The Business Loan Express is aimed at freelancers and businesses who hold a sight account with NBG, with a business life of at least one business year and turnover of up to €2.5 million.
This product offers financing by means of an overdraft facility from €6,000 to €35,000, and is aimed at our business clientèle, following approval, to cover their working capital needs.
The credit is of 12month duration with a renewal option upon expiry, by submitting a relevant request. The relevant interest must be paid on a monthly basis, with the minimum monthly payment being €50 if the monthly interest due falls short of the said amount, while the principal is paid back in line with what the borrower can afford, with the payback deadline, however, being the expiry date of the overdraft.
The interest charge on the credit arises from the sum of 3-month EURIBOR (in the event of a negative rate, it is agreed that a zero rate shall apply) plus interest margin and the respective levy under Law 128/75 (currently 0.6%).
The interest rate margin arises on the basis of banking criteria, following assessment of the financing application. The terms of the Bank’s approval for financing will be notified to the applicant through his Internet Banking service.
It is agreed that the default interest rate shall be two and a half (2.5) percentage points higher than the contractual rate each time applicable, as above.
Annual handling and operating costs amount to €150, and are collected upon first use of the credit line, and on each annual renewal of the credit.
Any collateral required in security of the credit line shall be in the form of personal guarantee by a third party and may be requested by the Bank during assessment of the application, if not already indicated by the applicant when submitting the application.
If the applicant is a legal person then one of the company’s proprietors should participate in the loan application as guarantor. Note that the company’s proprietor included in the application must have at least a 20% share in the company's ownership.