The City and Province banks announced the launch of a new line of personal loans adjusted by UVA with different terms and rates but with attractive conditions in both cases.
In the case of City Bank The new credit proposal is aimed at remodeling, expansion and completion of a unique and permanent home and “these are personal loans that allow access to up to $100 million, with a maximum term of 120 months, with the most competitive fee on the market and an amortization system in which interest decreases over time, generating decreasing installments” .
Likewise, the entity specified that “Financing reaches up to 100% of the construction budget, with a maximum equivalent to 50% of the value of the property” and indicated that new loans to remodel, expand and/or finish homes are denominated in UVAs, plus a fixed rate from 8.5% (TNA).
In this regard, he gave as an example that “for a bathroom and kitchen remodel with the installation of a high-efficiency hot water tank, $10 million could be requested and the first installment would be $164,000 for a period of 120 months (value of the UVA as of 21/21). 10/24)”.
Furthermore, he stressed that “These loans have the German amortization system, in which the capital component is constant in each installment and the interests decrease over time, generating decreasing installments (in grapes)”, noting that “the value of the monthly installment is lower (in grapes) as the amortizes the capital, by reducing the balance owed and therefore the payment of interest”.
The City clarified that “the interest rate of 8.5%, plus UVAs, It is granted in cases where the work generates energy efficiency, for example, increased insulation in the existing components of the envelope of a property, installation of double or triple glazed windows (DVH), solar control systems: awnings or curtains , installation, replacement, maintenance and repair of air conditioning systems (heating, ventilation and air conditioning) and water heaters using high efficiency technologies”, pointing out that “In other cases, the fixed rate is 9.5%, plus UVAs.”
Banco Provincia launched new UVA personal loans for up to $50 million to be paid in four years
He Provincial Bank, For its part, it launched the UVA Personal Loan, which it defined as “a new financing tool that grants up to $50 million, with a maximum term of 48 months.”
The credit has a fixed rate of 10% annually on the capital adjusted by UVA for those who collect their salaries through the Bank and 12% for the general public.
The Buenos Aires banking entity highlighted how “additional relevant information” that “the value of the fee cannot exceed 25% of the client’s income” and clarified that “human persons, subject to credit, without age limit, may do so.”
The new line allows access to a higher amount of money, with a lower fee than traditional loans. For example: for $1 million, equivalent to 863.45 UVAs, at a value of $1,158.15 per UVA and with a term of 48 months, pay an initial fee of $26,939.67.
Unlike the proposal of the Citythe Province’s financing alternative allows it to be directed to multiple destinations, such as automobiles, home parts, furniture, equipment and several more.
Interested persons can access the bank website to a simulator to calculate how much will have to be paid according to the amount of money to be requested. You can choose the option to cancel in 12, 24, 36 and 48 months; the equivalent UVA amount in pesos to request and choose whether or not to collect assets in the Bank.
From the Buenos Aires public banks they highlighted that “in this way, it will be possible to know what the estimated initial equivalent UVA fee in pesos is; the estimated required income and the interest rate.”
Source: Ambito
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