Bank, finance group unite to make salary loans easy for DepEd employees

MAKATI CITY, PHILIPPINES – China Bank Savings (CBS) and Manulife China Bank Life Assurance Corporation (MCBL) have partnered with the Department of Education to provide Easi-Automatic Payroll Deduction Salary Loans (Easi-APDS Loan). An industry first, it will allow employees of the  Department of Education to apply for salary loans that come with free life insurance for those availing the loan.
The Easi-APDS Loan will allow all Department of Education employees to manage their salary loans with the peace of mind their families will be protected if they pass away. They can borrow a minimum of P5,000 and a maximum of P1 million, payable either in 12, 24, or 36 months. During the first three months, the insurance coverage will be equivalent to the outstanding loan balance. It increases to 1.5 times of the outstanding loan balance from the fourth month onwards.
Neil Jumawan, head of APDS Lending Group of CBS, said “We are happy to partner with the Department of Education to further improve their APDS program and help their employees find a fast, affordable, and hassle-free option in case of any need.”
“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,” Ryan Charland, president and CEO of Manulife Philippines added.
The product is now available through Easi-APDS Loan Centers and China Bank Savings branches nationwide.
China Bank Savings, the thrift banking arm of the 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 China Bank and China Bank Savings customers. PR / ABN

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