Rizal Commercial Banking Corp. (RCBC) has launched a new auto loan product as part of the bank's strategic initiative to grow its consumer lending portfolio.

In a statement, the lender said it has launched the RCBC Auto Loan FlexiLite, which is designed to help young professionals in owning their first car, enhance mobility for startup families and offer flexibility for business owners.

'The RCBC Auto Loan FlexiLite represents a breakthrough in our auto loan offerings,' RCBC's Consumer Lending Group head Ramil de Villa said.

'Designed to provide unparalleled flexibility, this product allows customers to enjoy lower monthly amortizations without the need for a downpayment,' he said.

Through the new loan product, borrowers will have more affordable monthly amortization and flexible payment terms for the residual value.

Borrowers have the option to either settle the residual value with a balloon payment or refinance the balance for an additional three years at the term's conclusion.

'This product is designed to meet the needs of a diverse clientele, offering them the freedom to manage their finances more effectively while planning for future vehicle upgrades,' De Villa added.

Last March, RCBC said that it will boost its total loan portfolio (TLP) to P160 billion this year from P126 billion in 2023, fueled by strategic campaigns and innovative special programs.

The bank said that targeted marketing campaigns and programs, analytical-based selling strategies, the introduction of new products, enhancements to the existing loans management system, ongoing process improvements and internal sales expansion will drive the 27-percent increase in TLP this year. '

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