IT’S NO longer necessary to be a movie star to be able to fund plastic surgery or liposuction. A trip to the nearest Hellenic Bank could do the trick.
The bank is the first in Cyprus to offer personal loans for all sorts of ‘fringe’ medical treatments that are not covered by insurance companies.
According to Omiros Filotas, a product development officer at Hellenic Bank, the ‘Beautiful Life’ loan scheme, which is classed as a personal loan, covers a wide range of what he called “paramedical” treatments, such as cosmetic and plastic surgery, IVF treatment, eye laser treatment, dentistry, skin and diet treatments.
Hellenic describes it as “a pioneering loan in the Cyprus market”.
“It covers a wide range of treatments and there doesn’t necessarily have to be a medical reason,” said Filotas.
Those seeking a loan can ask for a maximum of £12,000, which must be paid back over five years at 7.5 per cent interest.
“The maximum is set at £12,000 because this is enough to proceed to any one of the treatments referred to,” said Filotas. He said no collateral was needed but the loan would require guarantors.
Folitas said the interest rate being charged was also attractive. He said Hellenic was charging only 2.9 per cent above the Central Bank’s base rate of 4.5 per cent.
“The interest rate is subsidised so it’s very competitive,” he said. “Other personal loans are 3.4 per cent above the base, which is half a per cent more expensive than this one.”
The loan scheme began over a month ago and Filotas said the response has been “pretty good”.
“More than we expected,” he added. Typically, around 90 per cent of applicants have been women.
He said the product was unique to Cyprus at the moment and that even if the other main banks on the island also began offering similar schemes, Hellenic already had a head start.
“Now it has been advertised in the media I believe the other banks will come out with something similar,” he said.
Those applying for a ‘Beautiful Life’ loan can also obtain a Hellenicard Visa or Explorer Mastercard credit card in order to cover any potential post surgery or other expenses, like medicines or lab analysis. The approval of the loan is, however, subject to two personal guarantees and the admission of a life insurance policy from Hellenic Alico Life on behalf of the applicant.
