Altex raises bet with five-year loans

Another major player on the domestic home appliances retail market has joined the ranks of those partnering with banks in an attempt to revive the market, which was thrown off balance by the tighter lending terms imposed by the National Bank early this year. Altex Group and Banca Comerciala Romana (Romanian Commercial Bank – BCR) have launched a funding system that allows consumes to buy durables in five year plans. This lending system will make it possible for Altex clients to buy products without making a down payment first or coming up with a guarantor, at a 26.9% interest. The credit may not exceed 5,000 euros and applicants need to produce proof they make at least 2.5 million ROL a month to get it. In case the repayment capability is set by considering the household income, the minimal income needs to be 4 million ROL. The monthly instalment may not be higher than 30% of the applicant’s or household’s income. ZF