Telenor Banka is offering cash loans for citizens, without additional fees such as Credit Bureau fee, credit administration fee, processing fees or fee for a promissory note that the client pays. Cash loans have just one interest rate and can be used for refinancing.
This is the first time that the nominal and effective interest rates are equalized on the Serbian market, which will provide clients with clear insight into actual credit price. Cash credit can be also used for refinancing of debts to other banks, such as card or current account overdraft and cash credits.
“During two years of Telenor Banka’s operations, we strived to offer our customers products which are simple, unique and based on their actual needs. Customers have recognized this approach and today, apart from the second birthday, we are also celebrating the 200000th opened account. Credits can be very complex and it is for the purpose of easier understanding and simplification of the process, that we decided to offer our clients one credit price, and abolish all additional fees. In that way, they can fully understand and predict costs and manage finances more easily. What they see on the paper is what they really need to pay”, says Martin Navratil, President of the Executive Board of Telenor Banka.
Credit request can be filed simply, through the online application, with no need to visit Telenor shop. All required documentation is sent via internet application, while signing can be done by delivering the contract for signing to a home address. The interest rate starts from fixed 11.6% for one year repayment period, and the interest rate is fixed for cash credits of 36-month maturity.
Telenor Banka started operating in Serbia in September 2014 and soon became the fastest growing online bank in the region. In the first year of its operations, the use of mobile banking spiked by more than 20%, whereas the number of online transactions for the first time surpassed transactions executed in the bank branches. This August, this difference reached nine million transactions, showing a significant growth trend. In two years of Telenor Banka’s operations in Serbia, the number of mobile banking users quadrupled.