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CHADAMAS CHINMANEEVONG
Tesco Card Services, a financial services provider and insurance broker, yesterday introduced personal loans because of high demand from customers of Tesco Lotus superstores. Teeravuth Suthanaseriporn, the company's first senior vice-president for marketing and sales, said the Tesco personal loans offered privileges and promotions that fit customers' financial needs in an economic slowdown. Currently, Tesco Lotus has around one million visitors a day nationwide.
''We expect to have around 20,000 personal loan accounts at the end of this year,'' he said.
Tesco Card now has 600,000 customers for credit cards and insurance products and the figure is estimated to rise to 700,000 by year-end.
Mr Teeravuth said the new service focused on accessibility and convenience. Customers can apply for a loan at more than 100 stores and get approval within 30 minutes. They can withdraw cash up to their credit lines or five times their monthly salary or 300,000 baht from Bank of Ayudhya ATMs, 24 hours a day.
Interest rates will be set at 27.5% per year, which is 0.5 points cheaper than the current market rate.
The company will consider increasing loan amounts to good customers every six months.
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