns and innovative special programs.

The 27-percent increase in TLP will be 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.