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Loan Consolidation at a Bank – Loan Navigator

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As part of the consolidation of Bank loans, you can merge different credit products into one big loan to get more favorable terms. These include lower monthly payments or longer repayment periods. In addition, clients can borrow extra money. What are the conditions for credit consolidation and why does consolidation pay off at Bank?

Under the name Bank, the company has only been operating for a short time. Until recently, Cetelem was a well-known non-banking company providing consumer credit and credit cards. In 2017 she was granted a banking license, which is also associated with a change of name to bank and an extension of the service offer.

As part of Bank Consolidation, it is possible to merge bank and non-bank loans , overdrafts and credit card debts up to CZK 1,000,000 , and to borrow some extra money. The repayment period is optional between 6 months and 10 years and early repayment is free . The maximum APR is 16.35% .

Those who meet the following conditions can benefit from the merger of Bank loans:

  • a permanent source of income
  • bank account with one of the Czech banks

After that, you only need to calculate the amount of monthly installments on your online Bank Consolidation calculator and settle your loan consolidation online from the comfort of your home.

 

bank loan consolidation – basic parameters

bank loan consolidation - basic parameters

  • Amount of consolidation: CZK 50,000 to CZK 1,000,000
  • Need to prove income: yes
  • Checking the Debtors Register: yes
  • Settlement, maintenance or early repayment fee: free
  • Maturity: 6 to 120 months
  • Interest rate: 5.7%

The loan parameters are the same as in the earlier consolidation of Cetelem’s loans . Cetelem’s offer also included refinancing a loan that allowed it to get more favorable terms for repaying one loan. bank refinancing does not offer , cut installments is possible only when converting more loans.

 

What are the advantages and disadvantages of merging loans at Bank?

What are the advantages and disadvantages of merging loans at Bank?

Thanks to the merger of Bank loans, you can extend the repayment period and reduce monthly fees. The advantage is a high maximum credit limit and that clients can adjust their credit consolidation to their needs. No fees are charged for arranging, managing or repaying the loan.

Unfortunately, it is not possible to include housing loans in the consolidation and it is necessary not to be in the probationary period for its settlement.

Advantages

  • everything can be handled online
  • consolidation amount up to CZK 1,000,000
  • set up consolidation according to your needs
  • Loans , overdrafts and credit cards can be merged
  • insurance against inability to repay

Disadvantages

  • housing loans cannot be included in consolidation
  • the bank will not accommodate clients who are on probation

Weaknesses have the merger of Bank loans considerably less than benefits. As with any other bank, it is a matter of course to demonstrate the ability to repay and positive credit history ;

 

Payment capability insurance

Payment capability insurance

To consolidate Bank offers insurance against unexpected events that could prevent proper repayment. The insurance is intended for the case of loss of employment, hospitalization, disability or death.

Four insurance options are available, each covering a different number of risks:

  • MASTER FILE: job loss, hospitalization, incapacity for work, disability, death
  • STANDARD: incapacity for work, disability, death
  • PREMIUM FILE: job loss, incapacity for work, disability, death
  • SENIOR FILM: Death

The client pays from 4.99% to 7.79% of the monthly loan repayment for the repayment insurance.

 

How does the loan consolidation Bank take place?

How does the loan consolidation Bank take place?

As already mentioned, Bank consolidation allows you to arrange online through the form on the bank website . You need to set consolidation parameters in the form and fill in your personal information .

It is also necessary to upload all necessary documents : scan or photo ID and second ID and statement of current account, or proof of income.

The contract can also be signed online. Of course, it is also possible to settle loans by telephone or at one of the bank’s branches.