Hurry up and get reduced early repayment fee

People who have taken out a loan and now want to repay the borrowed sums early benefit from the fee capped at 1% through Ordinance 50 of June 11, which the Government has, however, pledged to the IMF to modify under bankers’ pressure.

Loans worth 24bn euros are involved, which banks granted to individual clients. Many of them have been stuck with high interests and can now benefit from the new regulations to get refinancing through a cheaper loan.

This window of opportunity will close at the moment the Government keeps its pledge to the IMF and gives up the stipulations of the Ordinance for loans released in the past. Most likely, the modification will be operated at the moment Ordinance 50 is discussed in the Parliament. No date has been set for this, though.

Though stipulations came into effect starting June 21, banks were late to modify their internal norms, so that there have been cases where clients rushing to make early repayments had problems.

Those who can fully benefit from the current regulations are clients with a good payment history, who are now being virtually “hunted” by all banks.