Amex launches personal finance product
By Our Banking Bureau | 10 Apr 2002
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Hyderabad: American Express Bank has launched a new product called Revolve, which enables automatic top-up to the original amount every year, provided the customer exhibits acceptable credit behaviour.
In a press release issued here, the bank said revolving personal loans are made available to professionals, businessmen, traders and salaried individuals between the age of 23 years and 65 years at the time of loan availment and maturity, respectively.
According to the bank, it has a unique single signature application form for the product, which means the customer does not need to go through the reams of legal documentation to apply for this facility.
Stating that the product enables the customer to borrow up to Rs 11.5 lakh for as long as 48 months, the bank said there is no need for any collateral, security or guarantor. The interest rates vary by customer segments and the range is 16.5 to 23 per cent.
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