OTP Bank continues its portfolio digital development strategy by launching a new lending instrument, the 100% online Personal Loan in lei, with a duration of only 30 minutes for the approval and making the amount available for the customer.
The online Personal Loan is available for new customers paired with the “LeZero” current account package, which includes Current Account, Debit Card, Internet & Mobile Banking, thus being obtained through a 100% online route, without visiting the bank.
For the launch of the online Personal Loan in lei, OTP Bank collaborated with the local start-up FintechOS and the consulting partner Deloitte. FintechOS technology is also used for the digital onboarding procedure and allows automatic data recognition (OCR), automatic data processing in the system and facial recognition, as well as an automatic analysis and decision module.
“The accelerated process of diversification of the digital offer, started in 2020 with the process of onboarding individuals and the new internet and mobile banking solution, continues in 2021 with new banking products and services available online in the Octavian platform. The need for financing is real, and through the Personal Loan, which can now be accessed 100% online, we meet those who want to become OTP Bank customers and for whom time is valuable. So, we address those who need and want an efficient way to interact with their bank, with a faster financing option, facilitated by the technology behind this product and the advantages of the LeZero package for the current account”, said Roxana Hidan, Deputy CEO and Head of Retail Banking Division, OTP Bank Romania.
To apply for the loan, the customer selects the loan parameters, the desired amount, provides the necessary details about the financial situation and identification data, after which the verification and confirmation of the information is done through a video call. The analysis and verification of the customer, the declared income and the credit history take place automatically and, in case of a positive answer, the contract is generated on the spot and is signed electronically.
Approval and delivering the funds are done in about 30 minutes and do not involve fees for application analysis, loan administration or opening a current account. In addition, if the customer collects the salary in an account opened with OTP Bank, he benefits from a 1 percentage point discount on interest.
The “LeZero” current account package, offered to new customers applying for the online Personal Loan, includes a current account in lei, in which the credit equivalent will be transferred, a Mastercard debit card in lei and free access to Internet Banking applications (OTPdirekt). The LeZero package has a standard administration fee of 12 lei/month, but if the user collects the amount of at least 1,200 lei/month in the account opened with OTP Bank, and makes at least one payment per month with the Mastercard debit card, via Mobile Payment, OTPay and Apple Pay or through Internet Banking, the monthly administration fee becomes zero for all the benefits offered: https://www.otpbank.ro/en/individuals/account-management/lezero-package.
The maximum amount accessible through the online Personal Loan in lei is 66,000 lei, for a maximum period of 5 years, with a fixed interest rate starting from 7.99% per year. The calculation examples show us that for a loan worth 45,000 lei, for a period of 5 years, the monthly rate amounts to 912 lei, and the EAR is 8.29%.