Over the past year, organic growth and strategic mergers and acquisitions have influenced changes in the rankings of top banks.
This analysis helps individuals and businesses in Romania identify leading banks by assets, providing a reliable guide for choosing where to secure the best personal loan options based on bank stability and service quality.
Read our guide as we uncover the best personal loans you can apply today.
Personal Loan in Romania
In Romania, a personal loan is a financial resource available from banks, credit unions, and online lenders. It is designed to provide borrowers with a lump-sum amount.
This type of loan supports various financial needs, such as covering medical expenses, funding auto repairs, making home improvements, or consolidating debt.
Personal loans typically offer repayment terms ranging from two to seven years, with interest rates starting around 3% for those with strong credit histories. In the Romanian context, personal loans are valuable for several reasons:
- Emergency Expenses: For immediate financial needs like medical emergencies or urgent car repairs, personal loans ensure quick access to funds.
- Debt Consolidation: By consolidating multiple high-interest debts into a single loan with a lower interest rate, borrowers can reduce their monthly payments and total interest costs.
- Home Improvements: Personal loans provide the capital for renovations or urgent repairs, offering a financing option without the limitations often imposed by other loan types.
- Auto Financing: While auto loans are common, personal loans offer a flexible alternative for purchasing vehicles without restrictions on the type or age of the vehicle.
- Moving Costs: For individuals relocating, personal loans can help manage the significant expenses associated with moving, alleviating immediate financial burdens.
1. Banca Transilvania – BT
Banca Transilvania (BT) offers a wide range of personal loans, making it a leading choice for individuals in Romania.
Key Strengths:
- Financial Stability: In 2023, BT demonstrated strong financial health with assets close to 162 billion RON, giving it the capacity to offer competitive loan products.
- Client Reach: BT serves more than 3.5 million clients, providing personalized loan options for various financial needs.
- Digital Solutions: BT leads in digital banking, making personal loan management easy through tools like BT Pay and comprehensive online services.
2. Banca Comercială Română – BCR (Erste Group)
BCR, part of Erste Group, is one of the largest banks in Romania, making it a key option for personal loans.
Key Strengths:
- Financial Performance: In 2023, BCR’s assets grew by 10%, reaching 108 billion RON, reflecting its solid financial stability.
- Branch Network: BCR’s extensive network of branches and ATMs ensures easy access to personal loan services across Romania.
- Loan Solutions: BCR provides various personal loan options designed to meet the needs of individuals seeking flexible financial support.
3. CEC Bank
CEC Bank is among Romania’s top financial institutions, now ranked 3rd in 2023, moving up from 6th place in 2022.
Key Strengths for Personal Loans:
- Loan Performance: CEC Bank offers personal loans backed by strong financial growth. The bank’s assets increased to 83.5 billion RON, reflecting stability and reliability.
- Market Presence: CEC Bank’s state-controlled ownership, holding 10.4% of the market, ensures consistent support for loan products.
- Strategic Loan Offers: This growth comes from customer-focused strategies, ensuring that borrowers in Romania receive competitive and accessible loan options.
4. BRD – Groupe Société Générale
BRD, previously holding a higher rank, now stands as the 4th largest bank in Romania, showing how competitive the personal loan market has become.
Key Strengths:
- Financial Stability: BRD remains financially stable and holds significant assets, which can provide more reliable personal loan options.
- Loan Services: BRD’s corporate banking experience ensures strong loan offerings, including competitive personal loans.
- Digital Access: BRD’s MyBRD app is widely used, allowing customers in Romania to manage personal loans efficiently online.
5. ING Bank
ING Bank is recognized as one of the leading institutions offering personal loans in Romania. As the 5th largest bank, it provides competitive interest rates and efficient loan processing.
ING’s digital platforms make it easy to apply for personal loans, offering users a seamless experience. The bank’s commitment to customer satisfaction ensures that loan applicants receive personalized service throughout the loan application process.
Key Strengths:
- Loan Services: ING Bank offers a range of personal loan options tailored to the needs of individuals in Romania.
- Digital Innovation: The bank’s digital tools allow for a quick and easy loan application process.
- Customer Support: ING focuses on providing a personalized experience and guiding customers in Romania through the loan process to find the best rates and terms.
6. Raiffeisen Bank
Raiffeisen Bank continues to be a key player in Romania’s loan market despite ranking 6th overall.
Key Strengths:
- Financial Performance: The bank remains financially stable, offering reliable personal loan services.
- Customer Service: Raiffeisen is recognized for strong customer service, especially in personal loan support.
- Digital Platforms: The Smart Mobile app simplifies personal loan management, making it easier for customers in Romania to apply and monitor their loans.
7. UniCredit Bank
UniCredit Bank in Romania offers personal loans tailored to meet individuals’ financial needs. As part of the Italian UniCredit Group, it is a key player in the Romanian banking sector, providing secure and advanced banking services.
Key Strengths for Personal Loans in Romania:
- Financial Stability: UniCredit maintains strong financial performance, ensuring a reliable source for personal loans.
