BPI launches 'Hot Summer Promo' for auto, housing loan

The Bank of the Philippine Islands (BPI) has launched its latest promotion that will help those who want to avail auto and housing loans during the summer season.

Dubbed as the "Hot Summer Promo", BPI said that the newest promo is meant to further support nation-building by enabling Filipino families to own their dream cars and homes.

Under the new promo, customers can enjoy low rates, free insurance, waived bank fees, and a chance to win an all-expense paid trip for clients and partner brokers/dealer agents.

“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,” BPI Retail Lending and Bancassurance Group Head Dennis Fronda said.

In a statement, the financial institution said that it is eyeing to generate 30 percent higher business volume for auto and housing loans through the Hot Summer Promo.

Per BPI, the new auto and housing loan promo will run from April 24-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.

BPI shared that the minimum loanable amount for auto loan is P500,000, with a minimum term of 36 months or three years. This is applicable to brand new passenger cars (sport utility vehicles, pickups) and big bikes, and must be for personal/private use.

Further, BPI — through its MyKotse program — becomes the only bank in the country that offers extended loans of up to seven years (depending on the car’s engine displacement) from the industry standard five years. During the promo presentation to the media, Fronda said that those who can avail the extended loan are buyers of vehicles that have an engine displacement of 1.4 liters and up.

Meanwhile, the minimum housing loan amount is P1 million, with a minimum term of 10 years. It is applicable for all loan purposes, and for “My Bahay” accounts but with terms and conditions applied.

All accounts that will be booked under the auto loan promo are eligible for raffle entry (one raffle entry for every P500,000 loan amount), with a maximum of four raffle entries or P2.5 million loan amount. On the other hand, all housing loan accounts that will be booked under the promo are eligible for raffle entry (one raffle entry for every increment of P1 million loan amount), with a maximum of four raffle entries.

BPI will be drawing 10 minor and one grand prize for accounts booked until June 30 (auto loan) and until July 31, 2023 (housing loan).

The names of the winners for the minor and grand prizes will be drawn on June 14, 2023. The travel period will be from September 1, 2023-August 31, 2024.

“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,” Fronda noted.’

Photos from Ruben Manahan IV

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