Clients with financial problems can have their loansrestructured without incurring high management costs initially, byextending the repayment period or by opting for a grace period ofseveral months.
Most banks charge restructuring commissions amounting to tens ofRON, while others do not charge any additional fee if clients provethat their financial situation has worsened, but in the ultimatecost incurred by the client can climb to 15%.
"If they extend their repayment period, clients have to pay ahigher interest rate, so the final cost of the loan will also behigher. If they opt for a grace period, clients only pay theinterest rate. In this case, the cost difference depends largely onthe structure and the type of loan," says Anca Bidian, generalmanager of credit brokerage Kiwi Finance.
For instance, in the case of a 20,000-RON loan contracted over fiveyears at the average market interest rate, a client pays around28,000 RON at the end of the lending period. If, three years intothe contract, they decide to extend the repayment period from fiveto seven years, the overall cost of the loan climbs to 32,000 RON,according to Kiwi Finance calculations.
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