Sony Bank Starts New Card Loan Service in Alliance with GE Money
September 21, 2006
Sony Bank Inc., an 88.0% subsidiary of Sony Financial Holdings, today announced that starting from October 2, 2006, it will start a new card loan service (extending personal loans through ATM cards) in alliance with GE Consumer Finance Co., Ltd. ("GE Money"). Since Sony Bank's start of operations, the company has provided a convenient card loan service that allows customers to borrow or repay via the Internet, essentially 24 hours a day, 365 days a year. With the launch of the new card loan service, which takes advantage of GE Money's know-how and offers an interest rate that only an Internet bank can offer, Sony Bank will respond to diverse financing needs from a broader range of individual customers. The characteristics of the new card loan service are as follows.
- Relatively low annual interest rates, ranging between 6.5% and 12.0%
- Eight credit limit amounts (0.1, 0.3, 0.5, 1.0, 1.5, 2.0, 2.5 and 3.0 million yen)
- Annual interest rate discount of up to 0.75 percentage points, depending on average balance over the past three months
- Available essentially 24 hours a day, 365 days a year over the Internet
- Same-day results of preliminary examinations usually available
- Available to students aged 20 or older
- Comes with the GE Money guarantee
Going forward, Sony Bank will keep expanding its lineup of product and services.
Note: This is an English-language summary of a Japanese announcement made by Sony Bank on September 21, 2006. The summary was prepared by Sony Financial Holdings Inc. solely for the convenience of non-Japanese readers.
