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“Smart Overdraft” has very beneficial conditions of credit funds provision and flexible collateral requirements
From now on the legal entities and individuals that are carrying out entrepreneurial activities can use the advantages of the new credit offer “Smart Overdraft” from Piraeus Bank.
Its conditions are far more beneficial for clients in comparison with the average ones on the market. The overdraft’s Limit can amount up to 60% of the net cash inflows on the client’s current account (minimum and maximum amounts are UAH 1 mln to UAH 10 mln respectively).
‘’We can offer the higher limit of financing to business since Piraeus Bank takes into consideration the stability of the customers’ turnover. Businesses who have more stable cash flows are rewarded with a higher percentage of financing, – Evangelos Diakomanolis-Pringis, Piraeus Bank in Ukraine Credit Department Director, told. – Another important advantage of smart overdraft is that we also consider the recent business results to be more significant for our calculation of the average turnover’’.
Smart Overdraft from Piraeus Bank is more flexible financial service than the classical overdraft as long as it stipulates the possibility of quarterly growth of the limit amount, while the limits of the ordinary overdraft are generally established for a year. The Smart overdraft limit growth comes automatically without the need of applying to the bank.
“Due to the better correlation between the loan amount and the stability of turnovers, we are confident of granting more financing for every different type of collateralized property: up to 80% of real estate cost, up to 65% of motor transport cost and up to 50% for inventory and equipment», Mr. Diakomanolis-Pringis told.
The Smart Overdraft is granted for one year and there is no obligatory periodical repayment of overdraft limit during this period. Financing the business ongoing needs within the frame of Smart overdraft stipulates a lending rate starting from 17% annual, and the 1% one off paid fee.
New service from Piraeus Bank is targeted at legal entities and individuals that carry out the entrepreneurial activities with annual amount of net turnovers between UAH 20-100 mln and a business activity on market for at least 1 year from the date of official registration.
"A new credit offer reflects the more flexible attitude of Piraeus Bank towards the businesses who present stability and growth, putting attention to business results rather than value of collateral", Evangelos Diakomanolis-Pringis, Piraeus Bank in Ukraine Credit Department Director, told
«A new credit offer reflects the more flexible attitude of Piraeus Bank towards the businesses who present stability and growth, putting attention to business results rather than value of collateral. Moreover, business can finance its current needs on the interest rate that is lower than the market average one», - told Mr. Diakomanolis-Pringis.
Note. Piraeus Bank is one of the major banking institutions of Southern and Eastern Europe with assets of EUR 57.6 bln and total equity of EUR 4.3 bln. Established in 1916, Piraeus Bank today has presence in Greece, Ukraine, Romania, Bulgaria, Albania, Egypt, Serbia, Cyprus as well as in the world financial centres of New York and London. Piraeus Bank S.A. leads Piraeus Bank Group, which consists of 10 banks and 21 companies covering the entire range of financial services.
In Ukraine Piraeus Bank provides a full range of banking services to individuals, small and medium enterprises and corporate clients.
Piraeus Bank is a member of Association of Ukrainian Banks, participant of the Fund of Guaranteeing the Deposits of Individuals. The Bank is also included in the list of banks authorized by the Pension Fund of Ukraine to make payments of pensions and financial assistance.
Piraeus Bank has the highest rating of deposits reliability of Piraeus Bank provided in March 2009 (grade “5”), that shows the bank's capacity to make payments on existing deposits timely and in full.
Piraeus Bank Press Service in Ukraine
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