LH Bank is introducing digital personal loans targeting younger customers, aiming for growth to 35% of the personal loan portfolio in five years. The loans are dubbed Happy Cash and feature on the bank's mobile app, LHB You. The younger generation is the bank's key target for the product, with interest rates starting from 5.55% for the first three months. Thereafter, the interest rates return to market rates. On average, the bank charges 18.9% per year for personal loans. The central bank allows a ceiling rate of 25% per year for personal loans. Kelvin Foo, chief retail banking officer of LH Bank, said the bank has offered personal loans through offline channels for a while, with this upgrade designed for the digital era.
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