Manila, Philippines - The Philippine National Bank (PNB) has forged an agreement with Chevrolet Philippines-The Covenant Car Co. Inc. (TCCCI) to further boost its auto loan portfolio.
PNB said the agreement with Chevrolet would be the first joint venture between the two parties.
The agreement would involve an exclusive auto loan promo for Chevrolet’s Aveo, Cruze and Orlando vehicle models.
The promo tie-up of PNB and Chevrolet is available to approved clients who avail of selected Chevrolet car models from Aug. 16 to Sept. 30, 2012.
The auto loan promo provides free Land Transportation Office (LTO) registration, free chattel mortgage and one-year comprehensive insurance from PNB general insurers.
Through this program, PNB aims to boost the bank’s image as a progressive and strong force in the consumer lending market.
At present, PNB offers car loan interest rates from 4.73 percent to 33.30 percent depending on the length of the loan amortization.
It also provides up to 80 percent of loanable amount for brand new vehicles.
Chevrolet, on the other hand, aims to continue the rapid growth in vehicle sales that it has enjoyed since The Covenant Car Company Inc. took over management of the brand in 2009.