Novo Banco review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings.

Our verdict

Novo Banco suits Portuguese borrowers who want a single lender for a home loan and a personal loan, especially for home improvement. Its mortgage initial rate of 3.764% and APRC of 4.2% sit below the site medians of 4.35% and 4.9%, while personal loan amounts run €2,000 to €25,000.

Key facts

Best for
Portuguese buyers and renovators who want a mortgage and a personal loan from the same direct lender.
Initial rate
3.764% (Source, checked September 26, 2026)
APRC
4.2% (Source, checked September 26, 2026)
Fixed period
2 years (Source, checked September 26, 2026)
Maximum loan to value
90% (Source, checked September 26, 2026)
Product fee
€2,233.20 (Source, checked September 26, 2026)
Purpose
Purchase, Remortgage, Buy-to-let (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Legal entity
NOVO BANCO S.A. (Source, checked September 26, 2026)
Headquarters
Portugal (Source, checked September 26, 2026)
Founded
2014 (Source, checked September 26, 2026)
Support channels
Phone, Help-centre (Source, checked September 26, 2026)
Official website
novobanco.pt

Loans

APR
11.8% (Source, checked September 26, 2026)
Loan amount
€2,000 to €25,000 (Source, checked September 26, 2026)
Term
6 to 84 months (Source, checked September 26, 2026)
Arrangement fee
EUR 262.50 credit documentation charge plus stamp duty, on a EUR 7,000 personal loan (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Funding time
Credited to the account shortly after approval; analysis and approval may take up to 24 business hours (Source, checked September 26, 2026)
Representative example
Personal loan: EUR 7,000 over 72 months at TAEG 11.8% with salary direct debit, TAN fixed 8.700%, monthly instalment EUR 126.35, total amount imputed to the consumer EUR 9,492.97 (standard rate example: TAEG 13.0%, TAN fixed 9.700%, instalment EUR 129.99) (Source, checked September 26, 2026)
Rate type
Fixed (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Loan types
Personal (Source, checked September 26, 2026)
Use cases
Home-improvement (Source, checked September 26, 2026)
Legal entity
NOVO BANCO S.A. (Source, checked September 26, 2026)
Headquarters
Portugal (Source, checked September 26, 2026)
Founded
2014 (Source, checked September 26, 2026)
Support channels
Phone, Help-centre (Source, checked September 26, 2026)
Pricing model
Fixed rate
Features
Same-day funding

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaLinkedIn

Pros and cons

Pros

  • Mortgage pricing sits below the site median: initial rate 3.764%, APRC 4.2% against 4.9% for the site.
  • Personal loans of €2,000 to €25,000 over terms of 6 to 84 list same day funding, so approved money can move quickly.
  • Licensed by Banco de Portugal under 7, and a direct lender rather than a broker.
  • Support runs on phone and help centre, covering phone and help centre enquiries.

Cons

  • Support runs on phone and help centre only, with no email or chat route listed.
  • Personal loans add a credit documentation charge plus stamp duty on top of an APR of 11.8%.
  • The mortgage fixes for 2, short against a site median of 6.5.

Ready to try Novo Banco?

Scored 8.7 / 10 by BorrowCue.

See alternatives

Who it suits

  • Portuguese buyers, remortgagors and buy-to-let landlords, since the mortgage covers purchase, remortgage and buy-to-let purposes.
  • Anyone planning home improvement, as the personal loan use case is home improvement, with amounts running €2,000 to €25,000.
  • Borrowers who prefer to deal with the bank itself, since it is a direct lender with phone and help centre support.

Who should look elsewhere

  • Buyers shopping on headline rate: Sofkredit's initial rates of 8% to 14% sit below Novo Banco's 3.764%.
  • Borrowers who want a longer fixing period: Novo Banco locks for 2, so compare Creditilia ES, which lists 4%.
  • Prestalo, for the lowest headline number: 2.36% against Novo Banco's 3.764%.

Where it sits among rivals

On APRC, Novo Banco ranks 49 of 145 brands listed here, which puts the cost of the mortgage in the middle of the field rather than at the top. The fixed period ranks lower still at 214 of 259, the initial rate sits at 97 of 297, and the maximum loan to value is 74 of 293.

How Novo Banco compares

Where Novo Banco is available

Available
Portugal
Licence in Portugal
Banco de Portugal (7), checked September 26, 2026
Licence in Portugal
European Central Bank, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What rate does Novo Banco charge on a personal loan?+

The personal loan APR is 11.8%, and the representative example pairs it with salary direct debit at a fixed rate. Amounts run €2,000 to €25,000 over terms of 6 to 84, and the rate type is fixed, so the instalment does not move with market rates.

What fees come with a Novo Banco personal loan?+

Personal loans add a credit documentation charge plus stamp duty on top of the interest. The published charge is worked out on a single example loan, so the figure for your own amount can differ. Borrowing at 11.8% APR over terms of 6 to 84 is the part that stays predictable.

Is Novo Banco a regulated bank?+

Novo Banco is a Portuguese bank, licensed by Banco de Portugal under licence 7, and it also appears in the European Central Bank's list of supervised banks. You deal with the lender itself, since it is a direct lender rather than a broker.

How quickly is a personal loan paid out?+

Funding is credited to your account shortly after approval, and same day funding is listed for the personal loan. The wait sits before that point: the review and approval carry a waiting period measured in business days, so the money does not land instantly.

What can I use a Novo Banco mortgage for?+

The mortgage covers purchase, remortgage and buy-to-let purposes, with a maximum loan to value of 90%. Rates are fixed for 2 at an initial rate of 3.764%, and the product also carries a product fee of €2,233.20.

How do I get help from Novo Banco?+

Support runs on phone and help centre, so a phone line and a help centre are the routes listed. There is no email or chat channel on the list, which matters if you prefer to keep a written record of the conversation.

Is the personal loan rate fixed or variable?+

Fixed. The rate type is fixed and the model is fixed-rate, so the instalment does not shift with market rates. The representative example pairs the headline APR with a higher standard rate for applicants who do not qualify for the headline pricing.

Sources

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

Novo Banco

Portuguese buyers and renovators who want a mortgage and a personal loan from the same direct lender.

8.7/10See alternatives

Your cookie choices

We use necessary cookies to make this site work. With your permission, analytics cookies help us understand usage and marketing cookies support advertising.

You can reject non-essential cookies and still use the site. Change your choices anytime in Cookie settings.

Cookie policy
Cookie settings