Security Bank Corporation was awarded by UK-based finance journal Retail Banker International (RBI) as a Trailblazer in Product Innovation during the 2021 RBI Asia Trailblazer Awards for its Doctor’s Loan product. RBI recognized this loan product as the Best Loan Offering, giving it a “Highly Commended” citation.
According to RBI, “The 2021 edition of the awards received over 300 entries from 25 countries across the Asian continent representing the best-in-class consumer finance and retail banking companies. Among the key takeaways from the awards submissions in 2021 has been the resilience of the regional banking industry and their ability to develop innovative solutions and deliver new offerings in record times to help combat the financial implications on their customers in response to the COVID-19 pandemic.”
“Being agile to the needs of the communities we serve at Security Bank, we knew we had to provide financial relief to our physicians in times of need. Through our Doctor’s Loan, we are able to help our frontliners secure funding for their child’s tuition, clinic renovations and additional liquidity,” says Sanjiv Vohra, Security Bank President and CEO.
Through the loan offering, physicians were able to obtain loans with a three-month, interest-free deferment on payments, a special interest rate and flexible payment terms of up to 60 months with loans being approved within three to five banking days.
The Doctors Loan product, which is a variant of the Bank’s Corporate Salary Loan, was rolled out in May 2020 to the medical community, starting with St. Luke’s Medical Center, a top hospital in Metro Manila.
“As we work towards becoming the most-customer centric bank in the Philippines, we will continue to invest in what matters to our clients. Through this recognition, we can re-affirm our commitment to provide our clients with services to power BetterBanking,” adds Vohra.