FREQUENTLY ASKED QUESTIONS
Here you can find the most frequent questions about our loans, conditions and process of application.
Choose the category you are interested in:
What are conditions on loans for business?
In Alter Modus, beneficiaries of loans for business can be entrepreneurs and micro, small and medium enterprises, regardless of how long they operate.
What is maximum amount and repayment period on corporate loans?
Maximum loan amount for legal entities is 50,000 € with repayment up to 84 months, while for entrepreneurs, maximum loan amount is 30,000 € with repayment up to 72 months.
I want to start my own business. To apply for a loan, is a business plan required?
You do not need a business plan to apply for a loan.
Can I get a loan for a newly established firm?
We have got a special loan for newly established firms. Please find more details on page PRO START (LINK).
What is the interest rate?
At the page with loan offer there is a loan calculator adapted to the specific product to help you calculate the amount of the monthly instalment.
What documentation is necessary to apply for a loan?
To apply for a loan, it is required to submit: identity card or passport. At the pages with loan offer there is a list of the rest of necessary documents.
Is it possible to refinance a loan?
It is possible to refinance a loan, but for a precise information, it is necessary to contact your loan officer.
Are the guarantees necessary on corporate loans?
Yes. You arrange the guarantees directly with the loan officer and the guarantees can be from the business.
Do you provide support for businesses other than loans?
Yes. We organize educations, consultations and workshops for clients with businesses, free of charge. You can find more details here.
What are the loan conditions?
In Alter Modus, loan beneficiaries can be employed persons and pensioners of Pension and Disability Fund of Montenegro. Additionally, entrepreneurs and legal entities can also be our clients.
Do I have to be employed and do I have to be employed on open-ended contract?
You can be our client no matter if you have open-ended or fixed-term employment contract.
How quickly can I get a loan?
We endeavour to approve all the loans quickly and simply and we are competitive when it comes to loan approval speed. The time needed depends on how quickly you are able to gather the necessary documentation, while you will get the precise assessment of the duration from the loan officer.
What documentation should I prepare?
To apply for a loan, it is necessary to bring: identity card or passport, certificate of gyro account number (or gyro account card) and proof of employment. The loan officer will inform you about the rest of necessary documents.
What is maximum amount and repayment period on loans for natural persons?
Maximum loan amount for natural persons is 20,000€ with repayment up to 84 months.
What is the interest rate?
At the page with loan offer there is a loan calculator adapted to the specific product to help you calculate the amount of the monthly instalment.
Do I need a guarantor to apply for a loan?
You arrange the guarantees directly with the loan officer. Guarantor is not always needed. The loan officers in communication with you will try to find the simplest solution and the guarantees which you can provide in the shortest time.
Am I eligible to apply for a loan if I already have a loan in another bank?
It is possible to apply for a loan in Alter Modus although you have a loan in another bank. Certainly, it depends on your creditworthiness. It is important to emphasize that you may have an account at any bank.
Could you explain guarantee with vehicle?
One of the types of guarantees is guarantee with vehicle, often interpreted as “loan on car”. It implies that a third party guarantees for you providing registration certificate as a proof that he/she possesses certain property. Guarantor also provides his/her gyro account, and signs personal bill of exchange.
Am I eligible to apply for a loan in case I am not Montenegrin citizen?
To apply for a loan in Alter Modus it is required to have permanent residence permit or a temporary residence permit lasting more than 36 months in continuity.