Banks’ Effective Interest Rates for Selected Products, Presented Using a Representative Example
With a view to informing citizens on the annual effective interest rate (hereinafter: EIR), the NBS compiled information on the EIR for selected products offered to natural persons by banks, using the selected representative example, as at 31 March 2018.
Banks are the source of information, specifically the information collected based on the survey in which all banks participated. We therefore stress that these overviews are purely for informational purposes. For precise information on the EIR and other conditions regarding the use of selected products, citizens should contact a specific bank.
The primary purpose of publishing this information is for citizens to learn about the importance of monitoring the EIR, as the rate which is inclusive of all costs (e.g. loan approval, use and repayment costs) paid by financial service consumers (e.g. interest, fees, taxes and alike) and to enable citizens to be informed about different banks’ terms by comparing their EIRs.
Since banks’ operations are governed by their business policies which establish the manner and conditions of providing certain financial services, every consumer may seek information about these conditions from different banks and eventually, based on the obtained information and consideration of his/her needs, decide whether to sign the contract and with which bank.
Detailed information on effective interest rate can be found on the NBS website, in the section Consumer Protection, Information on effective interest rate for selected products, and on the NBS website intended for financial service consumers – Your Money (Serbian version only), under Selected topics, Information on effective interest rate for selected products.
Department for Financial Consumer Protection and Education