The Bank of the Philippine Islands (BPI) launched today a pioneering product that gives auto loan clients an insurance policy on their vehicle covering the entire life of the loan.
Called “BPI Auto Loan Multiyear Protect,” this loan solution combines monthly installments for insurance with the loan amortization payments in a more affordable and convenient package.
“The Multiyear Protect new product prioritizes our customers’ convenience and peace of mind because it was designed to eliminate the financial worries and administrative hassles a typical car loan client experiences today,” said BPI Retail Loans Group Head Dennis Fronda.
The Auto Loan Multiyear Protect offers various benefits, including insurance renewal and paced payments. According to Fronda, its pioneering features give customers more flexibility in managing their cash flow into gradual and fixed payments per month throughout their loan journey, while easing their worries about sudden car repair expenses due to accidents.
BPI has partnered with BPI M/S Insurance Corporation to enable an easy, effortless, and holistic experience for car owners. Auto Loan customers can now drive worry-free with the Multiyear Protect’s exclusive feature, a Guaranteed Asset Protection (GAP) insurance coverage. GAP provides up to Php 200,000 additional coverage, in case the vehicle suffers from total loss.
Customers can also enjoy the benefit of paying lower upfront costs to owning their dream car by dividing the insurance cost into lighter monthly payments.
“We wish to provide customers the confidence to pursue their dreams of owning a car today and give them the premium experience they deserve. On a larger scale, we also hope that this will translate to better consumer confidence that will result in more car sales and help the auto industry bounce back this year,” Mr. Fronda said.
BPI is treating 2021 as the year of recovery and growth for both the auto sales and financing sectors. “Auto Loan Multiyear Protect is one of our ways to show our commitment to provide customers with reliable and relevant financial solutions, so we can all have opportunities for better times ahead,” he said.
Interested applicants may visit bpiloans.com to learn more about Multiyear Protect or visit any BPI or BFSB branch nationwide to talk to the bank’s expert loan advisors.