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MANILA, Philippines, Nov. 9, 2022 /PRNewswire/ — Tonik, the Philippines’ first neobank, continues to speed up monetary and credit score inclusion with the launch of its two new lending merchandise, Flex Mortgage and Huge Mortgage.
Constructing on the success of its all-digital financial savings portfolio and profitable launch of its first lending product, Fast Mortgage, the brand new merchandise are set to place Tonik as among the many pioneering digital lenders within the nation with loans catering to each want.
Fast, handy, and matched with mounted low-interest charges, Flex Mortgage empowers prospects with each freedom and adaptability to chase their dream purchases and experiences excellent for the beginning of one other yr. Tonik’s finest priced unsecured mortgage but, Flex Mortgage presents 2.49% month-to-month curiosity for as much as 24 months, for a mortgage as a lot as Php 250,000. No collateral is required as employed prospects would solely want to supply their newest financial institution assertion and proof of revenue.
A house fairness sort of mortgage, Huge Mortgage presents a one-time multipurpose installment mortgage that permits a borrower to make use of the fairness worth of their house. This property is then pledged to the financial institution as collateral, securing an quantity of as much as Php 2,500,000.
Comparatively new in the Philippines, one of these lending product continues to be fashionable in additional developed markets similar to america. It’s principally used for house enchancment, funding for household companies, and debt consolidation underneath a decrease curiosity product.
With Huge Mortgage, the primary totally digitalized collateral product out there, prospects solely want to return to the Tonik Hub as soon as to formally signal the mortgage and mortgage paperwork. Providing the fastest-in-market approval time in a totally digital method inside minutes of the appliance, and disbursement of loans in seven (7) enterprise days from submission of paperwork, proceeds of the mortgage are disbursed into prospects’ Tonik Financial savings Accounts. No property appraisal charges are charged and no third-party appraisal is required.
“Powered by our purely digital platform and probably the most aggressive market charges, Flex Mortgage and Huge Mortgage supply accessible, secure, and badly wanted credit score for the massive underserved market in the Philippines,” shared Tonik Founder and CEO Greg Krasnov. “With these new loans, we’re excited to hurry up efforts in accelerating credit score inclusion within the nation.”
Flex Mortgage and Huge Mortgage are actually obtainable within the newest model of the Tonik app which may be discovered and downloaded through the Apple App Retailer and Google Play Retailer.
Be taught extra about this story and different updates from Tonik at https://tonikbank.com.
About Tonik
Tonik is the primary digital-only neobank in the Philippines, offering mortgage, deposit, and fee merchandise to customers on a extremely safe digital banking platform. The neobank operates on the idea of the primary digital financial institution license issued by the Bangko Sentral ng Pilipinas (BSP). Tonik is led by a workforce of retail finance veterans who’ve beforehand constructed and scaled a number of retail banks and fintechs throughout international rising markets. It’s backed by prime worldwide buyers, together with Sequoia India, Point72 Ventures, and Mizuho Financial institution. Tonik’s tech stack is built-in in partnership with world-class banktech distributors together with Mastercard, Finastra, Amazon Internet Companies, Google, Genesys and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.
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