FICOBank Launches Two New Financing Products

In addition to its wide array of financial services and solutions, FICOBank launched its Land Financing and Farm Machinery Financing to its broad market in Northeast, Central and Northwest Luzon. The said product-launching activity was held on October 10, 2015, at the FICOBank’s branch in Paniqui (Tarlac), and on October 11, of the same year, at its Corporate Office in Cauayan City (Isabela). Each credit facility aims to provide support for the respective financing needs of its target market, which may either be for the acquisition of land or farm machinery.

On one hand, the Bank’s Land Financing has the following salient product features: (i) loan amount is from Php50,000.00 up to Php10,000,000.00; (ii) loan term is up to 10 years; (iii) can be amortized monthly, quarterly or semi-annually; (iv) subject of financing may be agricultural, commercial and/or residential lots; and (v) interest on loan is comparatively low. This credit facility is effectively positioned in the market as “Financing solution for the purchase of land.”

On the other hand, the Bank’s Farm Machinery Financing has the following distinct features: (i) loan amount is from Php50,000.00 up to Php5,000,000.00; (ii) loan term is up to five years; (iii) to be amortized semi-annually; (iv) subject of financing can be brand new or surplus unit, which is intended for the tillage, planting, cultivation or harvesting of crops; and (v) interest on loan is comparatively low. True to its tagline, this credit facility is indeed a brilliant “Financing idea to modernize farming.”

As these financing windows are not new anymore in the market, the Bank—with its product- and brand-differentiation strategies—aims to do better than what its competitors are doing by going beyond the usual in catering the financial requirements of the market backlogs and brand switchers. And, with its value-proposition standard, customer-centricity approach and corporate-brand heritage, FICOBanking has a competitive edge among the players in the financing industry.