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Sainsbury's Bank cuts loan rates
Published: 04/07/2007 |
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For those seeking to acquire a Sainsbury's Bank loan, a loan rate cut made by the bank for online applications will come as welcome news. The new rate for the Sainsbury's Bank loan is 6.5 per cent APR typical for any loan applied for via the internet and which is for the value of £7,500 and above, up to £25,000. Described by Sainsbury's Bank as "some of the most competitive rates in the marketplace", customers can choose the option of making no repayment on these new loans for the initial three months after purchase. Steven Baillie, loans manager at Sainsbury's Bank, said: "Our new rate, which is one of the lowest around, should be helpful to those looking to carry out any home improvements this summer or those planning to order a new car and highlights our commitment to continually offer competitive rates to our customers." For a £7,500 loan, Sainsbury's Bank states that the monthly repayment would be £146.26 over the course of 60 months and compared with a Royal Bank of Scotland loan offering a rate of 10.7 per cent, saving the customer a total of £824.40.  © Adfero Ltd
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