BPI waives up to P171K in auto and housing loans to mark 171st year

The Bank of the Philippine Islands (BPI) announced that it is set to waive as much as P171,000 in loan fees for both auto and housing loans — as well as insurance from BPI MS Insurance Corp. — as it celebrates its 171st anniversary.

In a statement, the financial institution said that the aforementioned promotion will be offered for one month.

 “This offering proves our thrust of being customer obsessed. As we mark our 171st anniversary in the business, this is one of the many ways we are thanking our customers for the trust and support they have given BPI throughout the years. This also marks our first year since BPI and BPI Family Savings Bank (BFSB) merged as One BPI,” BPI Retail Loans Group head Dennis Fronda said.

The banking firm said that the loan promo, which is available to new and existing BPI depositors, will allow clients to have an initial cash-out equal to only the down payment. It offers free chattel mortgage fee and first-year motor insurance for auto loans, and waived loan fees and free first year fire insurance for housing loans.

“The auto loan can be availed by individual applicants via branches, dealers, and online. It is applicable for brand new units of passenger cars and should be for personal or private use only,” BPI noted.

Further, only those applications filed from August 1-31, 2022 and booked on or before September 30, 2022 with a minimum term of five years and an amount not lower than P500,000 are covered in the auto loan promo.

“It can be bundled with Step Up and Zero Cash Out loan programs, and it can be bundled with other exclusive partner offers. The offer is also available with Auto Loan Multiyear Protect, however, it will not be eligible for the free 1st year insurance,” the banking firm clarified.

Meanwhile, the housing loan can be availed by individual applicants through its branches, developers and online (bpiloans.com). Only those with a loan purpose of acquisition, construction, renovation, and refinancing will be accepted.

The promo for the house loan covers applications received from August 1-31, 2022 and booking period for full amount released from August 1 to October 31, 2022 (except for construction loans) whose terms go 10-20 years with a minimum amount of P1 million.

Clients who avail the housing loan must pay the first monthly amortization on time and should not have any delayed monthly amortization payments for more than three succeeding months.

The bank will also not accept pre-termination or pre-payment of loan for both auto and housing loan deals.

BPI shared during the first half of the year, its auto loan portfolio grew by four percent and housing loan portfolio by 13 percent when compared to the same period in 2019. For the industry, the total amount of booked housing loans during the first half amounted to P877 billion, while the auto loan industry’s reached P409 billion.

“Since the merger as One BPI, the bank has been providing innovative loan offerings to our clients, continuing the legacy of BFSB. We remain committed to serve our growing customers with products and services that make us one of the country’s trusted financial partners,” Fronda added.

Photos from Bank of Philippine Islands, Ruben D. Manahan IV

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