Eight out of ten Romanians resorted to promotions for taking creditPublish date: 09-11-2008
Considered till recently a market "of all possibilities", the Romanian credit market is confronting with a change process that seems to completely shake it. Forced by the international financial crisis, and also by the new crediting rules adopted by the National Bank of Romania (Banca Nationala a Romaniei - BNR), the banking institutions seem that they don't make efforts for attracting customers willing to take credits. Almost all the banks have dropped out to the famous promotions to loans, and the interests increase, justified or not, day by day.
Removing the credit promotions, once with implementing the new crediting norms, it means for most of the Romanians null chances for obtaining the needed credit. No matter if we speak about a personal need credit or of a mortgage one, the statistics show that eight out of ten Romanians resorted to a banking product with promotional interest for accessing the needed credit.
The explanation is as simple as it can be: an interest smaller for the first 3, 6 or 12 months means a smaller rate which reported to the salary of the applicant (depending of the indebt level) finally directed to accessing a bigger loan. After stepping over the "honey" period, the customer realized that he had to support a monthly rate much bigger than he could afford it, but this wasn't anymore the bank's problem. In a first stage, both parts had to win, the customer received what he wanted and the bank granted credits on rolling band.
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