Asia Instant Cash customers can receive unsecured loans for up to Bt1 million or five times their monthly salary.
Borrowers may take up to 5 year to repay Asia Instant Cash loans over a maximum period of five years. Asia Instant Cash loans will carry an interest rate of Minimum Loan Rate plus 4 per cent (MLR + 4%).
This program is designed to benefit companies also. Under this new loan program, companies will no longer have to use their own cash resources to provide personal loans for its employees.
Asia Instant Cash loans can be used for any purpose.
TT&T Plc will be the first corporation, to make Bank of Asia Instant Cash loans available to its employees, who will use the funds to purchase personal computers.
Participating employees can conveniently make their monthly payments via a simple payroll deduction.
"Asia Instant Cash Loans are a integral part of Bank of Asia's mission to be our customers' life-long friend," said David Hendrix, Bank of Asia's Executive Vice President and head of its consumer banking group.
Bank of Asia is a subsidiary of ABN AMRO Bank, one of the world's largest financial institutions.
August 4, 1998 - Drive Away With A Competitive Loan
Customers who apply for an unsecured personal loan through Newcastle Building Society have the chance to speed off and enjoy their new money in a Mazda MX-5 car.
All customers who apply for a loan between now and December 31, 1998, will be entered into a draw to win the use of the fully insured car for one calendar year.
Newcastle Building Society's unsecured loans are underwritten and provided by Capital Bank plc. They can be obtained for any amount between £1,000 and £15,000 and used for virtually any purpose.
Rates are fixed for the term of the loan with a competitive rate APR of 13.9% for loans of £10,000 and over. Repayments can be made over any period between one and seven years.
Once agreed the loan can be available to customers the following day with a cheque delivered to customers' homes by special courier. Alternatively, cheques can be delivered by first class post. Repayments on the loan start three months after the customers receive their money, giving the customer a helpful and popular initial payment holiday.