HSBC loans drops borrowing costs

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HSBC loans drops borrowing costs

Mon 11th Apr 2005

HSBC loans has cut its interest rates to 6.9 per cent.

The cut applies to loans of £7,000 and above and means that the typical HSBC borrower of £7,000 will save £939 in interest over the term of the loan.

The reduced price loans are available to new and existing customers and come at a time when almost all analysts are predicting at least one quarter point interest rate rise by the end of the summer.

Joe Garner, head of customer propositions at HSBC, said: "We promised to bring modern retailing and strong value to banking and here's another example. More than half of the loans we give customers are for £7,000 or more and that's where we've made the biggest cut in our rates, at a time when other lenders are increasing theirs.

"Meanwhile, we're aware that the majority of customers choose high street banks for their personal loans so we wanted to make this rate universally available and not simply for online borrowers. Customers can apply through HSBC branches, by phone or online."

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