Loan amount: The maximum loan amount is determined by the monthly income of the creditee. For consumer loans without mortgage the maximum loan amount is determined by the bank.
Applicant’s income: different banks have different criteria for determination of applicant’s solvency, both for the income remainder and for proving of income from various sources. Some banks grant loan without income proof but charge higher interest rates. For cases of unproved income the banks require one or several warranties, depending on the loan amount.
Loan period: The mortgage loan period varies between 6 months to 10 years, depending on the bank.
Maximum allowed creditee age: The maximum age that the creditee could reach during the loan period is between 58 and 70 years, depending on the bank.
SORTIS Credit offers the following consumer loans:
Consumer loan with mortgage: a consumer loan for servicing current financial needs that requires a mortgage of property owned by the creditee or third parties, in favor of the bank.
Consumer loan with warranty: this type of loan does not require a property mortgage. Depending on the loan amount, the bank determines the number of warranties required. Consumer loans have higher interest rates compared to mortgage loans and have shorter pay-back period.
Re-finance of loan with similar credit parameters: the process of re-financing of loans with similar parameters means granting consumer loans for re-financing of other consumer loans.