Consumer Loan & Home Equity Rates

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Get the finances you need without paying a high price

As of 3/18/22

Reasonable rates mean lower monthly payments

Life is expensive enough without paying off-the-chart interest rates. At Berkshire Bank, you can get the money you need to make your life better without putting a big dent in your household budget. Apply online, over the phone, or in person at your local branch.

Consumer Loans

Loan Type Annual Percentage Rate (APR) Maximum Term Available Monthly Payment per $1,000 Borrowed
Autos, Motorcycle loans, 95-120% max LTV Maximum age of collateral is 10 years. Contact your local branch for additional terms, model years, and rates.
2021 or Newer 2.49% 36 months $28.86
2021 or Newer 3.24% 66 months $16.57
2021 or Newer 3.74% 72 months $15.53
2021 or Newer 3.84% 75 months $15.02
2021 or Newer 4.54% 84 months $13.92
ATVs, Watercraft & Snowmobile loans, 95% max LTV
2020 or Newer 5.75% 5 years $19.22
2014 - 2019 7.70% 4 years $24.21
Boats & RV loans, 95% max LTV Maximum age of collateral is 10 years.
2020 or Newer ($15,000 minimum loan amount) 5.95% 10 years $11.08
2020 or Newer ($15,000 minimum loan amount) 6.25% 15 years $8.58
Boats & RV loans, 95% max LTV up to 72 months Maximum age of collateral is 10 years.
2020 or Newer 4.75% 6 years $15.99
Secured Personal Loans, 95% max LTV: Collateral owned by Customer; Auto/Motorcycle (10 years or newer); Boat/RV (10 years or newer); ATV, Watercraft & Snowmobile (6 years or newer).
$5,000 & Above 7.50% 5 years $20.75
$4,999 & Below 10.99% 4 years $25.83
Unsecured Loans
$500 & 6,999 8.99% 5 years $20.76
Reddi Cash (Overdraft)
$500 to $7,500 18.00% N/A $65.29*
Service Member Reddi Cash (Overdraft):
$500 to $7,500 9.99% N/A $58.41*

Annual Percentage Rates (APR), interest rates and terms will be determined by the customer’s overall credit rating, loan term, amount financed, age of collateral (if applicable) and monthly billing method.  Stated APR is based on a credit score of 760 plus.  Maximum loan to value financing on collateralized loans are pending year, make, model and credit performance.  For Term loans, minimum term is 6 months and minimum loan amount is $500.  Only non-Berkshire Bank loans are eligible for refinancing.  Vendor Single Interest insurance, title fees and additional terms and conditions may apply.  A 0.25% rate discount applies to loans with auto payment from a Berkshire Bank checking account (excludes the Reddi Cash product).  All consumer loan products shown here are fixed rates.  Loans are subject to credit approval.  Additional terms and conditions may apply. Rates are subject to change without notice.  Reddi-Cash is a fixed rate personal line of credit tied to a Berkshire Bank checking account for the purposes of overdraft protection. Service Member Reddi Cash requires an eXciting Military CheckingSM account. 

*Monthly payment per $1,000 based on 5% of the principal balance plus monthly interest. 

All Regions Home Equity Line of Credit (HELOC) Product Rates

HELOC Amount Index 1st Lien Rate/APR* 1st Lien Margin 1st Lien Payment per $1,000 2nd Lien Rate/APR* 2nd Lien Margin 2nd Lien Payment per $1,000
$15,000 - $24,999 5.5000% 5.750% +.250% $4.73 6.2500% +.750% $5.14
$25,000 - $400,000 5.5000% 5.250% -.250% $4.32 5.750% +.250% $4.73
Home Equity Line of Credit (HELOC) Rate/APR

Rates are subject to change without notice. The listed Annual Percentage Rate (APR)* for the HELOC product is based on the most recent published Index and stated Margin for line amounts between $15,000 and $400,000 pending credit performance. The variable floating Rates/APRs are based on line amounts $15,000 - $400,000. This is a variable rate and the Annual Percentage Rate (APR) may increase after consummation.  The Monthly Payment per $1000 is based on the stated Margin and APR.    

HELOC Terms:  HELOC has a term of 20 years; 10-year draw period with interest only monthly payments followed by a 10-year monthly principal and interest repayment period. The Annual Percentage Rate (APR) is a variable rate based on the Index plus a Margin. The Index is the Prime Rate as found in the Money Rate section of The Wall Street Journal and is floating during the life of the loan. The minimum APR will never go below 3.25% and will never exceed 18.00%.

HELOC Initial Draw: The home equity line of credit requires a minimum advance of $15,000 at closing.

HELOC Account Fees: an annual fee of $50; stop payment fee of $35.

Minimum & Maximum Loan Amounts

Minimum line amount is $15,000.  The maximum line amount is $650,000 when the property is in Eastern MA (counties: Middlesex, Essex, Suffolk, Norfolk, Plymouth, Barnstable, Nantucket and Dukes), otherwise, the maximum loan amount is $400,000.

Closing Costs: The Bank pays standard fees, including up to 1% of New York State borrower mortgage tax on the first $250,000; borrower is responsible for the remaining New York State borrower mortgage tax. Non-standard third party fees that are not part of the recapture fee, when applicable, are paid by the borrower. These include, but are not limited to: third party lender’s subordination fee, subordination recording fee, discharge recording fees, condo/HOA document fees, overnight mailing fees, title insurance, attorney fees, and appraisal upgrade fee. If applicable, the estimated sum of all charges incurred may range from $30 to $3,000.

Recapture Fee: If the account is paid off and closed within 36 months of the Note Date, the Bank will recapture the bona fide third party charges paid by the lender in connection with the transaction. This is not a prepayment penalty. NEW YORK STATE PROPERTIES: Recapture Fee includes lender paid closing costs up to $500 together with the borrower’s percentage of mortgage tax paid by the Bank on their behalf. PROPERTIES IN OTHER STATES: Recapture Fee includes bank paid closing costs up to $500.

HELOC eligible properties: 1-4 family primary residences, and 1 unit qualified second homes only.  Home Equity financing not available on non-owner occupied properties, co-ops, land leases, properties held in an irrevocable trust or business, rehabilitation loans, manufactured housing, or homes currently offered for sale.  

Maximum Loan to Value:  80% maximum loan to value (LTV) for a first lien home equity on a primary residence or second home up to $400,000;  up to 85% maximum CLTV for a second lien home equity on a primary residence or second home pending credit performance and up to $400,000.  Additional LTV/CLTV restrictions may apply.

Homeowners insurance is required.  Flood insurance may be required. 

Rates are subject to change without notice.

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