Microloans – Universal Capital Bank AD Podgorica

Bank grants microloans to all customers making a certain income, who may or may not be registered as permanently employed. These are customers with regular income on various grounds; they may lease residential-business premises, own a stand at the green market, engage in crafts, tutor children, engage in farming; all these customers can apply for microloans.

OPTION	Micro Loan
Nominal interest rate	10.00% – 13,00%
Maturity	up to 60 months
Loan amount	up to EUR 7,000
Repayment	in equal monthly instalments
One-time fee	0.50% – 2.00%

Collaterals

Attachment of Salary or Garnishment on the earnings of co-borrowers;
Bills of exchange signed by all loan participants with draft authorisation;
Bank may also request additional collaterals in the form of statements, authorisations, co-borrowers etc.;

Co-borrowers

Full-time employment for at least 6 months at current employer.
Monthly annuity may not exceed 50% of monthly earnings;
Maximum 65 years of age at the moment of loan repayment.

Note

Necessary documentation:

Attachment of Salary or Garnishment for Loan Beneficiary certified by the employer (if the Loan Beneficiary is employed).
Proof of income (regular/extraordinary), for Loan Beneficiary or Guarantor.
Loan is paid to the Loan Beneficiary’s account at the Bank.
Loans up to EUR 1,000 are approved with maximum maturity of 12 months.

Total Loan Amount	5.000 €
Number of instalments	48
Monthly payment amount	132.42 €
Administrative Fees
1. Loan Processing Fee 2.00%	100 €
2. RKB Report cost	3 €
3. Purchase price of bill of exchange	2 €
Nominal annual interest rate	13.00 %
*Effective interest rate	14.29 %
Total repayment amount	6,461.16 €

* Note: Total expenses and total debt as well as the calculation of the Effective Interest Rate do not include the costs of insurance policies of property, property evaluation costs, obtaining real estate folio. These costs are not known in advance and will be included in the final calculation.