Tesco Bank cuts loan rate to 6.4% on loans of up to £15K

Thursday, 13 October 2011 03:46

Tesco Bank has trimmed its loan rate from 6.7 per cent APR to 6.4 per cent on borrowing between £7,500 and £14,999.

That means a £10,000 loan can be cleared in four years with a monthly repayment of £235.85.

Existing Tesco Bank loan customers who apply for further borrowing can benefit from a special reduced rate of 6.3 per cent "as a thank you for being a loyal customer".

Tesco loans feature fixed monthly payments and no set-up charges, plus the ability to choose repayment dates and the option to take a break at the start of the loan.

Last month, the bank cut the rate on loans up to £14,999 from 7.4 per cent APR.

HSBC also slashed its interest payable for loans of the same amount down to 6.4 per cent earlier this month.

Use the Myfinances.co.uk comparison tables to find the best deal on a personal loan 

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