Tesco has announced that it is reducing the interest rates on personal loans.
It cut the interest rate of its most popular personal loan category – personal loans between £7,500 and £25,000 – to 6.3 per cent APR. This is a reduction of 0.3 per cent.
The bank has also cut the personal loan rate on personal loans between £5,000 and £7,499. Down from 7.6 per cent APR, the new personal loan rate for these loans is 7.4 per cent APR.
The personal loan holder will incur no extra charges or arrangement fees. Payment protection insurance is an optional extra.
The lower personal loan rates are available to both online and offline customers. The typical Tesco offline personal loan is valued at £9,000 and is usually paid off over 60 months.
Tesco Personal Finance Limited is a joint venture between the Royal Bank of Scotland plc and Tesco PLC.
Insurance products from Tesco include car insurance, home insurance, car breakdown assistance, pet insurance, life insurance and travel insurance.
Personal loan rates cut at Tesco
Personal loan rates cut at Tesco
Tue, 08 Nov 2005
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