CIMB Bank Leads Financial Inclusion with REVI Credit, The First Digital All-In-One Credit Product with Up to PHP 250K Credit Line

With the aim to help more Filipinos reach their life’s goals even in the midst of the pandemic, CIMB Bank Philippines is set to launch REVI Credit, the first all-in-one always-ready credit product in the country.

This first-of-its-kind product will offer customers a flexible, secure, and hassle-free credit facility with instant approval and lower interest rates all through their mobile phones. Initially, REVI Credit will be introduced exclusively to select CIMB Bank customers on the invitation to start but will be available to more users thereafter.

“We developed REVI Credit to further push for financial inclusion in the Philippines by giving easier and hassle-free access to formal credit at a much lower cost to more Filipinos, all enabled digitally. We believe this first-of-its-kind credit product in the Philippines truly addresses the consumers’ needs and will help bring more Filipinos to get a credit line with a bank which today we know is a pain point,” said CIMB Bank Philippines CEO, Vijay Manoharan.

Instant access to more funds with less charges

Revolving credit allows users on-demand and instant access to funds anytime to withdraw cash, to pay bills, and to transact securely online, a feature which will be enabled very soon. REVI Credit customers can get approved for a credit line as high as PHP 250,000 which they can easily access anytime through the CIMB Bank REVI Credit mobile app with an interest rate as low as 1%.

Additionally, REVI Credit customers shall have an option to settle their outstanding balance early or users may also opt to pay only a portion of their outstanding balance, by paying as low as 15% of their outstanding balance, in case they are not ready to settle the full amount.

The wait is over

Customers no longer need to line up in a bank or wait for several days to get approval. Through an all-digital mobile application, selected CIMB Bank customers can get instant approval without having to submit any documents.

Furthermore, what sets REVI Credit apart from other credit products in the market is that it enables customers to convert their credit line to cash instantly or users may also convert a portion of their credit line to a term loan facility for a more flexible payment and lower interest rate option. With REVI Credit, consumers can use it for day to day cashless transactions, paying for bills, online shopping, and many more use cases as they have their credit line ready and available to use at any time.

Banking for more Filipinos

“Our vision is to promote inclusivity by providing Filipinos superior financial solutions and the digital banking experience that they deserve. Through REVI Credit, CIMB customers can get access to funds on demand and what’s best is that they only pay when they use it as it is free to sign up and there are no annual maintenance charges. We hope this first-of-its-kind credit product will empower and help more Filipinos especially during the pandemic when access to credit is so limited.” Manoharan added.

CIMB Bank remains steadfast in its mission to transform the Philippine banking landscape by offering innovative solutions that are safe, secure, fast, and convenient to all Filipinos. The Bank has already onboarded over 4.5 million customers since its establishment in December 2018, making it the leading digital bank in the country.

By providing Filipinos with the right knowledge and tools to make better and smarter financial decisions, CIMB Bank is also the country’s most awarded all-digital bank. In just a little over two years, the Bank was able to secure 51 prestigious international awards including the Leading Digital Bank of the Year 2021 by Wealth and Financial International and the Fastest Growing Digital Bank in the Philippines 2021 by the World Economic Magazine Inc.

CIMB Bank PH is the newest member of the CIMB Group, one of ASEAN’s leading banks present in over 16 global markets. With the establishment of CIMB Bank PH, CIMB Group is able to extend its reach and transform the county’s digital banking landscape, and elevate the Filipino banking experience.