Personal loan interest rates were also frozen in January

Banks entered the new year with unchanged conditions for personal loans: accordingly, the most favorable offers are for annual interest rates slightly below 9.5 percent, while to achieve a single-digit interest rate, several service providers require a loan amount of at least 3 million forints and a monthly income of 4-500 thousand forints – points out Attila Norbert Fülöp, financial expert at BiztosDöntés.hu.

“In the second half of last year, several banks further reduced personal loan interest rates – and relaxed application conditions – but it seems that by now most of the room for maneuver has been used up, and if the interest rate environment remains unchanged, the most favorable annual interest rates available will stabilize between 9 and 11 percent,” reminds the financial expert of BiztosDöntés.hu.

According to the BiztosDöntés.hu personal loan calculator, the basic pricing principles remain unchanged for personal loans: the larger the amount requested and the regular income received into the account, the more favorable the applicant can expect.

With Erste’s personal loan, an annual interest rate of under 10 percent (9.89 percent) is available for a loan amount of 3 million forints and income received into a locally held account of 400 thousand forints. The most favorable interest rate of 9.69 percent per year is available at Erste for a loan amount of at least 12 million forints, if the income received by the applicant’s locally held account reaches 500 thousand forints.

At MagNet Bank, several interest discounts are available for personal loans. By taking advantage of the active account use discount and providing proof of an appropriate amount of income received by the locally held account, the annual interest rate can be as high as 12.50 percent. The maximum amount that can be requested for the standard loan of the financial institution is 10 million forints, but the offer also includes a version that can be used for green purposes, where the upper limit is 12 million forints.

OTP Bank has reduced the interest rates on certain lower amount bands of personal loans since November 17. For example, the two previous, smallest loan amount bands for the OTP Personal Loan have been merged: the interest rates for loans between 500 thousand and 1,999,999 forints were previously 22.99 percent and 20.99 percent, which has been reduced to 19.99 percent. In the range between 2 million and 3,099,999 forints, the interest rate decreased by one percentage point, to 17.99 percent. In the range between 3.1 million and 4,099,999 forints, the interest rate also decreased by 1 percentage point, to 16.99 percent. For the qualified consumer-friendly loan, the annual interest rate is 15.99 percent in the range between 2 million and 3,099,999 forints, and 13.99 percent between 3.1 million and 7.099 million forints.

With K&H’s premium personal loan, the most favorable interest rate of 9.99 percent is available for a loan amount of 3 million forints, if the client’s verifiable income reaches 400 thousand forints and is also eligible for the transfer discount.

At Raiffeisen Bank, with active account use and income reaching 450 thousand forints, an annual interest rate of 9.49 percent is available.