Bank360: Banks are already rushing to provide workers’ loans

As expected based on the preparations in December, most banks announced their offers for workers’ loans on the first day of January, which eligible customers can even apply for, and in some cases they can do so online. The new free-use loan can be found in the offer of OTP, MBH, K&H, CIB, Gránit and Erste from January 1, according to the Bank360.hu summary. In the first days of the year, additional financial institutions (including Raiffeisen, for example) are expected to publish their conditions for this new option.

The law will allow those who are older than 17 and younger than 26 years old, who are not eligible for a Student Loan or who have not yet obtained a higher education qualification to take out a work loan from 1 January 2025. Student loans are available to those who are studying at a higher education institution, so the work loan is for those who have not continued their studies but have started working and work at least 20 hours a week as an employee or entrepreneur.

The maximum amount of the work loan is 4 million forints, the term is a maximum of 10 years, and it is interest-free if the young person stays in Hungary for at least five years and the employment relationship is maintained during this time. Having a child during the term entitles female applicants to additional benefits. For the first child, repayment can be suspended for two years, for the second child this discount is also available, and even half of the outstanding debt is forgiven, and after the third child, the state forgives the entire debt.