EnglishPiraeus Bank România yesterday cut the interest rate for new Happy End personal consumption loans denominated in lei by as much as 2.75%, and announced it would cut rates for current loans in October, according to a press release sent by the bank.
The interest for the first period of the loan was cut from 23.25% to 20.5%, whereas the interest rate for the second period of the loan was cut from 18.6% to 16.4%.
"Happy End" is a personal unsecured loan, with variable interest, split across several lending periods, without being pegged to the ROBOR, EURIBOR, and LIBOR indices.
According to the bank"s calculations, in the case of 40,000 lei loan for a period of 120 months, the monthly payment will amount to 786.33 lei for the first period, and to 704.72 lei for the second period.
In October, the bank will standardize the interest rates for the Happy End line of loans, and will lower interest rates for current loans, in case they exceed the revised interest rates, the press release says.
The bank will maintain the interest rates for deposits (which currently go as high as 11%) steady until the end of 2009.
Piraeus Bank România is owned by Greek group Piraeus Bank Group, which has 902 branches in Greece, Albania, Romania, Bulgaria, Serbia, Egypt, New York, London and Ukraine.
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