Thursday, November 4, 1999 Tochigi Bank Offers Unsecured Loans For Elderly
TOKYO (Nikkei)--Tochigi Bank (8550) has started dealing in a new type of loan that will enable the elderly to borrow up to 2 million yen without collateral.
The loans are targeted toward those aged 55-65 and can be taken out for up to 10 years. Borrowers can choose from a fixed rate of 6% or a variable interest rate, now at 5%. Only interest payments need to be made during the first five years of the loan, making repayment easier.
Tochigi Bank aims to acquire new pension accounts by offering the loans.
(The Nikkei Financial Daily Thursday edition)