The United Bank Limited (UBL) on Wednesday launched 'Cashline' which is flexible and lower in the mark-up. Addressing a press conference, Consumer and Commercial Group Executive M.A. Mannan said the product was first of its kind in the country, and its flexibly is highly attractive.
He said a customer can get a maximum credit line of 500,000, and he or she can use it anywhere in the country, adding the customer would be provided with an ATM card and a cheque-book, which will be applicable across the country, whereas the customer can withdraw money from any of 10,000 UBL branches.
Mannan said the customer who gets the Cashline credit is not bound to use all the money available under it, and he is also allowed to payback in the instalments, adding the mark-up varies from the utilisation of Cashline. The more a customer uses, the less he pays as mark-up.
He also claimed that the mark-up is lower in these kinds of products, which varies from 16 to 18 percent per annum.
In reply to a question, he said 16 to 18 percent is being charged because the UBL is not asking for security, adding that every person whose income is 10,000 per month could apply for Cashline.
Mannan said the UBL is a big bank, and there is no chance that if the applications grow extraordinarily, it would stop this scheme, adding: "We are able to continue whatever would be the volume of applications."
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