Banca Transilvania, the second-biggest lender in Romania, has launched an online loan that allows clients to borrow up to EUR 5,000.

The bank grants the financing in maximum one day after the clients file their loan applications on the bank’s website. However, clients still have to go to a Banca Transilvania unit to sign the loan contract.

The bank says that it is also working on a digital signature solution that would transform this loan into a fully digital product. Banca Transilvania selected a consortium of IT firms made of Sistec, Asseco, Euronovate and Alfa Trust to develop 100% online lending and should have the solution ready by this fall, according to market sources cited by local Wall-street.ro.

Several local banks currently allow clients to apply for loans online and sign the loan contract in their units. However, only three local banks have fully digital lending solutions, namely Libra Bank, ING Bank and TBI Bank.

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editor@romania-insider.com