BCR changes the early reimbursement fee to 0.5-1%

BCR yesterday announced that it would change the early reimbursement fee for newly granted unsecured loans (Divers, Motor and Practic), in order to comply with the provisions of the Directive 2008/48/CE of the European Parliament and of the Council of the European Union. As a result, starting with April 26th, BCR will apply an early reimbursement fee of 1% of the amount reimbursed ahead of time, and 0.5% respectively, (if the advance reimbursement takes place in the last year of the loan contract), but the fee may not amount to less than 65 lei, for unsecured loans with a fixed interest rate. According to a press release sent to our editors, the bank will eliminate the early reimbursement fee for variable interest rate unsecured loans.

The bank reserves the right to adjust the early reimbursement fee accordingly, for unsecured loans with a fixed interest rate, for which, at the moment of the early reimbursement, the spread between the interest rate which was agreed upon initially and the interest rate that the bank can loan money at, exceeds the initially agreed level of the fee. The new commission will only be applicable for new loans granted, and does not concern ongoing loans. For the latter, the early reimbursement fee stipulated in the loan contract signed by the customer will continue to apply.

The implementation of the Directive 2008/48/EC, consumers will have the right to pay their debt towards the bank at any time, in part or in full. However, the creditor is entitled to request a compensation for the costs incurred due to the early reimbursement of the loan, provided that the early reimbursement occurs during a period when the interest rate is fixed.