The bank raised the interest for leu and euro-denominated loans by 0.5% and 0.4%, respectively, and reintroduced the loan application processing fee standing at 1,200 lei or EUR290. The annual percentage rate thus climbs to 10.6% for lei and 7.67% for euros.
“A promotional campaign carried out for six weeks has expired. Pricing has returned to normal parameters,” BCR representatives stated.
The promotional campaign unfolded from June 2 through July 15, but the bank’s representatives did not provide any data on loans sold during the period.
Oana Petrescu, BCR retail vice-president, stated in spring banks would cut loan interest rates as they needed to bolster their sales to generate profit. At present, though, bankers expect interest rates for euro-denominated loans to rise, with a certain easing space existing only for leu-denominated loans, depending, however, on the trend of inflation and of the overall economy.
The euro-loan rate hike comes as BCR in early July adjusted the value of six-month Euribor, which the bank uses to calculate the variable interest for the loans it grants.
(English version by Catalina Apostoiu, editing by Loredana Fratila-Cristescu)