Piraeus Bank is in the pleasant position to announce the launch of a new release of consumer loans, the tailor-made LOAN OPTIONS. The loans are
- Open-end personal loan
- Fixed rate consumer loan, and
- Floating rate consumer loan
The loan amounts may vary between €1,500 and €50,000 and terms between 6 and 180 months; it is not always necessary to produce supporting document and invoices.
Loan amounts up to €6,000 and the Open-end personal loan will be standardised and granted on the same terms and conditions for all customers. Consumer loans exceeding the amount of €6,000 will be reviewed and priced as per case.
The major innovation of LOAN OPTIONS is that, for amounts over €6,000, the interest rate will be tailor-made to the specific loan, namely it will be set on the basis of each customer's solvency and their relationship with Piraeus Bank. Account will also be taken of special details (amount, term, fixed or floating rate) and the purpose of the loan. This is possible through the special system of objective and weighted criteria designed specifically for this purpose by Piraeus Bank.
Thus, every customer may now select a tailor-made loan (loan amount, repayment period, revolving loan or loan repaid in equal instalments), and at the same time enjoy interest rates adjusted to their credit profile.
Interest rates are set on the basis of the Consumer Credit Base Rate and Rate Margin, and may vary between 7.5% and 12%. The better the customer and loan details the lower the interest rate.
Loans will be granted without any constraints as to the purpose of the loan, and there will be special privileges for loan balance transfers from other Banks (as in the case of credit cards).
LOAN OPTIONS will be available for customers through the 230 branches of Piraeus Bank as from 17 September 2003.