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Interest Bulletin

Consumer lending


Consumer loan Investment (BGN/EUR)

5.00%
FlexFund Overdraft (BGN/EUR) 6.00%
Credit card (BGN/EUR) 19.00%
Credit card secured with deposit (BGN/EUR) 14.00%

 

 

Customer loan "Investment"

 

Example

For Consumer loan "Investment" on amount of BGN 25,000, loan period 3 years, annual interest rate 5.00%, application processing fee BGN 30: equal monthly installment BGN 750.02, total amount due (principal, interest and fees) BGN 27 318.38. Annual percentage rate of charge (APRC) - 6.02%.

 

 

FlexFund overdraft

 

Example

For FlexFund overdraft on amount of BGN 3 000, loan period 1 year, annual interest rate 6.00%; total amount due (principal, interest and fees) BGN 3 278.50 on the assumption of the amount is utilized fully and for the whole period and the principal will be repaid one-time at the final repayment day. Annual percentage rate of charge (APRC) - 9.69%.

 

 

Credit card

 

Example 1

For Credit cardon amount of BGN 3 000, loan period 4 years, annual interest rate 19%: total amount due (principal, interest and fees) BGN 5 332.25 on the assumption of the credit limit is disbursed for period of 48 months, the limit is fully utilised for the whole loan period, and the principle will be repaid one-time on the final repayment day. Annual percentage rate of charge (APRC) - 15.52%.

 

Example 2

For Credit card on amount of EUR 3 000, loan period 4 years, annual interest rate 14%: total amount due (principal, interest and fees) EUR 4 714.00 on the assumption of the credit limit is disbursed for period of 48 months, the limit is fully utilised for the whole loan period, and the principle will be repaid one-time on the final repayment day. Annual percentage rate of charge (APRC) - 11.98%.

 

 

Housing loan "New Home"

 

Housing loan „New Home" is available in BGN and EUR. You can choose between a floating interest rate that will be adjusted in line with the benchmark in the beginning of each 6-month period, and an interest rate that will remain fixed in the first 10-year period.

 

All interest rates are per annum.

 

  Floating interest rate Interest rate determined for the first 10-years period

EUR

6-month EURIBOR + surplus 3.00%, total not less than 3.00%

6-month EURIBOR + surplus 4.00%, total not less than 4.00%

BGN 6-month EURIBOR + surplus 3.25%, total not less than 3.25%

6-month EURIBOR + surplus 4.25%, total not less than 4.25%

 

Interest rates are only available to clients with salary transfer in the Bank and unlimited liability, i.e. with all property.

 

For clients are responsible up to the amount of the registered collateral established, the indicated annual interest rates are increased by 1.5 percentage points.

 

Example 1

For Housing loan „New Home" in the amount of EUR 50 000 with salary transfer and a loan period of 15 years, floating annual interest rate of min 3.00%, consisting of the 6-month EURIBOR, increased by a surplus of 3.00%, application processing fee EUR 25: equal monthly installments EUR 346.33 for the first 6 months, total amount due (principal, interest and fees) EUR 63 968.28. Annual percentage rate of charge (APRC) - *** 3.49%.

 

Example 2

For Housing loan „New Home" the amount of BGN 100 000 with salary transfer and a loan period of 15 years, floating annual interest rate of min 3.25%, consisting of the 6-month EURIBOR, increased by a surplus of 3.25%, application processing fee BGN 50: equal monthly installments BGN 704.93 for the first 10 years, total amount due (principal, interest and fees) BGN 130 129.69. Annual percentage rate of charge (APRC) - *** 3.74%.

 

Example 3

For Housing loan „New Home" the amount of EUR 50 000 with salary transfer and a loan period of 12 years, fixed annual interest rate for the first 10 years 4.00%, consisting of the 6-month EURIBOR, increased by a surplus of 4.00%, application processing fee EUR 25: equal monthly installments EUR 439.15 for the first 10 years, total amount due (principal, interest and fees) EUR 64 566.76. Annual percentage rate of charge (APRC) - *** 4.55%.

 

Example 4 

For Housing loan „New Home" the amount of BGN 100 000 with salary transfer and a loan period of 12 years, fixed annual interest rate for the first 10 years 4.25%, consisting of the 6-month EURIBOR, increased by a surplus of 4.25%, application processing fee BGN 50: equal monthly installments BGN 890.69 for the first 10 years, total amount due (principal, interest and fees) BGN 130 899.90. Annual percentage rate of charge (APRC) - *** 4.81%.

 

*** The Annual percentage rate of charge includes: a collateral evaluation fee /apartment/, fees related to issuance of documents for registration/deletion of mortgage, application processing fee, annual property insurance fee, a monthly account maintenance fee and fee for opening of an account.

 

 

Annual interest rate for FlexSave account

Currency BGN EUR

for clients using a current account, debit card and Internet banking

0.35% 0.35%

for clients not using a current account, debit card and Internet banking

0.10% 0.05%



 

 

Annual interest rates for Standard Term Deposits

 

Currency BGN/EUR/USD

 

Min.balance

12 months

 18 months

 24 months

 36 months

for clients using a current account, debit card and Internet banking

  

 

5 000

0.50% 0.55% 0.60% 0.70%

for clients not using a current account, debit card and Internet banking

0.30% 0.35% 0.40% 0.50%


Interest rate in case of premature withdrawal: Interest rate - 0%.

 

Current account (for all currencies), Payment account for basic operations (in BGN) - Interest rate: 0%.

 

All interest rates are accrued on basis 365/360 days.

 

Interest rates are negotiated individually for private individuals holding deposits totalling more than BGN 500,000 or equivalent in other currencies.

 

*For clients with savings and no current account, after 01.01.2018 on maturity date, the deposited funds will start accruing interest at an interest rate of 0%.

 

The annual interest rate for loans with a floating interest rate is calculated as follows:

 

  Annual interest rate  

=

  Reference interest rate  

+

  Margin  


  but not less than the Minimum interest rate, as set in each individual
  loan contract  
 

 

 

Reference interest rate


EURIBOR is an average interest rate that reflects the interest rate at which banks in the Euro Zone exchange term deposits in EUR between each other. The reference rate is fixed on a weekly and monthly basis in line with the relevant maturities of deposits, and its fixings are published daily by the European Banking Federation in Brussels, Belgium.

ProCredit Bank applies as the reference interest rate on all its floating interest rate loans 6-month EURIBOR.

In setting the annual interest rate, the reference rate is applied as follows:
  • Upon contract signing – the fixing as of 3 business days before the date of contract signing/tranche disbursement;
  • For each successive interest rate period of the loan -  the fixing as of three business days prior to the due date of the preceding instalment as per the Loan Repayment Schedule.
Historic reference interest rates are listed on the Bank’s website in the order of their fixing dates.
 


Margin and Minimum Interest Rate


The margin and the minimum interest rate are fixed in the individual loan contract.

 

Examples of Interest Rate Calculation

 

  Example 1
Loan Currency EUR
Loan Contract Date 29.07.2014
Reference interest rate 6-month EURIBOR,
fixing as of  24.07.2014 - 0,308%
Margin

3,00%

Minimum Interest Rate

3,00%

Annual Interest Rate Applicable to the First Period

Reference interest rate + Margin = 0,308% + 3,00% = 3,308%

The interest rate calculated according to this formula is higher than the minimum interest rate as fixed in the loan contract; therefore the minimum interest rate of 3,00% is not applied in the relevant period.

 

For more detailed information, see  Interest Rate Methodology.