The consumer finance arm of Security Bank Corp. SB Finance Corp. (SBF) has partnered with Grab Philippines to provide personal loans of up to P2 million to Grab users, driver-partners and merchant-partners through the Grab superapplication.
As part of this partnership, users of the Grab app can apply for an SB Finance personal loan of up to 2 million pesos with payment terms of up to 36 months. The application will be made through an online process and applicants can expect funds to be released in five days.
In a statement on Friday, SB Finance chairman and chief executive Abbie Casanova said the partnership was primarily aimed at helping Filipinos by providing them with personal loans tailored to their needs.
“We are optimistic that Grab users, drivers, delivery people and merchant partners will be able to have a holistic digital lending experience as we navigate the new normal,” she added.
As a leading superapplication in Southeast Asia, Grab has millions of users in the Philippines and delivers daily value to consumers through a wide range of services such as mobility, food, grocery and shopping deliveries. packages as well as financial services.
Through its unit, Grab Financial Group, Grab has also offered several financial products to its driver, delivery and merchant partners over the years. These include offline and online loans, purchase financing, and postpaid fuel cards for driver-partners. It also offers working capital loans for traders.
On the consumer side, Grab also offers its PayLater service, which allows consumers to pay for Grab services one month later on a single monthly bill. GrabPay also provides its users with a more rewarding experience, as consumers earn GrabRewards points for their purchases using the service. These points can then be used to qualify for discounts and offers on services related to Grab and other merchant partners.
Erwin Yamsuan, Head of Grab Financial Services in the Philippines, explained that “Since its inception, Grab has strived to deliver value to consumers and stakeholders and empower them by leveraging our technology and offering our range of reliable and practical products and services ”.
“Partnering with SB Finance will give our users better access to much-needed financing that they can use to pursue business plans, do renovations or pay for health emergencies, among others. hope that thanks to these loans, consumers will be able to support or improve their quality of life, especially during this pandemic, ”he added.