Loans

It is an operation through which a financial entity makes a certain amount of money available by means of an agreement. The borrower is required to repay that money within a timeframe determined by the bank or financial entity to pay the agreed fees and interests.

Frequently Asked Questions (FAQs)

Can the bank raise the interest rate?
A. Yes, the bank must inform the customer 30 days in advance
Can the bank collect a loan payment installment in December?
A. Banks do not collect personal loans in December
Is signing blank documents permitted?
A. The Banking Law permits signing blank document, if the agreement stipulates so and the blank documents relate to the agreement signed
Can the bank penalize for loan prepayment?
A. Not for consumer loans, however, mortgage loans paid off in less than five years can carry a penalty.