Thanachart penetrates vehicle pledging scheme

 Anuchart Deeprasert, senior vice president, said due to economic slowdown, there is higher demand for cash. Under the "The Cash Your Car" scheme, the company ably extended Bt3.9 billion in the second half of last year.

 "A highlight of this scheme is borrowers are taking a high amount of loans, based on the condition of their cars. Interest rates are also low, compared to other personal loans. Moreover, the car owners still can use the mortgaged vehicles during the borrowing period," he said.

 The Bt7.6 billion target is one third of the value of the vehicle pledging market. The bank's rates start from 0.39 per cent per month, with the installment period upto 60 months. Loan amounts are accounting for upto 80 per cent of the vehicle price.

 Thanachart said that there are over 6 million cars which have not been pledged for personal loans.

 A promotion for this scheme will also be launched at Money Expo during May 7-10 at Queen Sirikit National Convention Centre.