Loans for refinancing at other credit institutions

A loan from VRB used to repay an existing loan at another credit institution

The existing loan must be classified as a Group 1 debt, not overdue at the time of credit assessment, and must not have been restructured in terms of its repayment schedule

For consumer purposes, up to 100% of the financing plan assessed by VRB; for business purposes, up to 70%, and in all cases not exceeding the remaining outstanding balance of the original loan at the other credit institution

Yes, provided that the collateral meets VRB’s eligibility requirements. In this case, the asset may only be mortgaged/pledged at a single credit institution from which VRB intends to purchase the debt, in accordance with applicable regulations

The VRB loan tenor must not exceed the remaining tenor of the original loan. Principal and interest repayment schedules may be structured to suit the customer’s needs, repayment capacity, and repayment sources and are not required to match those of the existing loan

The loan may be disbursed directly to the account of the existing credit institution, directly to the customer’s loan account at the existing credit institution, or through another method specified in the written payment instructions of that credit institution

Yes. If the customer has used personal funds to settle the loan at another credit institution and no more than 10 days have elapsed between the settlement date and the date VRB assesses the loan application, VRB may disburse the loan to the customer’s payment account at VRB

Yes. The purpose of the loan is to repay the existing loan at another credit institution. Where VRB disburses the loan to the customer’s account at the existing credit institution, the customer must settle the existing loan on the same day as the VRB disbursement