MOTOR LOAN. A rider is seen operating in Colon, the oldest downtown business district in Cebu City. CitySavings Bank on Tuesday (June 29, 2021) said it offers a special loan program for motorcycle riders, workers, and businessmen. (PNA photo by John Rey Saavedra)
CEBU CITY – A Cebu-based thrift bank has offered a special program to clients who want to own a motorcycle for their easy commute to their work or business in this time of the pandemic.
Feliciano Angue, CitySavings Bank executive vice president for motorcycle loans business, said the bank offers easy access to motorcycle ownership to the growing Filipino middle class that sees the motorcycle as efficient and cost-effective for both personal and business needs.
“The goal really is to make it simpler for our clients to drive home their first -maybe even their second or third- motorcycle. Especially with the pandemic, the demand and usage of motorcycles have grown drastically, so we want CitySavings to be top of mind when customers want to get their own,” Angue said in a statement Tuesday.
Citing Motorcyclesdata.com, CitySavings said the demand for motorcycles has steadily increased and expected to address the logistical limitations of movement and transportation and to help the people’s day-to-day needs.
With easy access to credit, the bank capitalized its motorcycle loans program with fast approvals, exclusive offers, and low-down payments under its “Motor Mo’To program.”
Angue said the bank tapped several institutional partners whose companies rely heavily on motorcycles for their business operations.
Since 2019, the bank has been a partner of four major Transport Network Vehicle Services (TNVS) and other logistics companies such as Lalamove, Grab, Quad X, and Foodpanda that help enable riders to get great motorcycle deals and flexible payment options and consequently expanding their income potential, he added.
Bea Mantecon, operations manager of Quad X, said riders find that upgrading their motorcycle makes workers productive in their job and opens opportunities to business growth.
Jao Manahan, communications manager of Foodpanda, said that CitySavings' motorcycle loan program has benefited riders through affordable and exclusive deals.
“I am very excited about what's in store for this partnership,” Manahan said.
The bank’s partnership with Lalamove has potentially benefitted 35,000 riders in Luzon and Cebu, the statement said.
Repossessed motorcycle units have also shown huge sales potentials given that resale values are more affordable and more attractive to our customers.
CitySavings is accelerating the “repo” line with offers as low as zero-percent interest rates for pre-owned units. (PNA)
