Citibank Zrt. Hungary, a member of Citigroup, today announced
the launch of a new free-purpose, lower interest rate Personal Installment
Loan which requires owner occupied real estate - a house or a flat
they live in - from the customer as a collateral. The ticket size
of the Home Equity Loan ranges between HUF 1-15 million and in the
introductory period it will be available to Hungarian citizens living
in Budapest and Pest county.
Batara Sianturi, Consumer Country Business Manager for Citibank
Zrt. said: "We wanted to respond to the increasing demands
of our customers to get access to free-purpose loans with higher
ticket sizes at lower interest rates. Our newly introduced Home
Equity Loan combines all these benefits with the security of the
local currency loan, which eliminates any possible foreign currency
rate risks. This product may also be an alternative for customers
to replace their existing higher interest rate loans with our favorable
rate loan. Based on experience with marketing the product in Budapest
and in Pest County we plan to roll-out the product across Hungary
in the future."
Every Hungarian citizen living in Budapest and Pest County meeting the application
criteria may apply for a Home Equity Loan at any Citibank branches
and sales centers or through the bank's sales agents network based
in Budapest. The tenor is between one and 10 years and customers
may select interest rate repayments from annually variable or 3
or 5-year long fixed interest periods. The annual interest rate
is 7.99%
APR: 14.52%-27.22%. The APR has been calculated in consideration
of the actual contractual terms and the applicable laws and it can
be modified when these terms and laws change. The APR does not reflect
to the interest risk of the loan.
Media Contact:
Eva Hencz, Vice President, Public Affairs Officer, Citibank Zrt.
Tel: +36 1 374-5307, Mobile: +36 30 250-7473, Fax: +36 1 374-5378
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