- Loan Options: UniCredit’s focus on corporate banking extends to well-structured personal loan offers with competitive rates in Romania.
- Digital Services: The bank’s mobile and online platforms, known for their security and user-friendly design, provide an easy application process for personal loans.
8. Exim Bank
Exim Banca Românească offers personal loans designed for the Romanian market, focusing on providing tailored solutions for individuals seeking financial support.
The bank has a solid financial standing and continues to show growth, making it a reliable option for personal loan seekers.
Key Strengths:
- Financial Stability: Exim Bank’s strong economic performance ensures a trustworthy loan service for customers.
- Loan Products: The bank provides specialized personal loans designed to help individuals in Romania manage their personal finances more effectively.
- Customer Focus: Exim Bank serves both corporate and individual customers, ensuring that personal loan options are aligned with the needs of Romanians looking to improve their financial situations.
9. Alpha Bank
Alpha Bank is a reliable provider of personal loans in Romania.
Key Strengths:
- Financial Performance: Alpha Bank showed solid financial stability in 2023, ensuring the security of your personal loan.
- Loan Options: It provides a variety of personal loan solutions tailored to individual needs.
- Accessibility: With an extensive network of branches across Romania, it’s easy to access personal loan services locally.
10. OTP Bank
OTP Bank is among the top ten largest banks in Romania, recognized for its steady growth and focus on customer needs.
Key Strengths for Personal Loans:
- Competitive Interest Rates: OTP Bank offers personal loans with competitive interest rates that are tailored for Romanian consumers.
- Customer Support: Known for strong customer service, OTP Bank ensures clear communication and assistance throughout the loan process.
- Digital Solutions: OTP Bank continuously improves its digital banking services, making it easier to apply for and manage personal loans online.
Compare Rates
When choosing the right personal loan in Romania, it’s important to compare interest rates and features offered by the top banks. Below is a list of key banks and their loan terms:
Banca Transilvania (BT):
- Interest rates: 6% to 12% APR
- Digital loan management through the BT Pay app
- Personalized loan options
Banca Comercială Română (BCR):
- Interest rates: 6.2% to 12.5% APR
- Extensive branch network and ATMs
- Flexible loan options for various financial needs
CEC Bank:
- Interest rates: 6.8% to 13% APR
- Strong market presence with customer-focused loan products
- Manage loans online or at branches
BRD – Groupe Société Générale:
- Interest rates: 7% to 12% APR
- Competitive personal loan terms
- Efficient online management through the MyBRD app
ING Bank:
- Interest rates: Starting from 6.5% APR
- Digital-first loan application process
- Personalized customer support
Raiffeisen Bank:
- Interest rates: 6.9% to 12% APR
- Streamlined digital loan application via the Smart Mobile app
- Strong focus on customer service
UniCredit Bank:
- Interest rates: 6.5% to 12.3% APR
- User-friendly mobile and online platforms
- Secure and tailored loan options
Exim Bank:
- Interest rates: Starting from 7% APR
- Personal loans with specialized terms
- Focus on improving personal financial management
Alpha Bank:
- Interest rates: 6.7% to 12.5% APR
- Extensive local branch network
- Multiple personal loan options
OTP Bank:
- Interest rates: 6% to 12% APR
- Digital loan management through mobile services
- Flexible loan conditions for Romanian borrowers
How to Get a Personal Loan in Romania
Steps to secure a personal loan in Romania:
- Check Credit Score: Start by reviewing your credit score. This can be done using services offered by credit card companies or online platforms. In Romania, a score of at least 610 is typically required, but a higher score of 720 or more can lead to better loan terms.
- Improve Credit Score: If your score is below 610 or if you desire better loan conditions, focus on improving your credit by reducing outstanding debts and keeping credit utilization low.
- Determine Loan Amount: Assess your financial situation to determine how much you need. Borrow only what is necessary to avoid extra interest charges.
- Compare Loan Offers: Prequalifying with lenders in Romania allows for interest rate and term comparisons without affecting credit. Look for the most favorable options that meet your needs.
- Submit Application: Once a lender is chosen, apply to their online platform or in person. Approval times can vary but typically range from several hours to a few days.
Documents Required for Personal Loan Application
To process a personal loan, lenders in Romania will request several documents to verify the details provided.
While some lenders can verify information electronically, most require the following:
- Proof of Identity: Acceptable documents include a birth certificate, driver’s license, passport, or Romanian-issued ID card.
- Income Verification: To verify income, a pay stub, bank statements, tax returns, or self-employed documents like 1099 forms will be needed.
- Proof of Address: Lenders will need confirmation of your residence, such as utility bills, rental agreements, or property tax bills.
Most lenders provide secure portals to upload these documents.
Next Steps: Prepare these documents in advance to avoid delays. Ensure all images are clear, as lenders in Romania will not accept unreadable documents.
Conclusion
Personal loans offer flexible financial solutions in Romania for different needs. It’s essential to compare rates and terms from various lenders to secure the best option.
Checking the lender’s reputation and the loan’s flexibility ensures a decision that promotes financial stability.
