Loan conditions for individuals

All comments and notes relating to the conditions on this list can be found in the footnote. Any liability for printing errors is excluded. More information about the products and services of the Bank can be obtained by visiting the website www.novabanka.me , sending an e-mail to info@novabanka.me  or calling at the branch office of Nova Banka AD Podgorica

 

Overdraft loan

Annual nominal interest rate (NIR)

20,00 %

Loan processing fee (it is charged once during loan disbursement)

0,50 % - 1,00 %

Commission for using data from Credit Register/Bureau of CBM

EUR 3,50

Annual penalty interest

Nominal increased by 50 %

Maturity term

Up to 12 months

 

Cash loan

Annual nominal interest rate (NIR)

7,95 % - 9,95 % (depending on debtor's category)

Annual effective interest rate (EIR)

8,66 %[1]

Loan processing fee (it is charged once during loan disbursement)

0,50 % - 2,00 %

Commission for using data from Credit Register/Bureau of CBM

EUR 3,50

Fee for premature repayment of the loan

1,00 % of the amount of the loan that is prepaid if the period between the prepayment and maturity date is longer than 12 months and only for amounts higher than EUR 10.000,00

 

0,50 % of the amount of the loan that is prepaid if the period between the prepayment and maturity date is not longer than 12 months and only for amounts higher than EUR 10.000,00

Annual penalty interest

Nominal increased by 50 %

Maturity term

Up to 120 months

 

Consumer loan

Annual nominal interest rate (NIR)

7,95 % - 9,95 % (depending on debtor's category)

Annual effective interest rate (EIR)

10,17 %[2]

Loan processing fee (it is charged once during loan disbursement)

0,50 % - 2,00 %

Commission for using data from Credit Register/Bureau of CBM

EUR 3,50

Fee for premature repayment of the loan

1,00 % of the amount of the loan that is prepaid if the period between the prepayment and maturity date is longer than 12 months and only for amounts higher than EUR 10.000,00

 

0,50 % of the amount of the loan that is prepaid if the period between the prepayment and maturity date is not longer than 12 months and only for amounts higher than EUR 10.000,00

Annual default interest

Nominal increased by 50 %

Repayment term

Up to 84 months

 

Pensioner loan

Annual nominal interest rate (NIR)

7,95 % - 8,95 % (depending on insurance policy as a collateral)

Annual effective interest rate (EIR)

9,44 %[3]

Loan processing fee (it is charged once during loan disbursement)

0,50 % - 1,00 %

Commission for using data from Credit Register/Bureau of CBM

EUR 3,50

Fee for premature repayment of the loan

1,00 % of the amount of the loan that is prepaid if the period between the prepayment and maturity date is longer than 12 months and only for amounts higher than EUR 10.000,00

 

0,50 % of the amount of the loan that is prepaid if the period between the prepayment and maturity date is not longer than 12 months and only for amounts higher than EUR 10.000,00

Annual penalty interest

Nominal increased by 50 %

Maturity term

Up to 120 months

 

Mortgage loan

Annual nominal interest rate (NIR)

Fixed: 7,95 % - 9,95 % (depending on debtor's category)

Variable: 6,95 % - 8,95 % + 6M EURIBOR (depending on loan borrower category)

Annual effective interest rate (EIR)

8,64 %[4]

Loan processing fee (it is charged once during loan disbursement)

0,50 % - 2,00 %

Commission for using data from Credit Register/Bureau of CBM

EUR 3,50

Fee for premature repayment of the loan

1,00 % of the amount of the loan that is prepaid if the period between the prepayment and maturity date is longer than 12 months and only for amounts higher than EUR 10.000,00

 

0,50 % of the amount of the loan that is prepaid if the period between the prepayment and maturity date is not longer than 12 months and only for amounts higher than EUR 10.000,00

Annual default interest

Nominal increased by 50 %

Maturity term

Up to 240 months

 

Housing loan

Annual nominal interest rate (NIR)

Fixed: 5,95 % - 7,95 % (depending on debtor's category)

Variable: 4,95 % - 6,95 % + 6M EURIBOR (depending on debtor's category)

Annual effective interest rate (EIR)

6,17 %[5]

Loan processing fee (it is charged once during loan disbursement)

0,50 % - 2,00 %

Commission for using data from Credit Register/Bureau of CBM

EUR 3,50

Fee for premature repayment of the loan

1,00 % of loan amount that is being repaid prematurely if the period between day of premature payment and day of loan maturity from loan contract is longer than 12 months and only for amount bigger than EUR 10.000,00

 

0,50 % of loan amount that is being repaid prematurely if the period between day of premature payment and day of loan maturity from loan contract is not longer than 12 months and only for amount bigger than EUR 10.000,00

Annual default interest

Nominal increased by 50 %

Repayment term

Up to 300 month

[1] Representative example: For cash loan in the amount of EUR 10.000,00 and repayment period of 60 months, provision for loan processing 1,50 % and included administrative costs (two bills of exchange: EUR 4,00 € and Commission for using data from Credit Register/Bureau of CBM: EUR 3,50), nominal interest rate is 7,95 % while effective interest rate is 8,66 %. The sum of the total amount of the loan and the total amount of known loan costs amounts to EUR 12.229,64, and the amount of monthly installment is EUR 201,21

[2] Representative example: For Consumer loan in the amount of EUR 1.375,00 and repayment period of 48 months, provision for loan processing 1,50 % and included administrative costs (two bills of exchange: EUR 4,00, Commission for using data from Credit Register/Bureau of CBM: EUR 3,50), nominal interest rate is 9,00 %  while effective interest rate is 10,17 %. The sum of the total amount of the loan and the total amount of known loan costs amounts to EUR 1.659,45 and the amount of monthly installment is EUR 33.99.

[3] Representative example: For Pensioner loan without insurance policy with amount of EUR 10.000,00, repayment period of 60 months,  provision for loan processing 1,00% and included administrative costs two bills of exchange: EUR 4,00 € and Commission for using data from Credit Register/Bureau of CBM: EUR 3,50), nominal interest rate is 8,95 % while effective interest rate is 9.44 %. The sum of the total amount of the loan and the total amount of known loan costs amounts to EUR 12.446.69 and the amount of monthly installment is EUR 205.66.

 [4] Representative example: For Mortgage loan in the amount of EUR 40.000,00 and repayment period of 60 months, provision for loan processing 1,50%, and included administrative costs (two bills of exchange: EUR 4,00 € and Commission for using data from Credit Register/Bureau of CBM: EUR 3,50), nominal interest rate is 7,95 %, while effective interest rate is 8.64%. The sum of the total amount of the loan and the total amount of known loan costs amounts to EUR 48.896.05 and the amount of monthly installment is EUR 804.83.Other costs, such as real estate appraisal cost, property insurance policies, mortgage agreements, mortgage registration, as well as fee for issuing Title Deed - are not included in the calculated EIR. 

[5]Representative example: For Housing loan in the amount of EUR 50.000,00 and repayment period of 60 months, provision for loan processing 0,50%, and included administrative costs (two bills of exchange: EUR 4,00 € and Commission for using data from Credit Register/Bureau of CBM: EUR 3,50), nominal interest rate is 5,95 %, while effective interest rate is 6.17%. The sum of the total amount of the loan and the total amount of known loan costs amounts to EUR 57.967.16 and the amount of monthly installment is EUR 961,85.Other costs, such as real estate appraisal cost, property insurance policies, mortgage agreements, mortgage registration, as well as fee for issuing Title Deed - are not included in the calculated EIR.