- General conditions for lending
1. Loans are granted upon the request of the customers if they meet at least the following conditions:
to have a current account opened with CEC Bank;
2. loans may be granted also to major natural persons having Romanian citizenship and the domicile in one of the European Union Member States, provided that the natural person proved his/her residence in Romania;
3. to prove the constitution of his/her own contribution, if, for the type of loan requested, it is necessary own contribution;
4. to make the proof that they can support the reimbursement of the credit and the payment of interests, commissions from net achieved incomes. When establishing salary incomes, one will take into account a simplified documentation, in the situation of obtaining data concerning basic incomes, data given by the National Agency for Fiscal Administration;
5. to submit the guarantees corresponding to the type of the loan requested, communicated by the Bank;
6. the customer, his/her family or fidejussors must not have, on the date of the application for a loan, any obligation to CEC Bank and/or other banks which is not paid on maturity term, as well as any other outstanding debts or overdue account debits to third parties;
7. to have a good payment behaviour in relation with credit institutions;
8. the maximum age for the customers on the date established in the loan contract for the integral loan reimbursement, as well as for the family members who participate with their incomes obtained to the evaluation of the customer's solvency, shall be of maximum 75 years, according to the guarantees constituted, for all categories of loan;
9. when granting loans there can be taken into consideration both the customers’ incomes and the ones of his/her family, respectively the husband/wife and his/her relatives and in-laws who live and participate in the household together with the customer, as well as the incomes of some co-debtors – natural individuals who do not have the quality of members of the family who live and participate in the household together with the customer but who are relatives of I or II grade with this one (ex: children, parents, brothers/sisters);
10. the family members declared by the customer have the same domicile; if, from their identity documents results that some of the declared family members do not have the same domicile as the customer, upon the evaluation of the customer's solvency the incomes of the relevant persons can be taken into consideration only if the customer and the relevant family members will state on their own liability that they live and manage a household together;
11. the analyze of the customer’s creditworthiness can be performed also by taking into consideration only his/her incomes and some of his/her family members declared by customer, but only given that the customer shall include in the solemn declaration and the payment commitments of the other declared members of the family whose incomes are not taken into account.
- The provisions of the Emergency Ordinance 52/2016 of the Government
In accordance with the provisions of the Emergency Ordinance 52/2016 of the Government regarding the loan contracts offered to the consumers for immovable property, the customers must take into consideration the following:
- The possible fluctuations of the exchange rate which may affect the amount to be paid, in case of contracting a loan in EURO, meaning its increase, can lead to impair your possibility of payment;
- The possible fluctuations of the due interest installments, related to the contracted loan, considering that this is a loan with variable interest rate, for the entire period of crediting, expressed depending on the reference index (ROBOR/EURIBOR);
- Even if the terms and conditions of the loan contract are met, it does not guarantee the reimbursement of the loan total value under the loan contract;
- Noncompliance with the commitments of the loan contract can generate financial and/or legal consequences:
- For the overdue loan installments, a penalty interest is charged that is calculated based on fix percentage of three percentage points that are added to the rate of the current interest and it is applied to the main outstanding.
- For the delay in the reimbursement of the amounts due to the Bank exceeding the terms determined in the reimbursement graphic, the Bank transmits to the Bureau of Loan and/or to the Central of Loan Risk information regarding customer/co-debtor if the overdue payment obligations exceeding 30 days.
- If the insurance premiums are not paid according to the conditions settled down in the policy/insurance contract, the Bank has the right, without being forced in any way, to require concluding a new policy or the renewal of the policy/contract of insurance on the account and on behalf of the customer, with prior notice thereof, at one of the insurance-reinsurance companies with which the Bank has contracts of bancassurance.
- If the customer does not comply with any of other obligations to Bank derived from contract, the Bank can declare early maturity of the whole loan remained to be repaid. In case of accumulating delays exceeding 90 days to repay the loan according to the contracting provisions, the Bank is entitled to trigger the enforcement procedure.
- Ultimately, the mortgaged house may be subject to the enforcement procedure in case of non-payment of the installments.
