China Bank Savings (CBS) and Manulife China Bank Life Assurance Corporation (MCBLife) strengthened their commitment to providing innovative financial products to customers with Easi-Automatic Payroll Deduction Salary (Easi-APDS) loan. An industry first, the product will allow Department of Education (DepEd) employees to apply for salary to apply for salary loans that come with free life insurance protection.
The Easi-APDS loan will allow Department of Education teaching and non-teaching personnel to manage their salary loans while protecting their families from uncertain financial burden. Department of Education employees can borrow from a minimum of P5,000 to a maximum a maximum of P1 million, payable in 12, 24 or 36 months.
The free insurance coverage will be equivalent to the outstanding balance in the first three months. Coverage will increase to 1.5 times of the outstanding loan balance from the fourth month onwards. In case something unfortunate happens to the borrower, they can get covered up to P1 million.
“We are pleased to partner with Department of Education to further improve their their APDS program and help their employees find a fast, affordable and hassle-free option to fill their financial needs,” according to Niel C. Jumawan, head of the Bank’s APDS Lending Group.
Manulife Philippines President and Chief Executive Officer Ryan Charland said the loan facility will allow Department of Education employees to borrow without worrying about the financial burden in case of death.
“Teachers had been taking loans without having insurance protection. With the Easi-APDS Loan, they can borrow without the worry of leaving this financial burden to their families in case of death,” Mr. Charland said..
The product is now available at 19 Easi-APDS Loan Centers and 162 China Bank Savings branches nationwide.
China Bank Savings, the thrift banking arm of China Banking Corporation, is committed to promoting financial inclusiveness and uplifting the quality of life of consumers and entrepreneurs, in line with its Easy Banking for You brand of service.
Manulife China Bank Life Assurance Corporation is a strategic alliance between Manulife Philippines and China Bank, providing a wide range of innovative insurance products and services to customers of China Bank and CBS.