1. What types of consumer loan products does Alpha Bank offer?
Alpha Bank offers a full range of consumer loan products specially designed to cover your needs. Furthermore, these products are characterized by very simple and fast procedures. Always consistent with our philosophy “nice and neat”, we reward our clients by offering flexible repayment programmes.
In a few words Alpha Bank offers:
Alpha All in 1 is a Loan and Credit Card Transfer Programme, with very flexible repayment options and a very competitive interest rate, which allows you to concentrate your debts in only one and reduced up to half installment than your current ones.
Alpha "Metron Ariston" is a “nice and tidy” loan, designed for those of you who want to finance your purchases, easily and quickly, in order to cover your needs and the high demands of the modern life.
Alpha Epipleon is an overdraft programme which offers you the advantage of always having “extra” money in your bank account in order to withdraw cash or to pay your monthly bills.
Alpha Consumer Loan is a flexible loan which gives you the opportunity to cover the entire cost of a new car purchase, at a preferential interest rate.
Alpha X 12 is a personal loan specially designed for the needs of the salary employed and the retired. This product actually releases the power of your salary and gives you the opportunity to apply for an amount up to twelve times your net salary.
2. What types of interest rates does Alpha Bank offer?
PRODUCT
INTEREST RATE*
TYPE
Alpha All in 1
12.75% or 10.25%
Fixed
Floating
Alpha "Metron Ariston"
12.95%
Fixed
Alpha Epipleon
- 12.75% - For customers who receive their salary through "Alpha Premier" account, a preferential rate applies, deducted by 100bps, that is 11.75% - For "Alpha Payroll Scheme Privileges" accounts, a preferential rate of 0% is applied for up to Euro 100 and for amounts over Euro 100 a preferential rate applies, deducted by 150 bps, that is 11.25%
5. Will my monthly instalment be fixed for the whole duration of my loan?
If you choose a loan with a fixed interest rate and with a fixed duration, then your instalment will be the same for the whole duration of your loan, as long as you repay these instalments on time.
In case you choose a fluctuating rate and the Bank decides to increase the interest rate for the specific loan you choose, then your instalment will most likely change.
Finally, in case you choose the Overdraft Programme Alpha Epipleon, then you do not have the obligation to pay a monthly payment. Your only obligation is to repay the interest charged either on a quarterly or on a semester basis, based on the amount you used and the duration you used it for.
6. How often can the Bank increase its interest rates?
The Bank may proceed with increasing its variable interest rates, at a level which is determined by the change in the interest index of either 3 month Euribor or the ECB interest rate.
7. What is the difference between the Overdraft Programme Alpha Epipleon and an ordinary consumer loan?
Alpha Åpipleon offers you the advantage of using your approved credit balance without having to repay specified monthly payments at specific dates. Every time you use your credit balance (in full or parts) you are being charged interest rates only for the amount you used and only for the duration (days) you used it. For example: If you withdraw an additional Euro 280 from your bank account at 10/3 and you deposit this amount back in your account at 20/3, then you will less than Euro 1* for these 10 days and for the specific amount you used.
* The charge less than Euro 1 is calculated with a nominal interest rate of 12.50%, plus the contribution to law 128/75 (today 0,60%) and the Total Annual Cost amounts to 13.10%.
8. What is the difference of Alpha All in 1 from an ordinary consumer loan?
Alpha All in 1 is a programme specially designed for those of you that need to consolidate all your debts that you might have at Alpha Bank, in one loan with a premium rate. So now you can pay only one instalment, reduced up to half in comparison to your current ones. All in 1… nice and neat!!
11. What do I need to bear with me in order to submit my application?
For your convenience, you need to bear with you the following documents in order to submit your application: • Your identity card or other identification certificate • The tax statement for the latest fiscal year • Latest statement of salary. If it is not available, you can produce a certificate by your employer with an analysis of your wages (only if you wish to apply for Alpha X12). • Last month's payment advice regarding the liability to be transferred (only if you wish to apply for Alpha All in 1).
If you wish to apply for Alpha Natural Gas and Maintenance Credit Loan, you will also need to bear with you:
• A proforma cost request of the maintenance works. • A copy of the contract for connecting to the Natural Gas network
In case the application concerns an apartment building, the following are also required: • The meetings of the General Assembly for the approval of the related works. • The meetings of the General Assembly for the approval of the loan application.
• Through a standing order from a deposit account that you hold with the Bank. • Through Alpha Bank’s ÁÔÌ. • Through the Automated Cash Transaction Centres (ACTC). • Through Alpha Web Banking and Alphaphone Banking • At any Alpha Bank Branches' counters.
Loan programmes with fixed rate offer fixed instalements and they are not influenced by the decisions of the European Central Bank. These programmes fit more to clients with fixed monthly income, because they eliminate the unwanted surprises of fluctuation in the exact amount of the monthly instalment due to changes in the rates, and thus make easier the monthly financial planning.
Floating rate is usually lower that the fixed rate and is indeed influenced by the decisions of the European Central Bank. So, it is very likely that the interest rate will increase during the loan duration as well as the exact amount that needs to be paid for the total repayment of the loan.
The Total Annual Cost includes the interest rate of your loan plus any communication expenses you may have to pay (depending on the loan you choose) and is being presented in a form of an interest rate percentage. T.A.C. is actually your total real charge.
