BY: HAZEL F. GLORIA
CEBU CITY, Aug. 14 (PIA) --- The Land Bank of the Philippines (LBP) in partnership with Smart e-Money launched the first Mobile LoanSaver in the country during the LandBank 51st anniversary held at the Marriott Hotel, Cebu City.
LBP President and CEO Gilda Pico said, this is the first paperless fully electronic salary loan with auto-savings builder feature offered by LandBank and Smart Communications. It seeks to provide greater banking convenience to government employees.
“We at LANDBANK recognize the needs of our customers, so we see to it that we devise responsive facilities for them. The LANDBANK Mobile Loan Saver is indeed an innovation which provides greater banking convenience that transforms our service delivery to our clients,” Pico added.
She said, “we are grateful for the opportunity to work with Smart e-Money Inc. on this breakthrough service, which brings us a step closer towards achieving our shared vision of greater financial literacy and inclusive growth.”
At the same time, Smart e-Money head for innovation and emerging payments Lito Villanueva is also grateful to LandBank for the partnership in carving out new ways to serve the people using the latest technology.
Villanueva also believes that through LandBank more private and government offices will be reached with this program.
This loan facility is being offered to make loan applications quick, easy and faster for LandBank clients. They only have to submit their applications online and receive SMS notifications on their mobile phone that his /her loan proceeds have been credited to his/her ATM Payroll Account and available for withdrawal.
The qualified employees shall initiate mobile loan application using Smart, Talk n’ Text or Sun-enabled mobile by typing the following keyword: LOAN
Rank and file employees can borrow up to P500,000 while officers can avail themselves of salary loans up to P1 million with a minimal monthly interest rate of 0.83 percent a month. The loan proceeds shall be released within three banking days after loan approval. Terms run from 12 to 36 months.
For the private and government offices that want to avail of the service must sign a memorandum of agreement (MOA) with the bank and submit a list of pre-selected employees containing information needed to determine loan approval.
To know more about this innovative product, you may call *89507 through their Smart, Talk N Text or Sun Cellular phones. (mbcn/HFG/PIA7)