SECURITY Bank Corp. was recently awarded a “trailblazer in product innovation” recognition during the 2021 RBI Asia Trailblazer Awards for its Doctor’s Loan product.
Retail Banker International (RBI), a UK-based finance journal, also gave Security Bank’s loan product a “Highly Commended” citation.
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.
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 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,” RBI said.
“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,” it added.
Security Bank President and CEO Sanjiv Vohra said they saw the need to “be agile to the needs of the communities they serve.” “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,” Vohra said.