NAIROBI, Kenya, Jul 18 – Standard Chartered has introduced a Sh7 million unsecured loan, the highest in the local market.
The offer was unveiled in the bank’s annual grand dale campaign which was launched Monday and runs for 45 days.
In a statement Lamin Manjang, Standard Chartered CEO, said customers will enjoy competitive interest rates from 17percent during the campaign period which ends on September 7, 2016.
“The grand sale is an annual event for the bank during which our customers look forward to exciting offers. This year in addition to customers winning their salaries back and other instant prizes we’ve ensured the product propositions support the needs of the customers – higher loan amounts, improved turnaround time and superior product offering,” Manjang said.
As part of the campaign, 90 customers who sign up for personal loans will be entered into a weekly draw during which they shall win an equivalent of their monthly gross salary. “Every Monday is going to be a pay day for participating customers. We shall select two winners everyday throughout the campaign and their accounts will be credited instantly,” he said.
Besides enjoying loans at competitive rates, Standard Chartered customers who apply, activate and spend at least Sh5,000 through their credit cards or purchase Bancassurance and investment products will receive instant rewards.
The bank has two credit cards, Gold and Platinum which can be used in more than 23 million establishments across the globe.
The promotion is expected to improve uptake and usage of credit cards which has been growing steadily following last year’s introduction of the Chip and PIN technology which has been highly successful in countering fraud.
Standard Chartered first launched the grand sale in 2014 to reward customers. The bank has used the campaign to increase loans uptake and deposit mobilization by offering competitive rates over a period of 45 days.
Early this year, Standard Chartered announced a 47pc growth in pre-tax profit for the quarter ended 31 March, 2016. The bank’s eetail business income grew by 22.9pc driven by growth in mortgages and lending to small businesses.