Microloan
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About the loan
Microloans are an ideal solution for citizens who have a stable and regular monthly income, regardless of their formal employment status. This type of loan provides access to financial resources to clients who generate income from various sources, such as providing craft services or other forms of self-employment.
Don't wait! Take advantage of this opportunity and achieve financial security today.
Option | Microloans |
|---|---|
Amount | up to 7,000.00 EUR |
Nominal Annual Interest Rate | 13.00% |
Maturity | up to 60 months |
Repayment Method | In accordance with the contract |
One-Time Fee | 65.00 EUR |
Collateral
Administrative ban on co-debtors
A promissory note signed by all participants in the loan, with promissory note authorisations
The bank may also request addit loaditional collateral in the form of statements, authorisations...
Co-debtors
Permanent employment for at least 6 months with the current employer
Monthly annuity must not exceed 50% of the monthly salary
Maximum age 65 at the time of loan repayment
Note
Required documentation:
Administrative ban on the borrower certified by the employer (if the borrower is employed)
Evidence of income (regular/extraordinary), for the borrower or for the guarantor/guarantor
The loan is disbursed to the loan beneficiary's account in the bank
Loans up to EUR 1,000 are approved for a maximum of 12 months
Representative Example:
Total Loan Amount | 5,000 EUR |
|---|---|
Number of Installments | 60 |
Monthly Payment Amount (Installment) | 111.89 EUR |
Loan Processing Fee | 65.00 EUR |
Fee for Providing Data from the CBCG Credit Registry | 3 EUR |
Cost of Purchsing Two Promissory Notes | 4 EUR |
Nominal Annual Interest Rate | 13.00 % |
Effective Interest Rate | 13.70 % |
Total Interest | 1,760.50 EUR |
Total Costs* | 1,832.50 EUR |
Total Amount the Client Needs to Pay | 6,832.50 EUR |
Note: Total costs represent the sum of interest for the entire period in the amount of EUR 1,760.50, the costs of the loan approval fee (EUR 65), the cost of 2 promissory notes (EUR 4.00) and the cost of the inquiry in the Credit Registry of the Central Bank of Montenegro (3.00 EUR). The total amount that the client needs to pay is 6,832.50 EUR.
A representative example is shown in the example calculation from 26 December 2024.