Bigger consumer loans from Citi Romania
New flexibility offers more choice to customers
Bucharest, August 18th, 2008 - Citi Romania's clients now have the opportunity to obtain bigger personal needs loans that will help them finance personal development projects as house acquisition or house remodeling, studies or just to help them with unforeseen expenses. The National Bank of Romania (NBR) approved the new consumer loans norms for Citibank Romania S.A. that allow a bigger debt rate, up to 70% for the bank's clients. The new credit norm is applicable starting with August 12, 2008 and the maximum debt rate will be calculated based upon the applicant's permanent income accepted by Citi Romania, without the minimum living expenses.
The maximum debt rate will be different for each consumer loan applicant depending on the applicants solvency. The borrowed amount is calculated for a period of maximum 7 years upon the applicant's permanent income accepted by the bank, his/her debt rate and solvency.
For a consumer loan without guarantees, the applicant should be aged between 21 and 74 years, should be a permanent/temporary employee on a shorter period of time than the loan period, authorised or retiered person and to have a minimum of RON 333 income- for retiered persons - and RON 388 for employees.
The maximum credit line for consumer loans without real estate guarantees offered by Citi Romania can reach RON 65,000 for new loans and RON 75,000 for existing clients. For more than RON 45,000 loan, Citi Romania has a fixed interest rate starting at 9.9% for the whole loan period. For less than RON 45,000, the interest rate is bigger or equal to 11.99%, depending on the applicant's solvency and the borrowed amount. For more than RON 45,000 consumer loan without insurance (the insurance is optional) on a 6 years reimbursement period, DAE starts at 20.20%.
About Citi
Citi has been present in Romania through Citibank Romania S.A. since 1996 and provides high-quality financial products and services to national and international companies, small and middle enterprises, the public sector, non-profit organizations and individuals. At present Citibank Romania holds 8 branches addressing mainly legal entities and 39 CitiFinancial agencies, providing loans for individuals. CitiFinancial also serves its clients through the 668 direct sales offices from 50 centers located around the country.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.