- The possible supplementary costs can be generated by:
- services performed at the customer’s request related to the deployment of the loan for which a sole commission is being charged;
- registration/extension/modification (by case) and cancellation of the pledge on the present and future credit balances of the current accounts of the customers/co-debtors and of the customer’s debit card accounts at the National Register of Mobile Advertising;
- all the costs (taxes, fees, other costs) that are to be paid about concluding, advertisement and/or registration of the loan contract and of the ancillary documents (guarantee contracts, including their extension/cancellation etc.), including the notary fees;
- the amounts representing the insurance premiums related to the insurance policies for general risks, related to the value of the assets accepted as collateral, for which there are concluded such policies and/or PAD (Effective Annual Interest Rate) premium quote, given that the Bank does not impose the concluding of the insurance premiums with a certain provider of such services;
- the amounts related to the evaluation of the movable/immovable assets accepted as collateral, except for the evaluation that is performed by the internal evaluators of the Bank.
- Loan documentation
The main documents that have to be presented by the client in order to obtain a credit:
- loan application
- agreement for the interrogation of the data basis of the Central of Credit Risk (CRC) for the client, the client's family and fidejussors, as well as the agreement for the interrogation and transformation of information from the data basis of MPF - National Agency for Fiscal Administration (in the case of clients who obtain incomes from salaries)
- for clients for whom the information from the data basis of National Agency for Fiscal Administration are not conclusively / relevant, they will present a Salary Certification or a Certificate concerning the seniority in labour (according to the case)
- the documents that certify the client's capacity, of the client's family and fidejussors to dispose of cert incomes, with permanent character, achieved from salaries, pensions, agricultural activities, independent activities, cession of the usage of goods, dividends, activities delivered based on some civil conventions, collaboration contracts etc.
- the client's identity papers, of the client's family and of fidejussors
- documents from which will result the destination of the requested credit (if there is the case)
- documents from which will result own contribution (if there is the case)
- ownership documents over the goods that are put as a guarantee for the credit, including the technical - economical documentation necessary in the case of credits for real estate investments (if there is the case)
- other documents, as the case may be
- Loan documentaion - Revenues obtained abroad
Romanian natural persons, with normal residence in Romania, that derive income from abroad may contract loans from CEC Bank with the conditions that these are guaranteed with real guarantees, respectively with mortgage and/or pledge by establishment of a collateral cash (on the collateral deposits) or are guaranteed with guarantees issued by guarantee funds on behalf and in the account of the state, in which cases the concerned persons shall submit the following documents that are the certification basis for this kind of revenues:
- salary certificate or a document issued by the employer including at least the information specified on CEC Bank form related to the identification data of the employer and employee and the afferent revenues, the original document and the version translated and authenticated by the Romanian Consulate/Diplomatic Mission of Romania/a Notary Public from Romania/a Notary Public of the country where the revenues derive from (in this case bearing also the apostille/over legalization, as the case may be), all documents bearing the official seal of legalization
- the employment contract/contracts and, as the case may be, the addenda to the contracts, translated and authenticated according to the above mentioned. The documents presented must specify the fact that the concerned persons have a length of service of at least 12 months and a length of service at the current work place of at least 3 months, being also accepted the cases when within the last 12 months there are interruption of maximum three months (cumulated)
- the proof of registration by the fiscal authority of the country wherefrom the revenues derive, legalized and translated according to the above mentioned
- the document attesting the residence or the permit to stay or the permit to work, as the case may be, issued by the authorities of the country wherefrom the revenues derive, legalized and translated according to the above mentioned
- the copy of the passport, certified at the office of CEC bank unit by the bank officer or legalized according to the above mentioned, in case the revenues derive from a country outside the European Union
- a statement on own liability, indicating the correspondence address (full address of the location and telephone number or e-mail address) where they may be contacted in Romania or in the country wherefrom the revenues derive
