25/08/2025
After a comprehensive analysis of the terms under which banks in Serbia approve household cash, consumer and housing loans and consideration of the best potential solutions, the NBS ordered banks which offer consumer and cash loans in dinars, as well as housing loans, to update their offers by 15 September 2025 so as to make these credit products more affordable to employed and retired persons with a monthly income of up to RSD 100,000.
The NBS has decided to take such measures, in line with its regulatory and supervisory function, in order to create an environment where it will no longer be difficult for certain categories of natural persons to access loans, that is, to create an environment in which citizens will be able to use these banking products and service their loan liabilities smoothly.
“The measures we adopt are always considered from the perspective of the general interest that is sustainable in the long term, and the motivation behind every decision we make is to improve the lives and business conditions of all our citizens and the economy as a whole. For the NBS, independence has never meant isolation from the state and the economic policies led by the President of the Republic of Serbia, Aleksandar Vučić, and the Government of Serbia. These measures are introduced to protect and improve the living standards of our citizens, especially those with lower incomes“, said Governor Tabaković, commenting the new measures.
The specified credit products under more favourable terms will be published as special offers by banks on their websites, and these measures will enable more favourable borrowing for over 50% of employed individuals and the majority of pensioners. These products include:
The NBS expects that the nominal interest rates on cash and consumer loans, as well as on loans used to refinance those loans, will be 3 pp lower (with the interest rate floored at 7.5%) compared to the average interest rates at which banks approved this type of loans in July 2025.
The NBS also expects that for special cash loans and refinancing loans granted to pensioners with included life insurance, the nominal interest rates will be 3 pp lower (with the interest rate floored at 10.5%) compared to the average nominal interest rate at which banks approved such cash loans in July 2025.
As regards housing loans, the expectation is that the nominal interest rate will be up to 0.5 pp lower than the average nominal interest rate at which banks approved housing loans within their standard offers in July 2025.
It is also expected that no fees will be charged for processing loan applications when approving these loans, and that the loans will be offered by banks for at least 12 months. The fact that these loans will be available for at least 12 months gives citizens more time and opportunities for planning and decision-making, while not having to pay the application processing fee reduces additional costs, making the loans more affordable.
The NBS estimates that the savings for citizens on total cash and consumer loans based on these measures could reach up to RSD 40 bn over the next five years, with savings in the first year of loan repayment amounting to up to RSD 12 bn.
Additionally, the monthly instalment on individual cash loans under these conditions would be up to 16% lower compared to the standard offers of some banks, resulting in total savings of over RSD 200,000 for the entire loan repayment period. Furthermore, the monthly instalment on individual housing loans, due to the lower interest rate, would be up to 6% lower compared to the loan instalments under the current rates offered by some banks, translating to savings of over EUR 9,000 for the entire loan repayment period.
The NBS will monitor the implementation of these measures and analyse their impact on the banking sector, and if necessary, revise the given recommendations.
“When adopting measures, the NBS always keeps in mind the long-term sustainable general interest, which is based on a fair relationship towards people, Serbia's position as a sovereign state, and the desire to maintain a favourable environment for all market participants. Banking sector consolidation in Serbia has brought greater stability and benefits to citizens, along with more efficient services and record-high savings. No one, not even banks, should exist solely for themselves, but for their clients, and it is only through this interaction – where everyone’s interests intertwine – that the achieved success can be preserved and improved further.
The introduction of special credit products aimed at employees and pensioners with lower incomes increases the opportunities for obtaining loans on more favourable terms, leaving citizens with a higher disposable income for other living expenses. The reduction of interest rates, primarily for citizens with lower incomes, by up to 3 pp compared to standard terms of cash and consumer loans, and up to 0.5 pp for housing loans, directly results in lower monthly instalments and overall loan costs for citizens. Furthermore, the new housing loans at lower interest rates will make it easier for our citizens to exercise the right to their own home.
The actions taken will help increase the accessibility of financial services, bolster credit activity, and promote trust in the banking sector, which is in the shared interest of all market participants.
As always, I believe that banks will once again demonstrate readiness to adjust their operations to the circumstances in a way that does not jeopardise the trust of existing and future clients, thereby securing for themselves sustainable business, stable inflows and future growth. The banking sector in Serbia, like all other sectors, must share the fate of the economy and citizens, because it is only in this way that we can endure“, concluded the Governor.
Governor`s Office
