ING Bank Romania has launched fully online refinancing through its Home’Bank platform, letting customers consolidate external loans into one.
ING Bank Romania has introduced fully online refinancing through its Home’Bank platform, offered via the ING Personal loan. Customers can transfer loans held with other financial institutions at any time, without visiting a branch or submitting paper documents, for amounts of up to RON 200,000 (USD 42,100). Through refinancing, customers can combine existing products such as credit cards, store cards, overdrafts, lines of credit, Buy Now, Pay Later (BNPL) loans, and personal loans, and soon mortgages, into a single loan. They can also request an additional amount for personal projects such as home renovations.
Process and costs
Refinancing through ING Personal is available in Home’Bank 24 hours a day, seven days a week, and approved funds are transferred automatically to the customer’s current account. Customers can manage the loan through Home’Bank for its entire term, including making early repayments or paying it off in full. The interest rate is fixed and guaranteed, tailored to the options the customer selects, and costs are shown before the customer applies.
Customers can run unlimited loan simulations in Home’Bank without affecting the amount ING can offer them or their chances of approval. For around seven in ten customers, the application review fee is zero, based on salary agreements ING has with their employers. Eligibility is checked automatically and displayed during the application process.
Track record in online lending
Iulia Rusu, Head of Lending at ING Bank Romania, stated that the bank began granting consumer loans fully online in 2017, later adding the ING Credit Card, the ExtraROL line of credit, and ING Mortgage for new loans. According to Rusu, the bank now approves more than 13,000 online loans a month, with all loan operations, from applying to making payments, checking balances, obtaining bank approvals, and changing the borrower structure, available online at any time.
Since introducing fully online personal loans in 2017, ING Bank Romania has granted more than 400,000 loans, and nine in ten customers now receive their loan instantly, in a process that takes five to eight minutes on average. By allowing customers to move loans from other lenders, the refinancing option extends the bank’s online lending process to borrowers whose existing credit sits with competing institutions.
