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Loans > Car loan
CAR LOAN - MARFIN AUTO
 
CAR LOAN is a new product launched by MARFIN BANK (ROMANIA) S.A. designed to meet the need of private individuals to buy a new car.
TERMS AND CONDITIONS
Borrower: Private Individuals.
Purpose: The loan can be used only for the acquisition of a new car directly from the authorized dealers.
Amount:
The maximum amount of the loan is set at the equivalent of EUR 50,000.
The amount of the loan may not exceed 75% of the value of the pro-forma invoice issued by the dealer.
Eligibility criteria
Age: minimum 21 years ( at the date of depositing the credit application ) - max. 72 years: the limit of 72 years can not go over the final reimbursement date
Indebtment degree: up to 45% of the net income
Currency: USD/EUR.
Loan Term: up to 4 years.
Repayment: Equal monthly installments.
Interest Rate:
For EUR denominated loans:
- up to 2 years tenor: EURIBOR 3M + FIXED Margin 7.7%
- up to 4 years tenor: EURIBOR 3M + FIXED Margin 8.7%
For USD denominated loans:
- up to 2 years tenor: LIBOR(USD) 3M + FIXED Margin 9.40%
- up to 4 years tenor: LIBOR(USD) 3M + FIXED Margin 10.40%
Securities:
Pledge on the car bought, in favor of the Bank, registered with Electronic Archive;
Assignment of car insurance (CASCO) policy.
Pledge over the Borrower's current accounts openned with Marfin Bank (Romania)SA
Early pre-payment:
Possible any time, pre-payment fee 0%.
Commisions and other Fee::
Loan Analysis fee:2% flat(payable once, at the sugning o f the loan contract, from own resorces);
Unique fee: EUR 25 (twenty five) applicable for modification of the reimbursement date of the loan, rental / free usage agreement, consent for merger of immovable assets, consent for dismembering, consent for demolishing, consent for construction, introducing new securities, modification of existing securities, introducing new Guarantors, modification of existing Guarantors, consent for changing the branch during the loan tenor, consent for changing the holder of the insurance policy.
Example of DAE (Dobanda Anuala Efectiva) calculation:
| Loan Amount:
| EUR 7,500
| USD 10,000
|
| Tenor:
| 48 mons. (4 years)
| 48 mons. (4 years)
|
| Monthly instalment:
| EUR 188.78
| USD 257.8
|
| Interest rate:
| 9.60% p.a.
| 10.87% p.a.
|
| Loan fee:
| EUR 150
| USD 200
|
| Total amount to reimburse:
| EUR 9,061.36
| USD 12,374.55
|
| DAE:
| 11.20%
| 12.62%
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