Raiffeisen Bank, the seventh largest lending institution onthe Romanian market, catches up with the trend of cheapening ofRON-denominated loans, by cutting up to two percent off itsinterest rate on non-secured loans. The bank has also cut by up toone percent the interest rate on RON-denominated deposits.
For a RON-denominated loan worth less than 3,000 euros, theinterest rate is now 12.5% a year (APR is 24.18% for the maximumlending period). In case of a non-secured RON-denominated loanworth 3,000 to 7,000 euros, the interest rate is 11.5% a year(annual effective interest rate is 21.38%), while for a loan worthover 7,000 euros, the interest rate is down to 10.5% a year (APR of18.24%). The maintenance fee falls as the value of the loan rises:0.45% for sums of up to 3,000 euros, and 0.33% for sums in excessof 7,000 euros.
The bank has also cut interest rates on RON deposits by up toone percentage point, with the maximum interest rate being of 8% ayear, paid for an over 40,000-RON deposit, with a maturity of 6 or12 months.
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