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Tesco Bank cuts loan rate to 6.4% APR on loans between £7,500 and £14,999

Tesco Bank has cut its interest rate on loans between £7,500 to £14,999 for new customers from 6.7% APR to 6.4% APR representative. Whether customers want to buy a car, pay for home improvements, or consolidate debts into one manageable monthly payment, it’s possible to find a great deal with Tesco Bank.

Representative example:
 
Loan Amount £10,000
Monthly Payment £235.85
Term of loan 48 months
Total amount repayable £11,320.80
6.4% APR representative (this is also the borrowing rate). All rates are fixed.

Existing loans customers who apply for further borrowing will also benefit from a special reduced rate of 6.3% APR representative as a thank you for being a loyal customer. This applies only to loans between the value of £7,500 and £14,999.

Tesco loans have fixed monthly payments and no set-up charges, the ability to choose the repayment date and the option to take a payment break at the start of the loan (subject to eligibility).

Get 5p off a litre of fuel with a loan to buy a car:

As a further small thank you, new customers who use their Tesco Bank loan to buy a car will receive 12 coupons for 5p off a litre of fuel. These vouchers can be used throughout the year at Tesco Petrol Filling Stations*.

For more information and full terms and conditions, visit www.tescobank.com.

Tesco Loans are available to over 18’s, UK residents, subject to status.  Rates depend on circumstances and loan amount.  The new loan rate is available for new applicants from 13th October at 08:00.

*Terms and Conditions for Fuel Offer: Available to new customers who apply for a Tesco Loan for car purchase only, between 13 October 2011 and 7 December 2011, who are accepted and receive their loan funds by 31 January 2012. The 12 petrol coupons will be distributed within 60 days of you receiving your loan and will be sent to the address on the loan application. For joint loans only one set of coupons will be issued and will be sent to the lead applicant. No duplicates will be issued. One coupon can be used per transaction. Excludes Esso Fuel. Coupons are valid on a quarterly basis. You will receive 3 vouchers to use in each quarter. The coupons will be valid until 31/0

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For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

About Us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

3/12, 30/06/12, 30/09/12 and 31/12/12.

 

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