After launching the personal need online loan in September 2017, ING brings an improvement to the existing Home'Bank product, allowing customers to refinance personal needs loans or ExtraROLs in a single loan with a fixed monthly installment for five years so that they can get the desired amount.
The refinancing option can be easily accessed through the existing personal credit loan process of ING Home'Bank.
Clients go through the same queries at ANAF and the Credit Bureau to check the eligibility and the amount for which they fit compared to the one requested.
The refinancing option is currently only available to those customers who already have products like ExtraROL or personal needs loans and for which refinancing makes sense in order to obtain the desired amount.
Loan products selected for refinancing will be among those that favor the customer to achieve the desired value (taking into account their term, value, monthly rates, etc.).
Being part of the online credit flow process, the option is not currently addressed to ING clients who just want to refinance their existing debt. This request may still be addressed to any ING office.
Prior to refinancing approval, customers will receive a simulation of the new loan, the steps that follow are the same as in the case of an ordinary online personal need loan, using the digital signature and transferring the amount immediately to the client's account. The whole process takes about 15 minutes.
Verification processes and grant terms are exactly the same as refinancing in an ING office.
Customers will be able to check all refinancing conditions and information in the process and in the documents sent to the email address to make an informed decision about refinancing options (approval date, maturity, monthly installments, refinancing costs ), as well as the terms of the new loan (interest, total amount refunded by the DAE, analysis fee or any other fees).
ING Bank Romania will continue to respect the responsible lending policy, which resulted in a 2.8% non-performing loan rate well below the market average, reported at the end of the first half of the year.
Javier Mones Pita, Retail Banking Director ING Bank Romania:
" Fully online personal need credit has opened the door to a wealth of possibilities, using electronic signature and automated checks in third-party databases with the approval of ING clinics.This is just another step in the promise of a digital bank that we have done to our clients, giving them better control of their money.
Online banking should not only be about handy transactions, but also a way to have a better visibility of the financial products portfolio, a control of your own funds, while you can allocate, from the comfort of your own home, the time needed for read and inform you of your financial decisions".
Since announcing personal need online credit, in September 2017, nearly 18,000 people checked on what conditions they could get a loan, with a more responsible and informed approach to the terms of a loan.
A total of 5,000 customers chose to take online credit, one in three having at least one such product. Moreover, 80% of online credits were accessed and approved via mobile.
The use of the ING Home'Bank application through the mobile application has increased significantly over the desktop usage level. At the end of June 2018, of the 646,000 active users of Home'Bank, 453,000 accessed the mobile application, averaging 15 logs per month. Frequency for the desktop application is halfway.
Analyzing the behavior of ING clients, the preference for online solutions is obvious: only 4% of interactions with the bank are offline, via branches or call center. In addition, the number of interactions and requests from mobile clients has doubled over the past year.