Lalamove calls on CIMB to provide partner drivers with access to loans – Back End News
CIMB Bank Philippines and Lalamove Philippines have teamed up to provide easy access to credit to Lalamove partner drivers through CIMB’s new all-digital offering, REVI Credit.
Through this partnership, Lalamove’s qualified partner drivers can get a revolving line of credit of up to $ 250,000. They can also convert this into cash or a term loan, use it to pay bills and soon, shop online with a virtual debit card at low interest rates. This unique collaboration will allow Lalamove’s partner drivers to easily access credit for their daily needs and emergencies.
“We all seek to constantly innovate to provide meaningful digital financial solutions that meet a real need and solve the problems of Filipinos, especially those who are in the informal economy, where access to credit is so difficult,” said said Vijay Manoharan, CEO, CIMB. âThe partnership with Lalamove is a step in this direction. We want to help hard-working Filipinos, like Lalamove’s partner drivers, have easier access to credit so they can better meet their needs, move forward and earn more for themselves and their families. We are able to do this through an innovative solution in the form of REVI Credit, which is also CIMB’s Buy Now Pay Later product.
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Thanks to REVI Credit, Lalamove’s qualified partner drivers benefit from greater flexibility in how to access and use the credit granted to them. They can easily pay bills and goods online on credit and pay over a period of time. REVI also allows them to withdraw money from their line of credit to their CIMB Bank savings account. Plus, they can convert up to 70% of their credit limit into a term loan, which they can repay on flexible terms and at low interest rates. As an added benefit, the partnership also means that CIMB Bank Philippines provides qualified driver partners of Lalamove with personal accident insurance up to P50,000 free of charge.
Qualified Lalamove partner drivers are pre-selected for a REVI credit line. The application process itself is also completely digital, with the entire application process taking only around five minutes. This makes it suitable for Lalamove’s partner drivers, who are almost always on the road.
In addition to easy access to REVI Credit, the partnership will also offer partner drivers GSave accounts requiring no minimum balance. With a savings interest rate of 5% per annum, this will also save them money on their daily pay.