Easier payment terms can now extend to 6 or 7 years under BPI MyKotse program
The Bank of the Philippine Islands (BPI) is set to rev up the Philippine auto and home markets by launching its Hot Summer Promo. The promotion provides an all-in offer of low rates, free insurance, and waived bank fees. Another attraction of the Hot Summer Promo is that customers who book a loan until May 31, 2023 get the chance to win an all-expense paid trip to Boracay or Singapore.
To make car ownership easier and more affordable in monthly terms, BPI has initiated the MyKotse program. MyKotse extends the loan tenors for auto loans to 6 or 7 years (depending on the car’s engine displacement), from the industry standard maximum tenor of 5 years. Cars with engine displacement of 1.4 liter and below will qualify for the shorter loan term, while cars with engine displacement larger than 1.4 liters can qualify for the longer term.
“As the thought leader in retail lending, our new promo will leverage on the ‘travel’ or ‘tourism’ mindset of consumers, by helping them get their own home or car while allowing them to have a chance to win a trip,” said Dennis Fronda, BPI Retail Lending and Bancassurance Group Head.
Minimum loan amount for auto loan is P500,000, with a minimum loan term of 36 months. This applies to brand new passenger cars (including SUVs and pickups) and big bikes that will be for personal or private use. For housing loan, the minimum loan amount is P1 million, with minimum loan term of 10 years, applicable for all loan purposes and for “My Bahay” accounts with terms and conditions applied.
The auto and housing loan promo offers will run from April 24 to May 31, 2023 for online, branch, and dealer/developer-referred accounts. It is open to all individual and corporate clients whose applications are received within the promo period and booked on or before June 30, 2023 for auto loans, and on or before July 31, 2023 for housing loans. The promo cannot be availed in conjunction with any other existing promo of the Bank.
Accounts booked under the auto loan promo are eligible for raffle entries, at one raffle entry for every P500,000 loan amount, with a maximum of four raffle entries. For housing loans, every increment of P1 million loan amount getting one raffle entry, with a maximum of four raffle entries. There will be 10 minor and one grand raffle winner/s for accounts booked until June 30 (auto loan) and until July 31, 2023 (housing loan).
BPI expects to generate 30 percent higher business volume for auto and housing loans with the Hot Summer Promo. “With the continuous recovery of the economy and upbeat consumer confidence in spending, we will continue to explore new opportunities to capture a wider market share. This will be done through remarkable payment solutions and exciting offers such as the BPI Hot Summer Promo to our clients,” said Fronda.
PHOTO: The BPI Retail Lending Group Management Committee: Back row from left, Redilberto Lopez (Auto Loan Division Head), Dennis Fronda (Retail Lending and Bancassurance Group Head) and Mark Launcel Panizales (Retail Lending Product Marketing Division Head). Seated from left, Noreene Cayco (Channel Management and Bancassurance Division Head), Bernadette Ocampo (Housing Loan Division Head) and Edelinda Tined (Models, Analytics, and Insighting Division Head)