Also, revenues obtained by navigators may also be accepted provided that these revenues are guaranteed by guaranteed with real guarantees, respectively with mortgage and/or pledge by establishment of a collateral cash (on the collateral deposits) or are guaranteed with guarantees issued by guarantee funds on behalf and in the account of the state, in which cases the concerned persons shall submit the following documents that are the certification basis for this kind of revenues:
- salary certificate or a document issued by the employer including at least the information specified on CEC Bank form related to the identification data of the employer and employee and to the afferent revenues, the original document and the version translated and authenticated by the Romanian Consulate/Diplomatic Mission of Romania/a Notary Public from Romania/a Notary Public of the country where the revenues derive from (in this case bearing also the apostille/over legalization, as the case may be), all documents bearing the official seal of legalization. In case the employer is registered in Romania, the salary certificate shall not be legalized
- the employment contract/contracts and, as the case may be, the addenda to the contracts, translated and authenticated according to the above mentioned. In case the employer is registered in Romania, these documents shall be presented in copies which shall be certified for conformity with the office of the bank by the bank officer or shall be translated according to the above mentioned. The presented documents must indicate that the concerned persons have a length of service of at least 24 months, which from the navigation periods cumulate at least 12 months
- the document attesting the date of employment of the navigator and the date when he shall leave in travel, in case that on the date of application for the loan the navigator is not in travel
- copy of the navigator certificate, copy of the license of navigator/certificate of competence, certified for competence with the office of the bank by the bank officer or translated and legalized according to the above mentioned
- registration certificate issued by the Romanian Naval Authority, in original, and, if the case may be, a legalized translation according to the above mentioned
- a statement on own liability, indicating the correspondence address (full address of the location and telephone number or e-mail address) where they may be contacted in Romania
- Loan documentation - incomes obtained from independent activities
The incomes obtained from independent activities are attested, as the case may be, with the following documents (in xerox copy), issued according to the legal regulations in the field:
- the legal act under which the independent activity is practiced and from which it results that the activity has been carried out for at least 6 months;
- the registration certificate at the Trade Register Office;
- the income certificate issued by the Fiscal Administration, from which the net income obtained in the year preceding the loan application will be shown;
- the unique declaration regarding the income tax and the social contributions due by the natural persons;
- the fiscal registration certificate;
- the register of receipts and payments for the last 6 months etc.
- The effective annual interest according to the provisions of GEO 50/2010
The effective annual interest (AER) represents the total cost of the loan, expressed in annual percentage and is the equivalent, at the level of one year, between the current value of all the commitments, withdrawals, reimbursements and existing or future expenditures (costs), agreed and accepted by the DEBTOR and by the Bank. AER may be modified according to the conditions of modification of the annual interest rate.
The value payable by the DEBTOR for the loan granted, determined from AER calculation, represents the amount between: the total value of the contracted loan and the total cost of the loan for the DEBTOR (total interest, commissions, any other type of costs which the DEBTOR must bear in relation to the loan agreement and which are known by the DEBTOR, except for the notary fees).
The value of the cost elements mentioned above, included in the total value payable by the DEBTOR is:
a) the total value of the credit;
b) the total interest;
c) the loan file analysis fee;
d) the loan management fee.
The calculation of the effective annual interest is based on the hypothesis according to which the loan agreement is to remain valid for the agreed period, and the creditor and the consumer shall fulfill their obligations according to the conditions and terms agreed in the loan agreement. In the case of loan agreements which allow variations of the interest rate afferent to the loan, the effective annual interest is calculated based on the hypothesis according to which the interest rate afferent to the loan and the other costs shall remain fixed in relation to the initial level and shall apply until the termination of the loan agreement.
Other cost elements which are not included in AER calculation are those related to insurances or guarantees, to additional operations/services requested by the DEBTOR during the loan performance, respectively:
a) costs for the evaluation/verification of the evaluation reports of the movable/immovable properties admitted for guarantee;
b) the insurance premiums related to the all-risks insurance policies, mentioned in the agreement, whose value is that afferent to the value of the properties accepted for guarantee, for which the all-risks insurance policies are concluded;
c) sole banking fee for services provided at the request of the DEBTOR, in relation to the performance of the loan.