BPI Family Savings Bank pioneers personalized auto and housing loan solutions

BPI Family Savings Bank (BFSB) has launched the Step Up PayPlan, the first variable amortization loan program for retail borrowers in the Philippines. The Step Up PayPlan is designed to match customers’ changing needs and capabilities throughout the different stages of their lives.

“The COVID-19 pandemic has brought a lot of uncertainty into our lives,” said Ma. Cristina Go, BFSB President. “We’ve developed the Step Up PayPlan to provide Filipino families with an innovative way to get started on their dreams which is lighter and more manageable in the immediate term. It is the first and only loan solution in the Philippines that enables borrowers to plan and control how much they pay every year.”

Under the Step Up PayPlan for auto and housing loans, the amount of monthly payments will vary every year, starting with the smallest value on the first year of the loan, with affordable increases on each succeeding year until the loan matures.

The Step Up PayPlan Auto Loan is available for individual borrowers who are purchasing a brand new car. The minimum loan amount is P500,000, payable in 5 years via auto-debit arrangement. The borrower is required to cover at least 15% of the unit cost as down payment to qualify for the Step Up PayPlan. With the Step Up PayPlan, the monthly amortization on the first year can be 10% lower compared to a regular auto loan.

Individual borrowers can also apply for the Step Up PayPlan Housing Loan to help them buy their dream home. The minimum loan amount is P1 million, payable in 10 years or more through convenient auto-debit arrangements. Borrowers can also choose to lock-in their interest rates in 3, 5, or 10-year increments, and must cover at least 10% of the total cost of the property. Borrowers can enjoy a monthly amortization that’s 30% lower on year 1 compared to a regular housing loan.

“The Step Up PayPlan is ideal for young professionals who are planning to be independent or to start their own families. I know many who have had to delay their plans for marriage until they’ve been promoted or get paid enough to pay for housing loan amortizations,” said Ms. Go.

In addition to young professionals, the Step Up PayPlan can also benefit early-nesters or those who are in the middle of their careers and have growing families and need to balance their living expenses with achieving long-term goals such as car and home ownership. It can also help more established individuals who would like to purchase additional assets for investment purposes.

“This highly-personalized plan gives clients the flexibility to factor in their current situation, individual career path and projections, new opportunities, lifestyle considerations, and pace their payments accordingly. The current situation may make things more difficult for many, but we believe in the resilience of the Filipino family,” said Ms. Go.

Interested loan applicants may visit any BPI or BFSB branch to discuss the Step-Up PayPlan terms with the bank’s expert loan advisors. They can also go to www.bpiloans.com to learn more about Step Up PayPlan or to use BFSB’s online customer loan assessment and application tools. BFSB is the country’s largest thrift bank and is a wholly-owned subsidiary of the Bank of the Philippine Islands (BPI).

Published on September 30, 2020