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Permanent TSB wants to lend you money for education and cars

The bank said today that this return to the personal lending market is part of a broader plan to resume normal banking services.

Image: Man handling money via Shutterstock

Updated 21:05

PERMANENT TSB ANNOUNCED earlier today that it plans to increase its lending for education, car and personal loans with “attractive rates”.

The bank said it has set aside €100 million to fund these loans over the next year. The new loans come with variable interest rates ranging from 9.3 per cent APR for a car loan of €20,000 to 14 per cent APR for a personal loan less than €5,000.

Rates for education loans will start at 9.9 per cent APR with the bank saying that 66 per cent of parents borrow for their children’s education.

A new product being launched by the bank will see its financial advisors help customers to take stock of their big annual bills for the next 12 months and manage them into a payment plan. This involves a 12-month loan from the bank at a rate of 9.9 per cent APR to be spread over monthly bill repayments.

Another new product, called ‘Build ‘n Borrow’ allows customers saving more than €70 a month with the bank to borrow four times the amount they have saved after six months.

Commenting today, Head of Consumer Finance at the bank, Miriam Bloom, said that the return to the personal lending market is part of a broader plan to resume normal banking services.

First published 16:10.

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