Hellenic Bank Loan Solutions
Hellenic Bank provides a broad range of loan solutions designed to cater to the diverse financial needs of individuals and businesses. Whether you’re planning to purchase a home, finance a car, cover personal expenses, or invest in business expansion, Hellenic Bank offers tailored loan products with competitive interest rates and flexible repayment terms. Customers can choose between secured and unsecured loans, depending on their financial situation, and benefit from a straightforward application process. These loans offer valuable options for financing that are both accessible and designed to provide ease of mind when managing short or long-term financial goals.
The bank’s loan products include home loans, car loans, personal loans, educational loans, and professional loans. Each type of loan is specifically structured to support different aspects of your financial journey. Whether you need support for personal, educational, or professional development, Hellenic Bank provides financing that aligns with your individual or business needs. This guide will outline the unique features and conditions of each type of loan, offering insight into how they can help you achieve your objectives.
Home Loan
Hellenic Bank’s Home Loan is designed for individuals looking to purchase, construct, or renovate a primary residence. With flexible financing solutions, this loan covers up to 80% of the property’s value, allowing customers to spread the costs of homeownership over a long-term repayment period. First-time homebuyers also benefit from discounted interest rates.
Key Features:
- Loan Amount: Up to 80% of the property value.
- Interest Rates: Choose between fixed and variable interest rates, with fixed rates available for 3, 5, or 10 years.
- Repayment Term: Up to 30 years, or until the borrower reaches 65 years of age.
- Additional Benefits: First-time buyers may qualify for lower interest rates and no subscription fees for the first year on a credit card.
Car Financing
Hellenic Bank’s Car Financing offers a flexible way to finance the purchase of new or used cars, as well as electric or hybrid vehicles. This loan is available for up to 100% of the vehicle’s value, with a variety of repayment terms to fit different budgets. Customers can also enjoy a 15% discount on motor insurance through Pancyprian Insurance.
Key Features:
- Loan Amount: Financing covers up to 100% of the vehicle’s value.
- Interest Rates: Available in both fixed and variable options, with variable rates based on the Hellenic Bank Main Base Rate plus a margin.
- Repayment Term: Up to 7 years for both new and used cars.
- No Prepayment Fees: Customers can repay the loan early without penalties.
Personal Loan
The Personal Loan from Hellenic Bank provides financing for a variety of personal needs, from consolidating debt to purchasing household items or covering medical expenses. This unsecured loan offers a maximum amount of €30,000, with the option to repay over a period that suits your financial capacity. Customers can also benefit from no early repayment charges.
Key Features:
- Loan Amount: Up to €30,000 for unsecured loans.
- Interest Rates: Fixed or variable interest rates, depending on customer preference.
- Repayment Term: Flexible repayment periods to match personal financial plans.
- No Prepayment Fees: Early repayment is allowed without penalties.
Morfosi Educational Loan
The Morfosi Educational Loan is designed for students and families looking to cover the costs of education, whether for studies in Cyprus or abroad. This loan can be used to finance tuition fees, living expenses, and other academic-related costs. Customers can choose between secured and unsecured loans, with additional flexibility in repayment terms.
Key Features:
- Loan Amount: Determined based on the student’s educational needs, including tuition, accommodation, and living expenses.
- Interest Rates: Fixed or variable rates, with the option for a fixed rate during the first three years of a secured loan.
- Repayment Term: Flexible repayment options, with longer terms available for secured loans.
- Additional Flexibility: The loan can cover a wide range of expenses, from tuition fees to books and transportation.
Professional Loan
The Professional Loan is aimed at self-employed professionals and small business owners who need financing for workspace renovations, equipment purchases, or consolidating business debts. This loan offers the flexibility of secured or unsecured financing, with varying interest rates and repayment terms based on the borrower’s financial situation.
Key Features:
- Loan Amount: Determined based on the value of collateral for secured loans or up to €30,000 for unsecured loans.
- Interest Rates: Fixed or variable rates, with variable rates tied to the Hellenic Bank Main Base Rate plus a margin.
- Repayment Term: Flexible repayment periods, with grace periods available during the construction or renovation phase.
- No Prepayment Fees: Borrowers can repay early without any additional charges.
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Loans FAQ
Who is the professional loan product addressed to?
The professional loan is available for self-employed professionals, offering financing for workspace renovation, equipment purchases, debt consolidation, and loan transfers from other banks.
What documents are required for the loan application?
