News

Bank loans TEST: Air Bank still leader, new bank loan by Equa follows

24/10/2013

In the fourth wave of bank loans parameters test, which performs web Bankovnipoplat­ky.com in cooperation with MindBridge Consulting, test clients went to the bank for a loan of 50,000 crowns with a maturity of five years.

The aim of the test was to compare how bank offers differ from the actual internet site. Why clients still borrow from large banks that are according to test results rather expensive ? „The reason may be that people only ask for a loan at their bank and are not looking for cheaper deals. And the more active clients then have just a few tries. As we found out in our testing, at a time when the client has opened a loan application at let us say in three banks, he can be automatically rejected by other banks. Due to reality test clients at least know how to use these tries best,“ explains Patrik Nacher of the portal Bankovnipoplat­ky.com

MODEL client (tester) was middle-aged woman with two young children and a net income of around 20,000 crowns. All banks loan have approved.

The cheapest three variants of 50,000 loan crowns for 5 years

  • 9.3% APR Air Bank
  • 10.4% APR Equa bank
  • 12.8 % APR LBBW Bank

Among the three most expensive loans from banks tested then were:

  • 24.2 % APR ZUNO
  • 23.6 % APR GE MB
  • 22.7 % APR ČSOB

APR: The term annual percentage rate of charge (APR), describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan. Czech equivalent RPSN.

Česká spořitelna and Raiffeisenbank launched in September action during that customers are rewarded for regular repayment of loans. Mystery shopping , however, took place before the start of these events and are not taken into account.
How much does careful client save? **
The difference in the APR offered as the cheapest and as the most expensive was 14.9 percentage points (in the first wave it was 17.7 pp , 16.6 pp in the second , the third one 18.8 pp then). In case of loan of CZK 50,000 (for five years) clients could save **CZK 21,230
 if he have used the cheapest offer instead of the most expensive.

Ladislav Klika a Jana Hotmarová
MindBridge Consulting a.s.
Geologická 2
152 00 Praha 5
W: www.mindbridge.cz
E: info@mindbridge.cz
T: +420 604 840 604