Bankate does not need long introductions. In the segment of non-bank loans are among relatively well-known names. Now this company has come up with an interesting innovation, which is called Bankate installment loan. Since it is not yet widespread, it is definitely appropriate to look at the unique features. Here is a list of them.
Bankate in installments is not a micro-loan
The first unique thing to definitely mention is that Bankate in installments is not a classic micro-loan. It is a loan granted by the same company, but under a different business name. And so it differs in its characteristics. When we look at a particular classification, it falls rather into the segment of so-called consumer loans. Specifically, the category of non-purpose, which is characterized by the fact that it is not necessary to prove or indicate the purpose of the use of funds.
It still offers rather lower amounts
A classic micro-loan is characterized by a rather low amount of money. Specifically, there is a maximum amount of CZK 30,000. And how is Bankate in installments? It is a consumer loan, but even here the amounts are not significantly high. When we look at the lowest amount, it starts at CZK 10,000. If it is the maximum that can be obtained from the provider, it is the amount of 60 000 CZK. If we look across the non-banking segment, they are actually rather lower sums, as the competition is able to offer even amounts that are in the order of hundreds of thousands.
It has interesting options for flexible repayment
We have mapped the characteristics of the amounts. Now let’s also look at how it is with repayment. This will certainly please, as it can be described as quite flexible. Of course, the applicant can also choose how long he will repay his loan and how high will be the amount of the specific installment. The shortest available time is a period of 3 calendar months. As for the longest period, it is a period of 24 months. It should not be forgotten, however, that there are several advantages to repayment settings. These include:
- Postponement of installment
- Extraordinary installment
- Possibility to increase or decrease the repayment
Bankate in installments can thus accommodate applicants, taking into account their needs. Not only in connection with the application itself, but also at any later time when the payment schedule needs to be modified.
Interest rates are higher
The interest rates offered by Bankate installment loan are also unique. Here, however, we must make it clear that these are rates that are not very attractive. So they are not too low. It can be deduced that they are based on the segment of micro-loans, which are also not the most advantageous. However, the first free loan is not available here either.
If we look at interest, which is due to maturity in the range of 12-24 months, then we must say that its annual value ranges between 60-70 percent, which is certainly not a rate that would be extremely advantageous. Exactly opposite. Since Bankate’s installment loan also offers a loan for less than one year, it should be noted that the average annual interest rate here climbs up to 200%. However, this does not imply repayment of several times the amount borrowed, since the value of interest is mainly affected by the calculation methodology. With a loan amounting to CZK 60,000, 70,000 CZK will be paid depending on the repayment period at three months ‘maturity, or less than 84,000 CZK at 12 months’ maturity.
Table of installments
|Loan amount||Due date||INTEREST||APR||total amount|
|CZK 10,000||3 months||206,15%||570,20%||13 616,64 CZK|
|20 000 CZK||6 months||113,43%||195,60%||27 112,26 CZK|
|30 000 CZK||12 months||66.66%||91.30%||41 898,36 CZK|
|40 000 CZK||18 months||67.26%||92.40%||64 538,28 CZK|
|50 000 CZK||24 months||59,69%||78.90%||86 683.2 CZK|
|60 000 CZK||24 months||59,69%||78.90%||104 020.08 CZK|
The application procedure itself
The main unique thing about him is that everything can be done without personal meetings, as well as without the need for complex administration. Everything is done completely online, which puts Bankate in installments into the category of the simpler options and ways that exist in the non-banking segment. Not to forget that everything is done in three steps, which are successively linked. These are:
- Withdraw money and maturity in an interactive form
- Registration of a specific applicant
- Approval process associated with delivery of necessary documents
If everything is done in the affirmative, it means that the client receives the approval information, which also means that the client is also sent funds. Everything is done exclusively by cashless transfer, ie in the mode of bank transfers.
Bankate will also offer customer administration
As mentioned above, it is also the duty of each applicant to register. This is necessary not only in order to verify its identity, which is linked to the terms of the loan. This is also necessary to create a client profile. And in the customer interface, which can be logged in at any time. It is here that he has information both at what stage and how his application is proceeding, and later he will find information about his loan. This gives it a clear overview of the main facts, including:
- Payment amount and payment details
- Dates of next installment
- Number of remaining installments and amount remaining
Conditions are classic
Many people would expect Bankate’s installment loan to be significantly benevolent. This is because it offers a micro-loan, but also because the amounts are still relatively small. In benevolence, however, this non-banking provider is still hindered by domestic laws. According to them, it is obliged to check the ability to repay for each applicant. And that is also one of the conditions. If we stay with creditworthiness, it must also be remembered that the condition of obtaining money is also good financial history, as well as stable income.
If we look at the conditions related to personal screening, it is necessary to have national citizenship, the age of majority and the obligation to have 2 identity documents. Due to the method of payment, it is necessary to have a bank account with some domestic banks, which must be kept in the applicant’s name.