Elements of the Loan and reference rates
Nominal Interest Rate
The Nominal Annual Rate is the interest rate, expressed as a percentage and on an annual basis, applied by financial institutions to the financed amount. It is used to calculate the interest amount that the debtor will have to pay to the lender. This percentage added to the principal payment and expenditures will determine the repayment instalment. In the calculation of the Nominal Interest Rate there are no accessory charges such as expenses and taxes.
Annual Percentage Rate
The Annual Percentage Rate (APR) - another parameter that indicates the cost of the loan - is the index, expressed in percentage terms, with two decimal figures and on an annual basis, of the total cost of the loan.
- The following are included in the calculation of the APR: the accessory charges such as enquiry costs, costs of account opening, insurance costs if imposed by the creditor and the INSTALMENT COLLECTION EXPENSES (Cred.it Società Finanziaria SpA includes the collection costs of the above). Costs relating to payments by Direct Debit and payments via postal bills for loans with a number of instalments less than or equal to 6 and for credit line openings (with or without a credit card) are not charged.
- The following are excluded from the calculation of the APR: taxes and fiscal charges including stamp duty, issue cost, dispatch, Statement reprint, optional insurance coverage costs, early termination fee, any sums owed for the non-fulfilment of any contractual obligation including interest arrears, unpaid commission for Direct Debit resubmission.
APRC (Annual Percentage Rate of Charge). This is the average effective global rate in force, relating to a category of financing operation. It is shown in the chart of average overall effective rates of financing transactions subject to quarterly reporting by the Ministry of Economy and Finance. The APRC, increased by half, is the limit set by the third paragraph of Article 644 of the Penal Code, beyond which the interests are always usurious for that category of operation concerned. The APRC, including commissions, remunerations of any kind and expenses, excluding taxes and fees, refers to the annual interest charged by banks and financial intermediaries for transactions of the same nature.
It can be consulted in the Transparency section, at Cred.it Società Finanziaria S.p.A. branches and authorised agencies and at all points of sale affiliated with Cred.it Società Finanziaria S.p.A...
Annual Effective Rate (AER or Effective Interest Rate). It is the total effective rate of the financing operation. It is an indicator, made with percentage points, useful for the purposes of verifying compliance with the usury threshold referred to in Article 2 of Act No. 108/1996, given by the Annual Percentage Rate of Charge (APRC), in force for the loan category reported quarterly by the Ministry of Economy and Finance and increased by half. It is calculated considering interest, commissions, remunerations of any kind and expenses (excluding those for tax charges related to disbursement and insurance guarantees).
The amount paid
In the event of a personal loan application, the amount disbursed is the sum requested by you, which, following approval by Cred.it Società Finanziaria SpA, will be paid in accordance with the procedures and timing agreed upon signing.
The amount financed
Both in case of a personal loan and a loan for the purchase of goods and services with an affiliated partner, the amount financed is the amount on which the amortisation plan instalment is calculated; includes, if any, the costs of preliminary enquiry.
The repayment plan – Instalment
Following the granting of a loan, you will reimburse the amount financed by deferred payment of monthly instalments as established by the customised amortisation plan agreed upon signing the contract. For some types of products, Cred.it Società Finanziaria S.p.A. offers you the possibility of repaying the entire amount financed in a single payment.
The introduction of the offer
All advertising or promotional communications of Cred.it Società Finanziaria S.p.A. are mainly intended to introduce you the products with their main characteristics. Remember that in the branch you will find detailed information, which will let you know Cred.it Società Finanziaria S.p.A. products in an even more in-depth way and therefore knowingly choose the most suitable financing option for your needs, thanks also to the assistance and willingness of Cred.it Società Finanziaria S.p.A specialised consultants.
Remember to always pay attention to the expiration of the offer, because after this deadline the economic conditions that we propose may change and therefore no longer be valid.
To the Cred.it Società Finanziaria S.p.A. products you can combine one or more additional insurance policies: in particular, the "Coperto" policy, which provides for the repayment of the instalments if you are unable to do so because of serious events. The policy is optional, is financed according to your repayment plan and does not fall within the APR calculation.
Subject to approval by Cred.it Società Finanziaria S.p.A.
Upon loan application, you will have to provide Cred.it Società Finanziaria S.p.A. with some information that will allow us to carefully assess your request and, if necessary, adjust the proposal to your effective repayment capacity. In this way, you can manage your expenses with more serenity.
The loan terms and conditions
Among the products that Cred.it Società Finanziaria S.p.A. proposes there are some that allow you to change your repayment plan, according to a few simple "rules". In order to know about them we look forward to meeting you at the branch where you can find out all the flexible solutions that fit your needs.
The Direct Debit of the instalments on your current account, is the most secure, convenient, and punctual way to repay the plan. For some Cred.it Società Finanziaria S.p.A. products, payment via Direct Debit is required to access to all the benefits, for example flexibility. Alternatively, you can repay the monthly instalments by postal order or make the payment at a branch of Cred.it Società Finanziaria S.p.A.
Among the many Cred.it Società Finanziaria S.p.A. products, there are some that allow you to choose, within an agreed date, whether to pay everything in a single solution or delay the repayment in convenient monthly instalments.
Documentation to consult
Notices, main customer rights and information sheets
These are the documents containing all the information and regulations that govern the specific financial product and the information related to the intermediary. It is necessary to consult them carefully before signing the contract.
The summary documents
These are the documents summarising and simplifying the contractual and economic conditions which regulate the loan requested and integrate the loan agreement.