permanent tsb announce plans to increase lending

• New Bill Manager product to help customers pay big annual bills
• Build n’ Borrow is a new product … when you build your savings with us you could borrow up to 4 times the amount saved after 6 months
• Education loans from 9.9% APR (variable)
• Attractive personal loans for car purchase

permanent tsb bank has set aside up to €100 million to fund education, car and personal loans over the coming year.

permanent tsb, Head of Consumer Finance, Miriam Bloom said the bank’s new range of loans and attractive rates, announced today, show it is determined to grow it’s share of the personal lending market. Ms Bloom said:

Ultimately the amount we lend will depend on consumer demand but we have put the resources in place to support up to €100 million in personal lending over the next 12 months or so. This would be four times the level of personal loans drawn down by our customers last year.

The bank has launched a new range of personal loan products with variable interest rates ranging from 9.3% APR (for a car loan of €20,000+) to 14% APR (a personal loan less than €5,000).

Ms Bloom said the bank’s return to the personal lending market is part of a broader plan to resume normal banking services.

Our restructuring plans are focused on restoring permanent tsb as a competitive force for sustainable lending in Ireland. We will lend responsibly at rates that are attractive to customers.

New range of personal loan products

Bill Manager

permanent tsb’s qualified financial advisors will help customers take stock of their big annual bills for the next 12 months and manage them in a simple payment plan.

• Helping customers work out how much they can afford each month and budget accordingly; big bills can be spread over manageable monthly repayments.
• Customers get peace of mind knowing big important bills are taken care of: school/college fees; home insurance; car insurance/tax/servicing; wedding/Christening; winter heating; health insurance.
• 12-month loan at an attractive rate of 9.9% APR (variable).

Build ‘n' Borrow

When you build your savings with us you could borrow up to 4 times the amount saved after 6 months. This is subject to normal credit criteria and terms and conditions one of which will be security on your 6 months savings.

• Customers can qualify for loans of between €1,500 and €24,000 by saving between €70 and €1,000 a month for six months.
• Loans of up to 5 years at attractive variable rates of 10% APR (for loans above €10,000,) and 13% APR (for loans up to €9,999).
• Borrow up to 4 times the amount saved.

Education loans

• 66% of parents borrow for children’s education.
• Variable rate loans at attractive rates of 9.9% APR.
• Borrow between €1,500 and €30,000 over periods of up to 5 years.

Motor loans

Unlike car finance/hire purchase, these loans allow customers to purchase their car through whatever channel they choose and they will own the vehicle from day one.

• Variable rate loans at attractive rates of 9.9% APR (for loans above €10,000) and 11.9% APR for loans below €6,999. borrow from €1,500 over periods of up to 5 years.
• No Administration, Documentation or Completion fees.
• For customers who have been with permanent tsb for more than 6 months.

Important Information

All personal loans

Lending criteria, terms & conditions apply. Security may be required.. Personal loans are only available to customers over 18 years of age.

Build ‘n' Borrow

Lending criteria, terms & conditions apply. Security is required. Customer must demonstrate a regular unbroken savings habit over 6 months. This product is only available to customers over 18 years of age. In the event that you take out a Build ’n Borrow loan at any time, a deposit lien will be required on your deposit savings with us as security for the loan. The amount of the deposit lien required is the equivalent to 6 months regular savings. The deposit lien will prevent cash withdrawals for the portion of your cash deposit under lien. Once the loan is repaid in full, the deposit lien will be removed.