Raiffeisen cuts up to two percent off interest on RON-denominated loans

Raiffeisen Bank, the seventh largest lending institution on the Romanian market, catches up with the trend of cheapening of RON-denominated loans, by cutting up to two percent off its interest rate on non-secured loans. The bank has also cut by up to one percent the interest rate on RON-denominated deposits. For a RON-denominated loan worth less than 3,000 euros, the interest rate is now 12.5% a year (APR is 24.18% for the maximum lending period). In case of a non-secured RON-denominated loan worth 3,000 to 7,000 euros, the interest rate is 11.5% a year (annual effective interest rate is 21.38%), while for a loan worth over 7,000 euros, the interest rate is down to 10.5% a year (APR of 18.24%). The maintenance fee falls as the value of the loan rises: 0.45% for sums of up to 3,000 euros, and 0.33% for sums in excess of 7,000 euros.

The bank has also cut interest rates on RON deposits by up to one percentage point, with the maximum interest rate being of 8% a year, paid for an over 40,000-RON deposit, with a maturity of 6 or 12 months.