SCBP launches loan products

Foreign banker Standard Chartered Bank of the Philippines (SCBP) launched recently its latest consumer bank product known as EZ Loan Cash loan and Axcess Plus.

Consumer banking is a major focus of the bank to compliment its two main value centers, its credit cards and personal loans, and wealth management.

EZ Loan Cash loan is a personal, non-collateral loan aimed to serve the financial needs of the salaried employee and self-employed professionals. Bank officials claim that it offers the lowest interest rates (from 1.5 to 1.7 percent monthly) in the market with payment options from 12 to 36 months.

On the other hand, Axcess Plus Card is also called "cash in a card." It is a Visa Electron card which is internationally accepted and can be used to get cash from ATMs and to pay for merchants around the world.

It is re-loadable, and not directly linked to an account, which means that only the amount, which is loaded into the card can be accessed.

"It is an electronic wallet, with three loading options such as through the mobile phone, via the ATM, and through the Internet," the bank said in a statement.

The Axcess reloadable card is best for children, which they can load with their allowances and feel safe that they are not carrying cash. It is also good for purchasing groceries and again reduces risks as no cash is involved.

The card can be used to pay for purchases in over eight million merchants, and to draw cash in thousands of BancNet or MegaLink and Visa Electron ATMs.

"Loading the card is equally as easy through a variety of convenient means such as mobile phones, the Internet or through any BancNet ATM. And that is all reloaded in real time," it added.