As of August 17, UniCredit Bank amended its personal loan announcement. Due to the modification of discounts at the financial institution, some people can get a loan more expensively. At the same time, this change may be favorable for others. Through a few examples, we will show to whom this effect means.
UniCredit Bank has changed the conditions of its personal loan from August 17, Bankmonitor has therefore personal loan calculator an average Hungarian can apply for a personal loan at a higher cost.
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What is the best offer for the average claimant?
But on what basis do we claim this? Let’s see at what interest rates a Hungarian with an average salary can get a personal loan of an average amount. The MNB statistics according to the average amount of personal loans concluded in June 2024 was 2.67 million forints, and the latest average net salary in May was 448,700 forints based on the statistics of KSH. Let’s assume that we would take the average mutual amount for 7 years with an average income. The credit we would apply online.
Under these conditions, before August 17, according to Bankmonitor’s calculator, UniCredit Bank had the most favorable offer. The interest is 12.20%, while the APR is 13.10%. The initial installment is HUF 47,662, and the total amount to be repaid is HUF 4,003,604. Currently, the best offer with similar conditions is from CIB Bank, the interest rate is 12.29%, the APR is 13.2%. The monthly payment is HUF 47,793, while the total repayment is HUF 4,014,628.
The difference is minimal, but today we are getting the loan in question on really worse terms. Moreover, the most favorable offer is no longer from UniCredit Bank.
However, it is worth taking a detailed look at exactly what UniCredit Bank did, because some customers could have done much worse. While other interested parties may face a serious reduction in interest rates.
What happened at UniCredit Bank?
UniCredit Bank Fixed interest personal loan the normal interest rate is still 18.00%, but at the same time, the size and conditions of the discounts that reduce this have also changed significantly. For this reason, some people were better off, while others can apply for a loan from the financial institution more expensively.
Let’s look at the effect of changing the bank through different life situations.
Small personal loans of less than HUF 1.5 million will become more expensive
At the bank, the standard interest rate for a fixed interest personal loan is 18.00%, from which we can get an interest discount if certain conditions are met. However, from August 17, the financial institution will not give a discount on the interest rate for loan applications under HUF 1.5 million regardless of income, agreed credit and the use of other additional services.
Let’s see what this means with an example. The applicant wants a HUF 1 million personal loan for 7 years, his net income is HUF 800 thousand. Before August 17, the loan was already available at UniCredit under these conditions at an interest rate of 13.35%, the APR value was 14.41%. And the installment was HUF 18,484. Currently, the interest rate of a similar loan is 18.00%, the APR is 19.86%, and the monthly payment is HUF 21,165.
The good news for those choosing a loan based on the interest rate is that the most favorable offer in the given example has not yet been from UniCredit Bank. The terms of the cheapest loan have not changed in recent weeks.
Higher income, credit required for more favorable interest rates
A change that can also be evaluated negatively is that the bank has raised the credit requirement associated with each discount level.
- The amount of credit related to the active and active plus discount increased from HUF 150,000 to HUF 200,000.
- The credit amount related to premium active and premium active plus discount increased from HUF 250,000 to HUF 300,000.
- The credit amount related to the premium active extra and premium active extra plus discount increased from HUF 400,000 to HUF 450,000.
some, customers on the amount limit can be placed in a lower discount band, which also means that they can receive a smaller interest discount. This is perfectly illustrated by the average wage example presented earlier.
Before August 17, we were able to get a HUF 2.67 million personal loan with a 7-year term and a net salary of HUF 448,700 from UniCredit Bank at 12.20% interest and 13.10% APR. The monthly payment was HUF 47,662. Currently, the bank offers such a loan with an interest rate of 13.80% and an APR of 14.92%, and the monthly payment is HUF 50,024.
WOULD HUF 2.7 MILLION BE GOOD?
If you require HUF 2,676,013 million for a term of 84 months, then based on the ranking according to the repayment installments, one of the best plans, provided by UniCredit Bank with monthly installments of HUF 47,769 (13.10% APR), but not far behind this a CIB Bank installments of HUF 47,901 (APR 13.20%) nor his promising offer. For offers from other banks and the exact details of the schemes (APR, installments, amount to be repaid, etc.), visit Pénzcentrum’s renewed personal loan calculator. (x)
Previously, UniCredit Bank had the best offer, so the increase in price also affects those who compare all the offers and decide.
You don’t need to apply for the loan online for the biggest discounts
The bank provides discounts on the basis of the mutual amount, the agreed credit and the contracted additional services (credit insurance). However, before August 17th, those who applied for the loan online could also receive a substantial discount. (The same discount could be obtained even if the loan was taken out through the bank’s preferred partners.) Currently, however, we can already access these extras if we want to apply for a loan by walking into the bank branch on our own.
Let’s look at this through an example, we want to borrow HUF 6 million for a 7-year term, with a net payment of HUF 800,000. We would start the application independently at the bank branch.
Before August 17th, we could get a loan from the bank under these conditions at an interest rate of 12.54%, currently this interest level would be 10.99%. In other words, we can see here a very serious interest rate cut of a good 1.5 percentage points.
With this, the bank jumped to the forefront for the clientele in question, which means that its change had a very serious effect here as well.
Loans have become cheaper for some discount categories
More good news is that the discounts related to each category have also increased in many cases, which means that you can get a loan cheaper. Let’s look at this through an example, let’s claim HUF 3 million for a 7-year term, with a net salary of HUF 350,000.
Before August 17, UniCredit Bank offered such a loan at an interest rate of 14.10%, the APR was 15.27%. The monthly installment is HUF 56,711. Currently, the loan can be obtained at the bank with an interest rate of 12.90%, the APR value is 13.89%. The monthly payment is HUF 54,705.
In the example in question, UniCredit Bank is not the best offer in either case, but due to the change, it moved up from third place to second place in the bankmonitor.hu personal loan calculator.
Summary
Two things can be read from the previous few examples:
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