Micro loans

Bank approves micro loans to all individuals who receive certain income, which can, bud don’t have to be registered as permanently employed. Clients who receive income on regular basis from various sources: rental of business/residential property, have their produce stands at farmers market, perform repair works, giving private lessons, individual farmers as well as others, can apply for this type of product.
 

Option

Micro loan

Maximum amount

up to 7.000,00 EUR

Interest rate

13,00%

Maturity

up to 48 months

Early liquidation fee

up to 1,00%

Mode of repayment

equal monthly installments

Loan processing fee

2,00% of the approved loan amount

Collateral

  • Administrative restriction from guarantors/co-debtors
  • Signed bill of exchange from all loan participants
  • Bank reserves the right to ask for additional collateral should it be required

Guarantors/Co-debtors

  • At least 6 months at the current job position
  • Installment must not exceed 50% of applicant monthly income
  • Maximum of 65 years at the moment of last installment

Remark

Required documentation:

  • Administrative order from the borrower certified by the employer ( in case that the borrower is employed)
  • Proof of income (regular/ non regular) for the borrower and for the cosigner/co-borrower.
  • Loan shall be paid out in to the bank account of the borrower.
  • Loans up to 1.000 EUR will be approved for maturity of maximum of 12 months

 

 

Example:

Total amount

5.000 €

Total installments

48

Monthly installment amount

134,14€

I Administrative charge

 

       1. Loan processing fee 2,00%

100 €

       2. Cost of RKB report

3 €

       3. Cost of one exchange bill

2 €

Nominal interest rate

13,00%

Effective interest rate

13,80%

Total repayment

6.543,72€