OREANDA-NEWS. June 21, 2011. As the residents' interest in consumer loans grows, Bank SNORAS merged into one general package all consumer financing solutions offered by the bank and its group companies.  In this way, the bank will offer the financing solution, corresponding to individual needs of residents, and will strengthen the positions in the consumer crediting market. This year within five months Bank SNORAS loaned more than LTL 32 million for use to residents of Lithuania, and the number of persons who wanted to receive the consumer loan, in comparison to the appropriate period last year, increased by more than one-third.

Consumer financing solutions comprise the services provided by the bank and its group company “SNORO lizingas”: consumer loans without collateral and with collateral, credit cards with the limit, consumer loans for students, consumer credits “Cash”, loans for studies and cards “Purchase by instalments”.

“During five months this year, in comparison to the appropriate period last year, by more than one-third grew both the number of the residents who addressed the bank for consumer loans and the average sum of the granted loan. Having analysed the behaviour of clients, we decided to merge all consumer crediting services so that we could immediately offer to customers the solution corresponding to their needs,” states Zorzas Sarafanovicius, the director of Bank SNORAS Retail Business Division.

The sum of Bank SNORAS consumer loans issued to residents in January - May this year, in comparison to the same period last year, grew by 2.6 times, up to LTL 18.43 million, while their number almost doubled. The average loan amount in Bank SNORAS seeks LTL 9.5 thousand. The sum of the consumer loan without collateral comprises up to LTL 50 thousand, while the sum of the consumer loan with collateral – more than LTL 50 thousand.

The sum of the issued consumer credits “Cash” reached almost LTL 13.6 million within five months this year. These consumer credits began to be issued since June last year. During January - May 2011, Bank SNORAS issued almost 13 thousand cards “Purchase by instalments”, while the average sum of their used credit comprised more than LTL 2 thousand. In comparison to the first five months of last year, 38 per cent less cards were issued, and the average sum of the used credit decreased almost by 17 per cent.

According to Z. Sarafanovicius, consumer loans, which provide the possibility to borrow larger sums of money, are most often chosen by men – they are granted 55 per cent of consumer loans in the bank.   Women more frequently take consumer loans “Cash”, whose average sum exceeds LTL 2 thousand; they are granted 60 per cent of such credits.

Residents most often use consumer loans to improve the housing and economic conditions: for housing renovation, for purchasing furniture, household and electronic equipment, less frequently money is borrowed for a car. Moreover, as summer is approaching, more and more borrowers designate the consumer loan for vacation trips. Residents most often used cards “Purchase by instalments” to buy household and computer equipment, TV sets, furniture, security systems, communication means as well as to pay for the services of medical institutions, travelling, driving courses.

The automated system of Bank SNORAS provides the opportunity to issue a loan up to LTL 10,000 to clients within several minutes since the moment of submitting the application in any customer service subdivision of the bank, including the largest network of mini-banks “Snoras” providing banking services in the country. A loan is issued in the e-banking system of the bank immediately. The maximum consumer loan granted by Bank SNORAS amounts to LTL 50,000. The interest rates of the consumer loans issued by the bank are among the lowest in the market and they amount from 7 per cent a year.