Permanent TSB has launched new personal loan products with the aim of more than doubling the value of loans given to customers next year compared to this year.

Among the products, the bank has launched a new range of cash secured loans, which are similar to the credit union model of allowing customers to borrow against their savings held with the bank.

PTSB said the loans are for customers who do not want to use all their savings when buying a new car or doing home improvements.

The lender said the interest rates will vary depending on the amount of borrowings that are backed by deposits. 

Permanent TSB also announced a new car loan product.

It said this will provide customers with the option to take full ownership from the start and at rates that are only usually available by signing up a hire purchase contract, where they do not own their car until the last payment is made.

"2015 will be a key year for Permanent TSB as we continue to focus on developing and launching market leading and innovative lending options for our customers," commented the bank's head of consumer lending, Elaine Moore.