CIMB Philippines launch revolving credit product REVI Credit

It can grant as high as a $5,000 credit line to customers.

CIMB Bank Philippines is launching REVI Credit, an all-in-one credit product that can grant as high as PHP250,000 (about $5,000) loans to customers.

REVI Credit customers can get approved and access a credit line through the CIMB Bank REVI Credit mobile app, with an interest rate as low as 1%.

Customers have the option to settle their outstanding balance early or users may also opt to pay only a portion of their outstanding balance, by paying as low as 15% of their outstanding balance, in case they are not ready to settle the full amount.

REVI Credit will be first introduced exclusively to select CIMB Bank customers on the invitation and will later be available to more users, the bank said.

CIMB developed REVI Credit to further push for financial inclusion in the Philippines by giving easier and hassle-free access to formal credit at a much lower cost to more Filipinos, said CIMB Philippines CEO Vijay Manoharan.

“We believe this first-of-its-kind credit product in the Philippines truly addresses the consumers’ needs and will help bring more Filipinos to get a credit line with a bank which today we know is a pain point,” Manoharan said.