PTSB to cut some personal loan interest rates by 4.9%

Bank simplifying loan structure with just three interest rates linked only to the amount of the loan

A new suite of personal loans launched by PTSB will see interest rates for some personal loans cut by up to 4.9%. Picture: Andres Poveda

A new suite of personal loans launched by PTSB will see interest rates for some personal loans cut by up to 4.9%.  

From today, PTSB has simplified its loan structure with just three interest rates linked only to the amount of the loan. The new loan rate for a personal loan of between €1,500 and €10,000 is 8.50% compared to 13.4% currently for loans of between €1,500 and €6,999 - a reduction of 4.9%.

PTSB's other rates will see loans between €10,000 and €24,999 offered with a rate of 6.99% and from €25,000 (5.99%) and these rates are available to both existing and new customers.

The bank is also launching a new ‘Affordability Calculator’ which will provide customers with an indicative eligible loan amount at application stage. "We have created a more simplified and easier to follow loan offering which customers can easily assess and apply for, and the digital application experience for PTSB customers is transformed,” said PTSB head of product and pricing strategy Dermot Ryan.

Existing customers of PTSB are able to apply online through Open24.ie or through their PTSB mobile app with real-time decision making and with funds transferring to the customer’s PTSB account instantaneously if approved.