Digital banking services provider CIMB Bank Philippines and top digital wallet GCash through its lending affiliate, Fuse Lending, have onboarded two million customers for GCredit.
GCredit, powered by CIMB, is a revolving credit product available on the GCash app, which can be activated without the need to present any income document. This can be used for cashless payments in all GCash QR-accepting merchants, bill payments and online purchases in selected e-commerce merchants.
CIMB Bank Philippines chief executive Vijay Manoharan said in a statement Tuesday the collaboration with GCash helped the bank in its push for financial inclusion and at the same time make formal credit easier for Filipinos.
“By providing a higher credit limit and a lower minimum amount due, we hope that this makes GCredit more accessible, enabling our customers to use it to live their life purpose,” Manoharan said.
Previously, GCredit customers could get a credit line of up to P30,000 and maintain the same by paying the minimum amount due of 15 percent of their principal balance.
Considering GCredit’s significant growth and customers’ continuous support for the product, starting April 2023, GCredit users can now get a credit line of up to P50,000 and the minimum amount due has also been lowered to 10 percent of customers’ principal balance, to make the repayments more affordable.
CIMB Bank Philippines is a commercial bank providing innovative mobile-first digital banking solutions and services.