Services

Porting

If you've been following our blogs, you already know what to look for in order to get the most out of your loan.
However, due to the fact that the financial sector in Georgia is highly competitive, the terms of loan products on the market change very quickly and often, an observant customer can always remain profitable by choosing the right strategy. Today, we're going to discuss moving an existing loan from one financial institution to another, which is called loan porting.
Loan porting is beneficial for the user when a person has taken out different types of loans from different financial organizations and therefore has to worry every month about not missing a payment somewhere. It is also important that such divided loans are always more profitable for the customer. Rather than a single, consolidated loan with one monthly payment. It is precisely because of this that the first and foremost recommendation for porting loans is to consolidate loans into one loan from a single financial institution. At such times, your weighted average effective interest rate will usually be lower, your monthly payment will be lower, and overall the loan will be much easier for you to manage. It should also be taken into account that we will constantly monitor credit offers, compare the terms offered by different financial organizations with the terms of your existing loan, and in the case of a lower interest rate, we will surely connect you with the appropriate financial organization, provide you with detailed terms and conditions, and adapt them to your specific situation. When porting a loan, you can increase the loan amount or significantly reduce your monthly payment. It is important to know that when an existing loan is refinanced with the amount of a loan from another financial organization, the financial organization serving your current loan will charge you a prepayment fee, which, according to the regulation of the National Bank of Georgia, cannot be more than 2% of the remaining principal of the loan. In order to compensate for the mentioned cost, it is possible for the financial organization where your existing loan is ported to charge or determine the loan issuance commission, in the case of real estate and mortgages, to determine the registration cost, etc. Therefore, be sure to discuss these benefits with your credit experts before you make a final decision on porting the loan.
Finally, when taking out a loan, all the details should be taken into account, especially the effective interest rate, the loan origination and early repayment fees, the loan term and the monthly payment amount.

It is important to know that our team has an individual approach to each customer when porting a loan.

With the help of various financial instruments, we will offer you the conditions tailored to you, and most importantly, the best interest rate.