Advice & Guides: Pocket Guide to Loans

Pocket Guide: Brings credits closer to you!

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Because there are various moments in your life when you need a consistent and immediate help for your projects to take the shape that you desire! A bank loan is a very useful tool setting the foundation of a lasting relationship of trust between you as borrower and the bank as lender. Thus, you can obtain funding in a relatively short period, while the reimbursement of the amount can be made consistently over time.

Depending on the purpose of the loan, you can choose the best offer. A loan may be used for activities such as:

• Financing: personal projects (holidays, trips, house redecoration, medical treatments, etc), the purchase of a car, house, etc.
• Refinancing:
  • the reimbursement of another loan in order to have lower costs, a lower instalment or obtain an additional amount;
  • grouping several loans in a single one to facilitate loan management: a single bank, a single instalment, a single maturity.

Getting a loan is easier than getting an interview! Instead of a cover letter, you must submit several supporting documents:

• identity card;
• documents attesting the revenues obtained;
• documents attesting the subject and value of investment (as applicable)

Pay attention to the payable amount!

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When you obtain a loan, in order to know exactly how much you will pay, you must consider the following:

• Interest type (fixed or subject to indexation)
  If you pay a fixed rate you can determine from the beginning the amount to be reimbursed for the entire duration of the loan.
  The interest subject to indexation is determined depending on the 3 month IRCC / EURIBOR / ROBOR / LIBOR money index and a fixed margin set by the bank for the entire duration of the loan. The money index is specific to the loan currency (EUR/LEI/USD) and reflects the interest rate that the main banks operating on the local interbank market use in offering each other deposits. This type of interest is updated periodically, depending on market evolution. The interest is totally transparent. You know it from the beginning, thus allowing you to calculate the installments at any time by accessing the loan simulator. In addition, you can ask the bank to issue an updated reimbursement schedule at any time.
• Monthly payable amount
  reimbursement by constant amounts - it supposes a loan distribution over time so that you can pay only the instalment and the interest;
  reimbursement by decreasing amounts – in the first months you will pay higher amounts which will decrease progressively until the end of the loan period, therefore you pay a lower interest.
   

  Attention! The monthly payable amount includes the capital, the interest, the commissions and the insurance amount. In some cases you can be granted a certain grace period partial (on the capital) or total (you pay only the interest and commissions related to the loan). Make sure you make the payments in due time on the day scheduled for maturity, otherwise you will be charged with a penalty interest. If the delay exceeds 30 days, your status will be sent to the Credit Bureau which can restrict your access to a new loan for a long time.

• EAI (Effective Annual interest)
  If you want to know exactly the amount to be paid, you must have a clear picture not only of the interest, but especially of the effective annual interest (EAI) because the latter includes everything you must pay: interest, loan file analysis commission and loan administration fee.
• Fees and commissions
  For the loan you obtain, you are informed of all the commissions from the very beginning. They are specified in the loan agreement and cannot be modified. Plus, throughout the loan period there are no other costs besides those stipulated in the Agreement.
• Total payable amount to be loaned
  At the end of the loan period, the total payable amount will include all the monthly payable amounts.

• When contracting a loan, we recommend that you transfer the collection of all your revenues at the bank in question in order to facilitate the payment of installments.
• Thus, you may also receive other customized offers.
• To make sure you choose the best offer for your needs, you can simulate the contracting terms at home (type of loan, type of interest, loan amount, duration of contract) on the Bank's website by means of the loan simulator.

Insurance – a protection tool

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To protect yourself or your loved ones in case of unforeseen events, you take out an insurance. The insurance company supports you in difficult times and indemnifies you throughout the loan period for the specific covered risks provided in the agreement.

What types of insurance can I contract?

• Life insurance – provides coverage in the event of unemployment, temporary work incapacity, disability, death;
• CASCO – the protection of vehicles in case of damage and theft;
• Property insurance – provides coverage for fire and other calamities (all risks).

Let's meet!

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For further details regarding the BRD loan offer, please contact us:

At BRD units, our specialized advisors in any of the 930 BRD units are ready to give you more details.

By telephone, Monday to Friday between 08:00-21:00 and Saturday to Sunday between 08:00-20:00, by calling MyBRD Contact service:

• 0800 803 803 (free of charge in Romtelecom network)
• 021 302 61 61 (normal charge) or
• *BANCA (*22622 - normal charge in Orange and Vodafone networks)

This service provides you with advice and pre-approval analysis for Prima Casa loans by phone, ensuring a prompt answer to the loan request.

By e-mail: mybrdcontact@brd.ro

Fill in the online form and you will be contacted as soon as possible by a bank representative.