CHINA Bank Savings (CBS) and Manulife China Bank Life Assurance Corp. (MCBL) have partnered with the Department of Education (DepEd) to make salary loans easy for its employees.
The MCBL said on Wednesday that it will be providing the Easi-Automatic Payroll Deduction Salary Loans (Easi-APDS Loan) to DepEd employees along with CBS, with the salary loans already partnered with free life insurance for those who would be availing themselves of it.
“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 said.
The Easi-APDS Loan allows DepEd employees to borrow a minimum of P5,000 and a maximum of P1 million, payable either in 12, 24, or 36 months.
The product is now available through Easi-APDS Loan Centers and CBS branches nationwide.
During the first three months, the insurance coverage will be equivalent to the outstanding loan balance, which will be increasing by 1.5 times of the outstanding loan balance from the fourth month onwards.
“We are happy to partner with the DepEd to further improve their APDS program and help their employees find a fast, affordable and hassle-free option in case of any need,” said Neil Jumawan, head of APDS Lending Group of CBS.
CBS is the thrift-banking arm of the China Banking Corp., which is committed to promoting financial inclusiveness and uplifting the quality of life of consumers and entrepreneurs.
The MCBL is a strategic alliance between Manulife Philippines and China Bank Corp. aimed at providing a wide range of innovative insurance products and services to the bank’s customers.
In April this year a memorandum of agreement was signed between the Government Service Insurance System (GSIS) and the DepEd facilitating the payment of teacher loans and other DepEd personnel with private lenders.
The program was piloted for six months in 12 areas across the country, including Batangas, Bulacan, Dagupan, Naga, Cavite, Manila, Quezon City, Bohol, Ormoc, Koronadal, Butuan and Tagum.