BPI's thrift arm offers motorcycle loan

MANILA, Philippines-The thrift bank arm of Ayala-led Bank of the Philippine Islands (BPI) is now extending its motorcycle loan to depositors and loan clients of the listed bank and BPI Family Savings Bank. Becoming the first major bank to provide such financing, BPI Family Savings initially offered motorcycle loans with low interest rates and low monthly amortization to depositors whose payroll was with the bank. At a monthly amortization of as low as P1,700 a month, BPI Family Savings Bank head of motorcycle loan department Andrew Eugene Cua said the new loan package called Ride Your Dream motorcycle loan aims to provide businesses and motorists a viable alternative. “Motorcycles provide greater mobility. In terms of cost and use, motorcycles provide better fuel efficiency than cars. For instance, in the 100 to 200cc (cubic centimeters) or under bone motorcycle category, fuel consumption can be as low as 55 kilometers for every one liter of gas," he said. Citing increase in the use of motorcycles since 2006, Cua said the industry expects at least eight percent growth as businesses and individuals are looking for lower transportation cost and increasing mobility. Cua said loan would be approved within 24 hours for bank depositors and loan clients who are able to submit their accomplished applications forms at any of BPI or the thrift banks’ 800 branches nationwide. BPI Family Savings Bank has partnered with Honda Safety Driving Center to provide a very high level of safety riding training to the public, Cua said. “New riders buying Honda motorcycles could get the 10-session [20 hours in all] at P1,500; new riders of other brands may avail themselves of the training at P2,000. There is also a 10-hour program for people who already know how to ride but who still wants to undergo the training," he said.-Ruby Anne M. Rubio, GMANews.TV