SCB offers new loan product

JAKARTA (JP): Standard Chartered Bank (SCB) announced on Wednesday a new loan service offering clients a personal loan of between Rp 30 million (approximately US$3,850) and Rp 750 million, with car ownership documents used as collateral.

"It allows customers to generate money from what is usually an idle asset," said Farhad Irani, head of Standard Chartered Bank's consumer banking division.

She said the loans were available with a maturity of between six months and three years and the bank would debit the customer's bank account monthly for the loan payment.

The bank only needs three minutes to approve the loan, she added. (udi)