CIMB extends P4.3 billion low interest loans

MANILA, Philippines — Digital banking services provider CIMB Bank Philippines has extended a cumulative credit limit amounting to P4.3 billion within seven months after the launch of its revolving credit product.

Last December, the bank launched REVI Credit, the country’s first fully digital revolving credit product, for all CIMB customers last December. Under the facility, users can get a credit line of up to P250,000, at interest rates as low as one percent and with no annual fees.

CIMB Bank Philippines CEO Vijay Manoharan said REVI Credit is a revolutionary product that enables Filipinos to get easy and flexible access to credit.

“The natural next step was for us to make REVI also available for online purchases and transactions, especially as a digital banking services provider. This is also in pursuit of our mission of driving greater digital adoption in the country, which has always been our goal since we started this journey in 2018,” Manoharan said.

This paved the way for the launch of the CIMB virtual card allowing users to now shop online without using a physical card in any Visa-accepted online merchants.

State-of-the-art fraud monitoring and prevention tools and capabilities ensure the safety and security of online transactions covering various e-commerce platforms, food deliveries, travel bookings, among others.

Customers could also only access the card’s details after keying in their MPIN on the CIMB Bank Philippines app.

“With the launch of our virtual card, REVI Credit users can do just that. They will be able to get the most out of their credit lines and ultimately, use it to fuel their life’s passions and purpose,” Manoharan said.

The CIMB virtual card is available for all REVI Credit users, who would just need to activate their cards on the CIMB Bank Philippines app.

On the other hand, customers can apply for a REVI Credit account through the CIMB Bank Philippines app.

CIMB Bank Philippines, a part of the CIMB Group, is currently serving over 5.7 million Filipinos and over one million lending customers since its establishment in 2018.