SB Finance Corp., the consumer finance arm of Security Bank Corp., has teamed up with Grab Philippines to offer personal loans to Grab users, driver-partners, and merchant-partners through the latter’s mobile app.
In a statement, SB Finance said that under its partnership with Grab, users of the ride-hailing and food delivery app can apply for a personal loan of up to P2 million with payment terms of up to 36 months.
The loan application will be through an online process and applicants can expect funds to be released in five days, it said.
“Our strategic partnership with Grab Philippines aims to assist Filipinos by conveniently extending personal loans for their needs. We’re optimistic that Grab users, driver, delivery and merchant-partners will be able to experience a holistic digital lending experience as we navigate the new normal,” said SB Finance president and CEO Abbie Casanova.
For his part, Grab Financial Services in the Philippines head Erwin Yamsuan said that the company’s partnership with SB Finance will give its users more access to much-needed financing which they can use to pursue business plans, do home improvement, or pay for health emergencies, among others.
“We hope that through these loans, consumers can sustain or improve their quality of life, especially during this pandemic,” Yamsuan said.
SB Finance is a joint venture between Security Bank Corp. and Thailand’s Krungsri.—AOL, GMA News