Credit increases started - "HVB Bank" in Serbia increases interest rates on all credits, except on mortgage loans

"HVB bank" in Serbia announced that it was forced to increase interest rates for all credits it approves to the citizens, except for mortgage loans.

"HVB bank" will increase interest rates for already approved credits since the new measures of NBS on increase of mandatory reserves for banks' foreign debts from 40% to 60% are applied reversely.

According to the statement, the effective interest rate (EKS) for “super cash” credit indexed in Swiss francs is now 13.77%, whereas EKS for “super cash” credit indexed in EUR now amounts to 19.1%.

The effective interest rate for restricted cash credits will amount to 14.77% on annual basis, whereas EKS for loans for procurement of new and used automobiles will amount to 14.63%.

According to the words of the manager for retail operations of that bank, Ivan Radojčić, due to this situation, "HVB bank" will, from now on, offer to all clients, who decide to take loans in that bank, the possibility of approval of credits without charging for mandatory administrative fee.