Documents required include identity verification, income information, contact details, and professional activity details. Additional documentation may be required based on the loan type, such as income tax forms, property title deeds, and valuations for secured loans.
What are the minimum collaterals required?
For secured loans, a mortgage on the property is required. The mortgaged property must be insured against fire, earthquake, and flood. Unsecured loans are available based on creditworthiness, with the option to use savings as collateral to reduce interest rates.
What is the maximum loan amount?
The maximum loan amount is based on the type and value of collateral. For unsecured loans, the maximum amount is €30,000. The loan amount will be determined based on income, living expenses, and the borrower’s financial profile.
For which purposes can I be financed with a Morfosi Educational Loan?
The Morfosi Educational Loan is available for financing studies in Cyprus and abroad. This includes tuition fees, accommodation, living expenses, and other student needs like books, transportation, and personal expenses. It also covers primary and high school education costs, as well as private lessons.
What is the repayment flexibility for the Morfosi Educational Loan?
The loan offers flexibility in repayment. Borrowers can choose a longer repayment period if the loan is backed by collateral, and they also have the option of a fixed interest rate for the first three years if the loan includes a mortgage.
For which purposes can I request a personal loan?
Personal loans can be used for a variety of needs, including purchasing furniture, home appliances, or other consumer goods. The loan can also cover personal expenses like weddings, medical bills, or unexpected financial needs. It can consolidate existing debt or transfer a loan from another bank.
What are the available interest rates for personal loans?
Interest rates for personal loans can be either fixed or variable. Fixed rates remain constant over the loan term, while variable rates are linked to Hellenic Bank’s Main Base Rate, with adjustments made during the loan period.
What are the financing terms?
Financing is provided through a financial leasing agreement. The car is registered under the client's and bank's co-ownership until the financing is fully paid. Full ownership is transferred to the client upon completion of all installments and expenses.
How can I apply for car financing?
Existing customers can apply via the Hellenic Bank Mobile App. Alternatively, submit a request online or book a meeting. Car dealers may also submit financing requests with your consent to speed up the process.
What is the process to get the financing?
Once the final car order or invoice is submitted along with the required documents, the bank will evaluate the request. Upon approval, the dealer is paid directly by the bank, and the car is ready for pickup.
What documents are required?
Required documents include identity, income, and contact information, along with professional details. Additional documents such as payslips and income tax forms may also be required, depending on the case.
Can I get a loan for the full amount of the car’s value?
Yes. The loan amount covers the remaining price of the car after any down payment you make.
What is the interest rate of the loan?
The interest rate is based on your contribution amount and other criteria evaluated by Hellenic Bank. Interest rates, collateral, and terms of financing may vary depending on the case.
What is the motor insurance discount?
A 15% discount on motor insurance is available through Pancyprian Insurance when financing your car through Hellenic Bank. Terms and conditions are determined by Pancyprian Insurance.
Do financing conditions differ for new and used cars?
Yes, interest rates and loan duration may differ when buying a used car. Contact a Hellenic Bank branch for more details.
What collaterals are required for car financing?
Financial leasing requires co-ownership of the financed car and assignment of full comprehensive motor insurance to the bank. Additional collaterals may be requested based on the bank’s lending policy.
Can I request financing to buy a motorcycle?
Yes, financial leasing is available for the purchase of a new motorcycle with different conditions. Contact any Hellenic Bank branch for more information.
Can I repay my loan early?
Yes, you can repay the loan either partially or fully at any time without incurring any charges.
What is the difference between fixed and variable interest rates?
A fixed interest rate remains unchanged throughout the loan, ensuring the same installment. A variable rate fluctuates with the Hellenic Bank Main Base Rate plus a margin.
How can I pay my monthly instalment?
Payments can be made via standing order from your account or through Hellenic Bank’s Online Banking service.
What happens if I don’t pay my instalment on time?
If you miss a payment, the total cost of the loan may increase due to additional charges. Contact the bank if you’re facing financial difficulties to arrange a new repayment schedule.
What fees are charged for the loan?
No arrangement or documentation fees are charged for car financing. At loan settlement, a €30.50 option fee is paid to transfer ownership solely in your name.
Do I have a right of withdrawal?
No, you do not have the right of withdrawal after signing the financial leasing agreement.
What is the Annual Percentage Rate (APR)?
The APR is the total cost of the loan, expressed as an interest rate, including all related expenses. It helps you compare different loan options.
