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Special purpose loans
- Loan for a car or vessel purchase / Refinancing
Refinancing
Key feature
From EUR 1.000 to EUR 20.000
- Repayment period from 3 to 60 months
- Nominal interest rate from 6,45% (fixed)
- Effective interest rate from 6,88%
- Bank fee up to max. 2% of the loan amount
- Fast and simple way to get loan
- Administrative withholding order on salary/pension of a client/guarantor
- Bill of exchange and bill authorization signed by a client/guarantor
- Pledge on vehicle (only in case of purchase of a new vehicle and depending on the amount and repayment of the loan)
- Comprehensive cover insurance policy endorsed in favor of the Bank
- First rank mortgage in favor of the Bank (for amounts over EUR 15,000)
- For clients from Group III for amounts up to 5,000 EUR, the loan can be approved without a guarantor, depending on its creditworthiness. The Bank reserves the right to require the client to provide one or more guarantors for this exposure.
- For the clients from Group IV (who do not receive their salaries through the Bank) if their employer is classified in Group I or II for the loan amounts of up to EUR 5,000, a guarantor is not required. In other cases (from Group IV) depending on the amount and repayment period, it is necessary to have 1 or more guarantors, and the interest rate is up to 18%.
* * The Bank reserves the right to accept an alternative security instrument if found acceptable and in line with the Bank's business policy.
Required documentation
Loan application
Employment certificate
Administrative withholding order on salary/pension
Consent for an enquiry in the Credit Bureau Registry (R.K.B.)
Representative example
Loan amount
Repayment term
Nominal interest rate
Monthly repayment
Administrative fee
Effective interest rate
Total debt
20.000 €
60 mjeseci
6,45%
390,80 €
100 €
6,88%
23.545,92 €
* Total debt includes the loan amount, total interest, loan processing costs, bill of exchange costs € 2 and inquiry costs in the Credit Registry of Montenegro € 3.00. The above example did not include the cost of a comprehensive insurance policy, the cost of vehicle assessment, the cost of a mortgage (for an amount over 15,000 euros).
** The data on this loan may vary depending on the client's solvency. For more information, please visit a local branch of Lovćen banka AD or make an appointment by phone on 19 993 or send an e-mail to: kontakt@lovcenbanka.me