What rights do I have when I take out a loan?

When you take out a loan, first of all we advise you to choose the loan suitable for your need. We respect the right to information and provide you with standard information at the European level about your loan and a draft of the contract you will sign.

➤ Before signing the contract you can request the existing offers to make an informed decision, to make a comparison between product types or between products with different types of interest rates.

➤ You have the right to request an offer that includes:

✅ standard information at the European level

✅ a copy of the credit agreement

✅ a repayment schedule

➤ You have the right to opt for reimbursement of the loan in equal decreasing installments.

➤ You have the right to repay the loan in advance, in full or in part.

➤ In case you or your husband/wife are in one of the following situations: unemployment, a reduction of at least 15% of the salary, or death, and this has caused you to incur arrears on the loan, you have the right to have a lower penal interest rate applied. To have a reduced penal interest rate applied, you must present us with supporting documents of the situation you are in.

It is good to know that: The reduced penalty interest cannot exceed by more than 3 percentage points the interest rate applied when the loan does not have arrears.

➤ You have the right to receive a written response or, in another form chosen by you, regarding the granting or refusal of the credit. We will give you an answer within 30 days from the full submission of the documents related to the credit file, but no more than 60 days from the date of submission of the initial credit application.

What should I take into account when I apply for a loan?

First of all, you should think about the type of credit you need: consumer, real estate, or mortgage?

The recommended type of credit starts from your need:

➤ if you need money for expenses that you do not want to justify, we recommend a personal or consumer loan

➤ if you want to purchase or build a property that you also bring as collateral, then we recommend the mortgage loan

➤ if you want to purchase or build a property and want to guarantee the loan with another property, then we recommend the real estate loan.

What is the actual amount I need and what rate can I afford to pay monthly?

The actual amount you need starts from your need, and the installment you can pay monthly is that amount calculated based on the level of income (yours or of a person who can guarantee for you, called codebitor) and the level of your average monthly expenses (or those you have together with the co-debtor, if applicable).

What type of interest does the loan I choose have: fixed or variable?

Fixed interest rate maintains the same level throughout the entire loan period. Thus, you clearly know the amount you have to pay monthly. The variable interest rate changes depending on the reference index (ROBOR, EURIBOR, LIBOR etc). These indices can increase or decrease and influence the interest rate level by increasing or decreasing it.

Do I have the right to cancel the loan?

Just like with any good or service, there is a certain period during which you can cancel the loan without having to justify your decision.

Thus, if the contract was signed, but for various reasons you no longer want the credit, you can give it up. After signing the contract, you have at your disposal a period of 14 calendar days in which you can automatically withdraw from the contract. This is done by notifying the bank and returning the part of the loan that was drawn, if applicable, and the related interest.

What obligations do I have if I want to withdraw from the contract within 14 days?

➤ To notify the creditor in writing.

➤ To pay the creditor the loan or the drawn loan portion and the interest related from the moment of contracting until the date of repayment.

If you are thinking about taking a loan, you can calculate the monthly installments online in BT credit simulator and then you find out by phone if you qualify for the desired amount. 😉