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Frequently Asked Questions

What is the interest rate?

The Personal Loan has a very competitive nominal interest rate, from 6.95%NIR(1) (7.18% APR(2)). We just ask you to directly pay in your wage equal to or greater than €900.

For example for a personal loan of €10,000 over 5 years, your monthly repayments will be €197.78. No opening fee. The total amount owed, including principal and interest, would be €11,866.57.

(1) Provided that you fulfil the following requirement: Have your salary, or any other regular payment received by transfer as remuneration paid directly into Openbank. The amount of any of the above payments must be equal to or greater than €900 per month. You will have three months from the arrangement of the loan to start directly paying in your wage. If you do not fulfil the above requirement, the interest rate applicable after non-fulfilment will vary and will be the result of adding an additional margin of 2.00% to the annual nominal interest rate.

(2) Annual NIR of 6,95% (7,18% APR). For your loan of €10,000 over 60 months, you must make 60 monthly repayments of €197.78 each. No opening fee. Total amount to pay (capital + interest) of €11,866.8. The interest rate applied may vary up to 14.25% NIR (15.22% APR), depending on the approval of risk by Openbank. For your loan of €10,000 over 60 months, you must make 60 monthly repayments of €233.98 each. Total amount to pay (capital + interest) of €14,038.83. These APRs have been calculated on the assumption that the applicant will fulfil the requirement described in reference (1) above during the entire life of the contract.

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