MANILA, Philippines - You were just browsing the newspaper when you chance upon an ad, a cheap airfare to a dream destination in Italy. Beside the airline seat sale ad is a special travel package to Italy. You day dream and picture yourself, your spouse and kids having a sumptuous Italian breakfast in an amazing cliffside restaurant with the sweeping view of the Amalfi coast. And what makes you more excited is that the travel package is a steal at less than a thousand dollars, not what you originally thought as something that would cost you an arm and a leg.
But your excitement soon dies down the minute you realize you have no ready cash for the trip. But wait, you weigh your options and soon goes into an “aha” moment. In six months time, you are going to receive your bonuses and commissions which, if they are only within your reach right now, would have goaded you to call the travel agent to book the trip.
So what do you do? You think of getting a short term loan but then again, it might take ages for it to be processed and the seat sale and special package rate could be gone in two days.
Will you pass up the opportunity to take on that dream destination with your family and regret it for the rest of your life?
Thanks to Citibank Savings, you won’t have to. A leader in innovation for financial products and services, Citibank Savings designed a personal loan geared at empowering its customers with ready cash in as fast as two hours to address a variety of uses, whether for travelling with family and friends, house renovation, education or business expansion.
With Citibank Savings Personal Loan, taking a dream vacation can be a reality in as fast as two hours. Clients who apply and personally submit complete documents at selected Citibank Savings branches around the country can get the cash they need when they need it.
“All it takes is two hours to achieve your dreams,” Citibank Savings president Tonet Itchon says in an interview.
Designed to meet the financial needs of both employees and entrepreneurs, Citibank Savings Personal Loan empowers its customers with cash loan which they can easily pay at an affordable monthly instalments.
“Our Personal Loan goes beyond meeting emergency cash needs but also enriches the lives of our borrowers by helping them realize their dreams today,” Itchon stresses, adding that “our product can give clients the right push to grab opportunities in life otherwise not attainable without a financial assistance.”
Breakthrough
Itchon said Citibank’s two-hour turnaround loan is a breakthrough in the industry which was launched in July last year.
“We were the first bank in the Philippines to offer loan approval in two hours. Next to the offers of two weeks or at best one day, the two-hour delivery became a key differentiator for us, giving us lead market share,” he says.
Travel now
Travelling with families is usually on top of the aspirations of many Filipinos and the summer season is usually a preferred time to travel because the kids are on vacation, says Itchon. Pinoys have the whole family in mind when they travel.
“During the summer season, travel is the best way to rekindle ties with the family because they can all get together to experience a new culture,” says Itchon.
Travelling to dream destinations is made easier now because of the abundance of airline seat sales, promotions and discount rates from hotels, inns and other accommodations. But the thing is, the seat sales and discounts “pop-up” at times when you don’t expect it, whether in the newspapers or in the internet.
“So in cases like these, we offer a very attractive option to consumers — a Personal Loan that can be processed and with the cash released in as soon as two hours. In our branches, we like telling clients that they can submit their papers, then go watch a movie and come back to claim their cash,” Itchon relates.
Responsible borrowing
Being always a step ahead of its competitors, Citibank Savings also provides financial planning as part of evaluation of application to help loan applicants avoid falling into a debt trap.
“As a responsible lender, we integrated financial planning as part of the loan process. When the applicant passes credit evaluation, our Personal Bankers sit down with them for a financial check-up and together, they discuss the monthly amortization that best fits the client’s budget,” Itchon says.
“We don’t just provide the cash, we also provide financial counselling as part of the evaluation of a client’s loan application. In that conversation, we tell them to consider their income sources before taking on any debt. This is important, especially for a prospective borrower to know his limits,’’ Itchon explains.
To qualify for the loan, prospective borrowers must be 21 to 65 years old, with a minimum annual gross income of at least P250,000. Applicants can get their loan in as fast as two hours, without any collateral, guarantor or co-maker required, as long as they submit their complete application in select Citibank Savings branches.
Loan amounts begin at P25,000 to as much as P2 million, which they can pay in convenient and affordable payment terms of 12,18,24,30,36 and 48 months. A prospective borrower can enjoy as low as 1.26 percent monthly add-on rate on a 24-hour tenor, equivalent to 26.9 percent effective interest rate.
There are 36 Citibank branches all over the country and the cash in 2 hours guarantee is available in 15 Citibank Savings branches.
Travel for free
Here’s some more amazing good news, for new clients who get a Citibank Savings Personal Loan and apply through www.citibank.com.ph from now until June 30, 2011. You can qualify and get a free trip to Boracay and Singapore!
For the Singapore Travel Package raffle, for every P50,000 loan amount, a client gets a raffle stub which gives him a chance to win a travel package worth P60,000. The travel package includes: round trip ticket for Singapore for two via Cebu Pacific with a three days, two nights hotel accommodations plus Universal Studio passes for two.
For the instant reward, all clients who availed of a Personal Loan via website with a minimum loan amount of 250,000 gets a free Cebu Pacific Travel Voucher worth P6,500 which can bring him or her to Boracay for free. For more details on promotion mechanics, please visit www.citibank.com.ph.