English
The National Bank of Romania (BNR) has approved the lending guidelines proposed by the Romanian International Bank (RIB), including significant changes to the debt limit for consumers, the minimum down payment for mortgage loans and car loans.
The most significant change is that the debt level for consumers has been increased to 70%. This indicator is calculated as the total revenue per month minus other debts / loan installments minus life support expenses calculated as a function of the number of people in the household and the geographical part of the country. So far, 70% is the highest debt level accepted in the Romanian banking system.
The minimum down payment for mortgage loans has been reduced from 25% to 15% whereas the maturity has been increased from 15 to 20 years. For consumer loans, the limits have been increased to 30,000 EUR and 10 years. For car loans, the limit has increased to 50,000 EUR with a 15% down payment. A debt card with an overdraft limit equal to 6 monthly salaries has been introduced.
Romanian International Bank is controlled by Merchants Bank of California NA and was established in 1998. The bank has 26 offices, of which 12 in Bucharest. The target for end-2007 is to have 33 offices.
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