What exactly is changing?
The change affects the liquidity loan products of the Széchenyi Card Programme, namely the Széchenyi Folyószámlahitel MAX+ (current-account loan), the Széchenyi Likviditási Hitel MAX+ (liquidity loan) and the Széchenyi Turisztikai Kártya MAX+ (tourism card). These had carried a uniform, fixed 3 percent customer rate, which was unified at this level last October. After the modification, the rate becomes a variable rate tracking the three-month Budapest Interbank Offered Rate (BUBOR), whose current value is 5.89 percent.
The change does not affect already running loans, which continue under their earlier terms for the remainder of their maturity. The rate increase applies to new contracts signed from 15 July 2026.
Why did the government act?
Behind the decision lies primarily the cost of the interest subsidy. Because the programme covered the difference between the market and the subsidised interest level, it placed a serious burden on the budget. According to the statement of the Ministry of Economy and Energy, the interest subsidy cost the state roughly 150 billion forints a year, ultimately the taxpayers. Budget planning allocated a framework of 267 billion forints for the programme in 2025 and 321 billion forints in 2026.
The other reason is arbitrage. The original purpose of the subsidised loans was to finance the day-to-day operation, liquidity and development of businesses. Experience, however, showed that some companies bought higher-yielding government securities from the ultra-low-rate loans, realising a practically risk-free profit from the subsidised funds. The financial stability report of the National Bank of Hungary (Magyar Nemzeti Bank, MNB) also pointed out that borrowing largely involved the same companies, around 70 percent of new borrowers already held a Széchenyi Card loan in 2025, while the deposits and liquidity of small and medium-sized enterprises (SMEs) were high. According to the government information, the present step could mean savings of nearly 70 billion forints in next year’s budget.
Who is affected and from when? The key deadlines
Precise dates govern the transition between the old and the new terms. The table below summarises the most important deadlines.
|
Application or transaction |
Applicable terms |
|---|---|
|
Applications received up to 18 June 2026 |
Still the fixed 3 percent terms, contracting until 14 July 2026 at the latest |
|
Applications submitted from 19 June 2026 |
Only the new variable rate, contracting from 15 July 2026 |
|
MAX+ contracts signed from 15 July 2026 |
Variable rate tied to the three-month BUBOR |
|
Existing, running loans |
Not affected by the rate change |
In practice, then, for loan applications received up to 18 June 2026 businesses can still contract under the earlier, fixed-rate terms, and the financiers have until 14 July 2026 at the latest to do so. For applications submitted from 19 June 2026, contracting takes place from 15 July 2026 under the new conditions. KAVOSZ Zrt., which participates in running the programme, and the registering offices provide information on the detailed transition rules.
What stays the same?
The government statement emphasises that, even with the variable rate, the construction provides more favourable financing terms than market corporate loans and remains available to Hungarian businesses. As part of the programme, the 80 percent surety of Garantiqa Hitelgarancia Zrt. continues to be available, which eases access to credit and reduces the risk of the financing institutions.
The investment loan programme remains, and according to the information the Hungarian Development Bank (Magyar Fejlesztési Bank, MFB) is developing a new programme to support SME financing from the EU recovery funds, that is the Recovery and Resilience Facility (RRF). Subsidised financing therefore does not disappear, only the rate of the liquidity loans moves closer to the market level.
What does this mean for businesses?
The most visible effect is that the rate on liquidity loans rises from the earlier fixed 3 percent to the current 5.89 percent level, so financing becomes more expensive. This is, however, still below the level of purely market corporate loans, so the appeal of the construction does not disappear, only moderates. The change also narrows the scope for arbitrage, because the gap between the subsidised and the market rate shrinks substantially.
From the businesses’ perspective, watching the deadlines is key. Anyone needing a liquidity loan in the near future should be aware that applications received up to 18 June 2026 can still be contracted under the old, fixed terms, while later applications carry the new, BUBOR-linked rate. Holders of running loans have nothing to do, their conditions remain unchanged for the term.
