China Bank Savings (CBS) has rolled out CBS Easi-Buyout, the Bank’s latest program for faculty and non-academic staff of the Department of Education (DepEd).
Easi-Buyout is the Bank’s response to recent Department of Education reforms to promote accountability and streamline financial services to their employees nationwide.
“Because the Department of Education has implemented a ‘single provider’ policy for its Automatic Payroll Deduction Salary (APDS) loans, accredited private lenders are motivated to further enhance products and quality of service to teachers and Department of Education staff,” according to Niel C. Jumawan, who heads the Bank’s APDS Lending Group.
The loan take-out arrangement entitles the teacher or staff of the Department of Education to cash incentive of 1% of the total outstanding balance once they transfer their loans to CBS from other APDS private lenders or government financing institutions. The cash back incentive will be received by the borrower once the loan is booked, approved and the take-out process completed.
“With CBS Easi-Buyout program, you definitely get more,” Jumawan pointed out.
APDS Lending Group now operates 19 loan centers, including the two newly opened offices in Lingayen, Pangasinan and Legazpi City in Albay province. These centers are anchored yet separate from regular CBS branches, and are open even on Saturdays.
“It is a truly exciting period for China Bank Savings,” Jumawan said. “We are set to complement our lending with product enhancements and value-added services for our main customers.”
China Bank Savings is a duly accredited APDS Private Lending Institution of the Department of Education with Deduction Code 1151.