Bancherul - BANCI / ENGLISH / Millennium Bank provides online consultancy for refinancing

Millennium Bank provides online consultancy for identifying refinancing options that fit different client needs. The bank launched a dedicated website, www.creditrefinantare.ro, an application developed based on three different client profiles and financial needs scenarios, which provides simulations for a Millennium Bank refinancing loan, said the bank in a press release.

After choosing one of the three options - reduce the monthly instalment, save money by keeping the same monthly instalment or reduce the loan tenor -, users fill in the information regarding their present debt and the application offers examples of calculation.

The platform gives a new and different perspective on refinancing. It does not only provide a tool to calculate the new monthly instalment obtained through refinancing, but it also makes the user aware of the added value of putting aside the money saved after refinancing. The monthly difference gained through refinancing can be kept in a saving account and the money accumulated can be used from time to time to early repay the loan. This can bring significant savings, by reducing the total interest clients pay for the loan and the calculator provided by the website offers such simulations.

“This tool is a first step for clients who are interested in refinancing their debt and want to make an idea about the benefits they can get. In addition to that, it provides basic financial education to clients, by familiarizing them with the idea of financial planning”, Eliza Erhan, Head of Retail Product Development with Millennium Bank, stated.

Millennium Bank’s refinancing offer includes three products, each of them designed to answer specific client needs. The Mortgage Loan addresses customers who want to refinance an existing mortgage loan in order to reduce the monthly instalment, the standard Cash Loan with Mortgage can refinance any type of loan in order to have only one monthly installment, while the Refinancing Cash Loan with Mortgage allows clients to refinance an existing mortgage loan and, in addition, get an extra amount to use either to refinance other debt or for other purposes, without justification needed.