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June 22, 2001
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Money > Business Headlines > Report June 22, 2001 |
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StanChart launches new personal credit lineBS Banking Bureau Standard Chartered Bank on Thursday launched a new scheme 'Smart Credit' -- a personal line of credit targeting the salaried class with an annual income of Rs 72,000. Launched simultaneously in Madras and Bombay, Smart Credit, a bank account with a chequebook and ATM facility, allows for an overdraft facility up to three times the salary. The chequebook also allows the user to issue cheques within the sanctioned limit. The ATM card allows access to 63 ATMs at 60 locations. It also gives the facility for revolving outstandings. "The launch of the product should shift the paradigm of retail products," said Harpal Dugal, general manager and chief executive officer, Standard Chartered Bank, India. "The product is based on the infrastructure of the credit card business but is a banking product," he added. The payment flexibility of the product allows consumers to pay as and when their resource is available. At the same time, the monthly payments are as minimum as five per cent with the balance taken forward for revolving. The balance will be charged an interest at the rate of 24 per cent per annum. "We hope this will give retail buying an impetus. With the annual average card spending increasing, this should give more variety to the consumer," added Dugal. On the integration of the Standard Chartered and Standard Chartered Grindlays, Dugal said, "The integration of the existing business activities and the new business propositions are happening simultaneously." Powered by YOU MAY ALSO WANT TO READ:
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