OTP Bank launches a new lending instrument, the 100% online Personal Loan in lei, with a duration of of only 30 minutes for the approval and making the amount available for the customer.
The online Personal Loan is available for new customers paired with the ”LeZero” current account package.
This includes Current Account, Debit Card, Internet & Mobile Banking, thus being obtained through a 100% online route, without visiting the bank.
For the launch of the online Personal Loan in lei, OTP Bank collaborated with the local start-up FintechOS and the consulting partner Deloitte.
FintechOS technology is used for the digital onboarding procedure and allows automatic data recognition (OCR), automatic data processing in the system and facial recognition, as well as an automatic analysis and decision module.
The analysis and verification of the customer, the declared income and the credit history take place automatically and, in case of a positive answer, the contract is generated on the spot and is signed electronically.
Approval and delivering the funds are done in about 30 minutes and do not involve fees for application analysis, loan administration or opening a current account.
In addition, if the customer collects the salary in an account opened with OTP Bank, he benefits from a 1 percentage point discount on interest.
What is ”LeZero” account package
The ”LeZero” current account package, offered to new customers applying for the online Personal Loan, includes a current account in lei, , a Mastercard debit card in lei and free access to Internet Banking applications (OTPdirekt).
The ”LeZero” package has a standard administration fee of 12 lei/month.
If the user collects the amount of at least 1,200 lei/month in the account opened with OTP Bank, and makes at least one payment per month, administration fee is 0.