Revolut has launched a new refinancing product in Romania, marking it as the first market to offer this service. This initiative allows customers to consolidate and refinance various types of loans, including personal loans, credit cards, and overdrafts, previously granted in Romanian lei by other banks or by Revolut itself. Clients can also request an additional sum of money, with the maximum loan amount available being 200,000 lei.
New Refinancing Options
The new refinancing product from Revolut is designed to simplify the financial lives of its customers by allowing them to combine multiple credit facilities into a single loan. This can significantly ease the management of personal finances by reducing the number of payments and possibly decreasing the total interest paid on multiple debts.
Customers can opt for refinancing multiple credit facilities granted in Romanian lei by other banks in Romania or by Revolut. This includes various personal loans as well as credit cards or overdraft facilities.
Cristian Voinea, Senior Product Manager for Loans at Revolut Revolut’s refinancing loans are characterized by their flexibility and consumer-oriented features. The application process is streamlined and entirely digital, reflecting Revolut’s emphasis on technology and customer convenience.
The refinancing request can be made directly from the app, through a simple, bureaucracy-free process that automatically pulls in credit information from official sources for the client to review and select the loans they wish to refinance.
This is what clients can expect from the new product:
- Maximum Loan Amount: Customers can borrow up to 200,000 lei.
- Interest Rate: Fixed for the duration of the loan, varying between 6.99% and 15.99% based on the customer’s profile and the requested amount. For example, a loan of 35,000 lei over 60 months at an annual fixed interest rate of 8.29% would result in a total repayment of 42,872.48 lei, with monthly payments of 714.54 lei.
- Annual Percentage Rate (APR): The effective annual interest rate is 8.62%.
- Loan Term: Up to 60 months.
- Application and Management: Entirely online, available through the Revolut app under the ‘Loans/Refinance Loan’ section.
- Loan Eligibility: Available for refinancing any type of unsecured loan from any bank in Romania, including personal loans, credit cards, and overdrafts.
- Currency: Only loans in Romanian lei are eligible for refinancing.
- Additional Funds:Any extra borrowed amount is immediately available in the customer’s account
Gabriela Simion, General Manager of Revolut Bank Romania,highlighted the broader objectives of this initiative:
Our goal is to become the global financial app that provides customers with everything they need to manage their personal budgets in one place. In Romania, this ambition is realized through an ecosystem of financial and lifestyle products and services, accessible within a few clicks, with relevant benefits and transparent costs.
She further noted that the new refinancing product is a strategic move to enhance customer engagement and satisfaction by offering a practical solution for debt management.
