Security Bank Corp.’s consumer finance arm SB Finance Corp. (SBF) has partnered with Grab Philippines to offer personal loans of up to P2 million to Grab users, driver-partners and merchant-partners through the Grab superapp.
Under the partnership, users of the Grab app can apply for an SB Finance personal loan of up to P2 million with payment terms of up to 36 months. The application will be through an online process and applicants can expect funds to be released in five days.
In a statement on Friday, SB Finance President and Chief Executive Officer Abbie Casanova said the partnership primarily aims to assist Filipinos by conveniently extending personal loans for their needs.
“We’re optimistic that Grab users, driver, delivery and merchant-partners will be able to experience a holistic digital lending experience as we navigate the new normal,” she added.
Being the leading superapp in Southeast Asia, Grab has millions of users in the Philippines and offers everyday value to consumers through a wide range of services such as mobility, food, grocery and package deliveries as well as financial services.
Through its unit, Grab Financial Group, Grab has also been offering several financial products to its driver, delivery and merchant partners over the years. These include offline and online loans, purchase financing, and postpaid fuel cards for driver-partners. It also offers working capital loans for merchants.
On the consumer side, Grab also has its PayLater service, which allows consumers to pay for Grab services a month later in one monthly bill. GrabPay also gives its users a more rewarding experience as consumers earn GrabRewards points for their purchases using the service. These points can then be used to avail of discounts and deals on Grab-related services and other merchant partners.
Erwin Yamsuan, head of Grab Financial Services in the Philippines, explained that “since its inception, Grab has strived to provide value to consumers and stakeholders and empower them by leveraging our technology and offering our suite of reliable and convenient products and services.”
“The partnership with SB Finance will give our users more access to much-needed financing, which they can use to pursue business plans, do home improvement, or pay for health emergencies, among others. We hope that through these loans, consumers can sustain or improve their quality of life, especially during this pandemic,” he added.
