Lean On Aeon Philippines For Your Next Installment Plan
Appliances, furniture, and gadgets are meant to break down over time. No matter how much you take care of them, there will come a time when you need to replace them. Because of the pandemic and instability in the job, you might stall the purchase since there are more important expenses, say bills or your kids’ tuition fee.
Thankfully, there are online lenders that offer products for people who don’t have access to banks. Even without a savings account or credit card, you can still be eligible to borrow money for emergencies. One of them is Aeon Philippines.
Who is Aeon Philippines?
Aeon Credit Service (Philippines) Inc. or Aeon is a financing company established in the Philippines on February 2013. It is a subsidiary of AFS Corporation Co. Ltd., the holding company of Aeon Bank based in Japan. AFS Corporation is also a part of the Aeon Group, Japan’s biggest retailer with brands like Kidzoona, Ministop, and The Body Shop under its name.
Aeon believes in empowering customers by providing appropriate financial services to help achieve a better life. Unlike banks. Aeon targets thousands of unbanked Filipinos who don’t have access to financial services such as loan.
At present, Aeon Philippines has offices in Cebu, Davao, Pampanga, and Legazpi.
What financial products does Aeon Philippines offer?
As of this writing, Aeon Philippines offers the following financial services:
- Appliance Loan
- Furniture Loan
- Gadgets Loan
- Personal Loan
The Appliance, Furniture, and Gadgets Loan can be availed and paid on installment basis. To enjoy these services, make sure to download the Aeon Philippines app, which you can get only through Google Play Store. As of this writing, the app is only available to Android users.
For purposes of this article, we will not focus on Personal Loan and will be discussed in succeeding posts.
Appliance, Furniture, And Gadgets Loan
These financial products allows you to buy appliances, furniture, and gadgets in case the old ones need to be replaced. Unlike personal or cash loan, you can pay for your loan on installment basis.
- Loan term is between six and 24 months
- Interest rate of 3.5 percent for general products and 5 percent for gadgets
- With corresponding processing fee (depends on the loan amount). This is pegged at three percent of the total loan amount or P500, whichever is higher.
- Downpayment may be required depending on the item. Appliances, laptops, and other gadgets may need 10 percent down payment while smartphones require 20 percent.
- Payment centers include 7-Eleven, Bayad Center, Cebuana Lhuillier, MLhuillier, SM Bills Payment Center, ECPay, LBC, Villarica, TrueMoney, AllDay, CVM, Express Pay, Pera Hub, Touch Pay, and USSC
- Online payments are available through GCash and PayMaya
- Bank-to-bank deposits are also allowed through BDO, BPI, Metrobank, Security Bank, Union Bank, and UCPB
How To Apply:
Step 1: Download the app in Google Play Store. This is important because application will only be processed through the mobile app. Unfortunately, there is no website version.
Step 2: After downloading the app, you can now proceed with the online application. Don’t forget to upload the documents needed such as ID.
Step 3: Wait for approval from Aeon Philippines. This usually takes up to one business day. Once approved, you can now go to Aeon’s partner merchant that you chose in the app and buy the item you need.
Step 4: Make sure you have the following documents when you go to the partner merchant to claim the item:
- For employed applicants, two valid IDs
- For beneficiaries, two valid IDs, proof of billing, and proof of received remittance
- For self-employed individuals, two valid IDs, proof of billing, proof of income, and DTI or mayor’s permit
Once your documents are ready, show the Agreement Number to the AEON Sales Promoter. Thereafter, you will receive a one-time password, which you will show to the sales agent.
There will also be a face recognition process that you need to complete before you can get your item. After this, you’re all set.
You can also go directly to any Aeon Philippines’ partner merchant. However, you will still be required to download and apply through the app, so it is best to do this beforehand. This will lessen waiting time, too.
Aeon Philippines’ Installment Plan is another alternative to those who don’t have credit card but need to purchase items with a higher price tag. Still, take note that Aeon will only work with its partner merchants. Check the partner stores first before you commit to anything.
More importantly, borrow wisely and responsibly!