"It may be used to pay for the tuition fee of the client‘s offsprings, renovate homes, serve as vacation expenses, or serve as initial capital for small-scale business," the bank said in a release.
It has a fixed interest rate ranging from 1.5 percent to 1.7 percent per month. The cash loan has repayment periods ranging from 12 months to three years.
"EZ Loan cash loan also allows one to manage better finances with the use of post dated checks issued by the applicant upon approval of the loan. This gives better financial control since the applicant knows the monthly cash flow without having to visit payment centers," it said.
The new loan product is part of the aggressive posturing of SCBP in the consumer market centered mainly in credit cards, personal loans amd wealth management or private banking.
The bank has also introduced Axcess Plus Card, a Visa Electron card which is internationally accepted and used to get cash from automated teller machines (ATMs) or pay for merchants internationally.
The card is re-loadable although it is not directly linked to an account meaning only the "loaded" amount into the card can be accessed. It is an electronic wallet with three loading options such as through mobile phone, the ATM or through the Internet.
"Standard Chartered Bank is reiterating its long-term investment in the Philippines with EZ Loan and Axcess Plus. We believe that these products are very relevant in today’s working professionals, as they continually strive to succeed. We remain committed in bringing closer to the Filipino market, world-class products and services," SCBP chief executive officer Simon Morris said.