Nationwide has announced that it is reducing personal loanrates. After the rate cut, the personal loan rates offered by Nationwide will reach its lowest level. The rate of personal loan now stands at 6.4% and at least 7,500 loan applicants are eligible to apply for it.

The rates of interest on personal loans offered by Nationwide vary depending upon the loan amount. The loans from £7,500 to £25,000 will attract an interest rate of 6.4%. Smaller amount of loans carry higher rates of interest. The rate of interest may be as high as 14.4%. The loans from £5,000 to £7,499 will receive an interest rate of 6.7%. The repayment period of personal loans offered by Nationwide varies from one to seven years.

Nationwide Building Society represents Nationwide Marketing Group which is authorised and regulated by the Financial Services Authority for life assurance, pensions, unit trusts, insurance and regulated mortgages.