ABN AMRO eyes 50% growth in its consumer banking assets
By Our Banking Bureau | 21 Aug 2003
The bank is looking at growth by launching innovative products. It launched CreditLine, a new personal line of credit for customers, in Delhi yesterday. This offers the customer a revolving overdraft facility with a defined cash credit limit and the freedom to repay the loan according to his affordability and convenience. The scheme also offers slab-based interest rates, wherein the rate of interest decreases as the customer borrows higher amounts.
The bank also offers the customer an option of linking his personal loan account with his savings account under the CreditLine Saver account. The customer is free to set a threshold limit on his savings account. Whenever the amount in the savings account is above the limit, the excess amount automatically gets adjusted against the borrowings in the CreditLine account.
ABN AMRO Bank head (consumer banking, India) Nitin Chopra says the new plan has been created to finance households at the time of need. "The bank has been able to grow its business basically due to innovative products." Besides consumer loans, the bank has already announced plans to get into the housing loans business shortly.
