How can I secure a personal loan?
You can apply for a personal loan if you are between the ages of 18 and 65, employed or have other sources of income.
What is the maximum amount I can borrow?
Personal loans are usually for amounts ranging from €1.000 to €20.000. However, there is no maximum as this is determined according to your needs and ability to repay. We make sure we provide loans that meet the needs and financial capabilities of our clients.
What collateral do I need?
- Personal loans are offered with the following collateral:
- Personal guarantees
- Mortgage on property
- Assignment of deposit account
- Assignment of Life Insurance Policy
What is the repayment time for personal loans?
The maximum repayment term is 10 years. Repayment is usually made in equal monthly installments.
How is the interest rate determined?
The interest rate is determined depending on the security you offer. The interest rate is lower when you offer collateral (e.g. mortgage, assignment of deposit, assignment of life insurance policy with redemption value). The interest rate is higher when only personal guarantees are offered.
What is the total cost of my loan?
The total cost of any loan consists of the following:
Initial fees paid to the Bank
Fees paid to the government (e.g. mortgage fees/stamps)
Fees paid to third parties (e.g. property valuation fees).
There will be additional costs if the loan is not repaid regularly.
How is interest calculated?
Interest is always calculated on the daily balance of the loan. As the balance of your loan decreases over time, so do the interest charges.
Interest is calculated by multiplying the daily interest rate of the loan with its daily balance.
What are the initial fees of my loan?
Personal loans bear initial fees that are paid once, at the time the loan is granted. These fees are as follows:
Initial Bank fees
Arrangement fees: These fees are paid to the Bank for preparing and evaluating your application.
Contract preparation fees: These fees are also paid to the Bank and are proportional to the number of documents required for the specific loan.
These fees are determined in accordance with legislation, e.g. fees to register a mortgage with the Land Registry and fees for stamping the loan documents with the Commissioner of Taxation.
Fees paid to third parties
These fees relate to valuations carried out on behalf of the Bank by approved valuers. In such cases, a mortgage or life insurance policy is offered as collateral.
These fees relate to valuation carried out on behalf of the Bank by approved valuers.
What do I need to know about paying my loan installments?
You can provide us with written instructions so that your installment is paid automatically by transfer from your current account.
You must pay your installments as provided by your loan terms. Be sure to set a convenient date. If this date needs to change, contact your banker on time.
If you are late in paying an installment, you will incur additional costs. These costs will appear as an additional interest rate charge on the unpaid amount. To avoid additional charges, be sure to pay your installment on time.
If your financial conditions change and you cannot afford to make regular installment payments, contact your personal banker to jointly decide on a new repayment schedule.
How do I calculate the total cost of my loan?
Find out your APR.
The APR (Annual Percentage Rate) is the total cost of your loan (including interest and all the fees you must pay) and is expressed as an annual percentage on the amount you have borrowed.
The APR gives you a complete picture of the total costs of a loan, and is the tool that best allows you to compare different offers –either from the Bank itself or from different banks.