Banca Romaneasca cuts RON loan rates

Banca Romaneasca has announced a cut in its rates for RON loans by up to five percent, to even less than 10% a year in some cases. It had last modified loan interest rates at the end of September. Interest on housing loans was cut to 8.8% a year, which is fixed in the first repayment year, from 14%. In case the interest is variable, the rate is 10.95% a year. The bank has also cut the interest on high-value loans for personal needs to 9.9% a year (the interest stays fixed in the first year) from 12.95%. If the interest is variable, then the rate is 12.95% a year. The bank can grant up to 50,000 euros through each high-value loan for personal needs, repayable over no more than 20 years. “The decision to cut interest on RON loans to individual customers adds to and supports Banca Romaneasca”s projects to develop its retail business. At the same time, the interests promoted by Banca Romaneasca are in line with the changes that are being made on the Romanian retail market, where credit in RON is becoming affordable and attractive,” stated Sorin Mititelu, the head of the retail division of the bank. ZF