LOAN PRODUCTS. Zuki by SB Finance is a digital lending platform that allows Filipinos to apply for various loan products such as personal and auto loans as well as installment products. / SB FINANCES
SB FINANCE Co. Inc., the consumer lending joint venture of Security Bank Corp. and Bank of Ayudhya (Krungsri) of Thailand, launched a new lending app on Tuesday, March 15, 2022.
Named Zuki, this digital lending platform allows Filipinos to apply for various loan products such as personal and auto loans as well as installment products.
SB Finance President and CEO Abigail Casanova said at the virtual launch event, the pandemic has helped them think about new and better strategies to make consumer finance more accessible to the market of mass.
“We have seen how the pandemic has affected our customers. We have seen how businesses have closed. In our own way, we want to respond to the financial inclusion call of the Bangko Sentral ng Pilipinas. We want to help rebuild lives and build a nation as we anticipate the recovery of our economy,” Casanova said.
She added that the pandemic has accelerated consumers’ use of digital banking services in the way they bank, sell and buy, primarily due to fear of going out. People wanted to do these transactions from the comfort of their homes or anywhere, which accelerated SB Finance’s digital transformation.
Casanova said the Zuki mobile app doesn’t just offer loan products because they were “deliberately chosen” to fit the stage of a customer’s life.
The suite of loan products available on the Zuki app includes Hoologan and MotorsikLoan products as well as the first Car4Cash and Personal Loan products.
Hoologan is a cash line of credit that allows customers to purchase items from SB Finance’s partner merchants and qualify for cash loans of up to P200,000, repayable in installments for up to 48 months.
MotorsikLoan, on the other hand, is a specialized loan product for those looking to buy motorcycles for their business or for personal use. MotorsikLoan offers a competitive monthly interest rate of 1.2% per month for mid to high-end bikes and 2.47% for regular bikes. It can also be used to finance new and used motorcycles.
Customers can also benefit from personal loans up to 2 million pesos. SB Finance said it removed the need for customers to issue post-dated checks as a method of payment. Instead, customers can simply visit the nearest Security Bank branch or use Security Bank’s online banking platform, Security Bank Online, to repay their loans.
To provide added security to customers using the Zuki app, SB Finance has employed high-end eKYC capability, location detection, liveness checks, and facial recognition features to protect customers against identity fraud.
Zukì is also powered by a scalable cloud solution running on one of the world’s leading cloud platform providers. The mobile application is now available for download on Google Play and in the App Store.