The economy of Belarus is dependent on Russian realities. In the context of a connected neighborhood, the country's markets often repeat the crisis phenomena of Russia with the addition of their own problems. However, despite all the financial unrest, the banking sector of Belarus is quite stable, although it does not receive the same government support as the Russian banking system.

Of interest is the experience of Belarusian banks in crisis conditions and the comparison of banking products with Russian counterparts.

Let's look at consumer loans using the example of a financial institution from the TOP-10 banks of the Republic of Belarus. MTbank is the winner of many prestigious awards. Recognized as the best Belarusian bank based on the results of 2015.

General terms

Mtbank issues loans in Belarusian denominated rubles (BYN). Due to the short period of time after denomination, all limits are additionally prescribed in non-denominated monetary units - BYR.

The list of loans for private consumption of MTBank is small and is represented by two products:

• consumer loan “Simply as simple as that”;
• consumer loan with guarantee.

The issuance of loans in stores, retail chains, and points of sale has been suspended.

One of the features of MTBank loans is the possibility of changing the rate under the agreement unilaterally.

The client is notified of the increase in cost. If the borrower does not express a written refusal within 10 days, the rate changes. Refusal of the new conditions must be accompanied by the return of the outstanding amount within three months.

The presence of such a clause allows the bank to issue long-term loans in an unstable economic environment with sharp currency fluctuations and high inflation.

The loan rate is single, tied to the overnight rate of the National Bank of the Republic of Belarus.

The loan amount is transferred to the client’s account to which the bank card is linked. You can use it to pay in stores without commission or withdraw money from ATMs.

Loan funds can be used for any purpose, except for placing deposits in banks, purchasing certificates of deposit or savings certificates, or other banking products that provide for the payment of interest income.

One can note the absence of targeted loans from MTBank and the transition to universal products. The absence of mortgage and car loans, which are familiar to Russians, is explained by equal conditions for all types of loans on the Belarusian market.

The unpredictability of economic realities does not allow issuing money for very long periods, and the cost of loans is approximately the same regardless of the purpose.

Using credit insurance allows you to reduce lending risks in a way that is less costly for the bank than traditional collateral.

Therefore, there is no need to separate loans for the purchase of a car and real estate into separate offers.

Another factor contributing to the issuance of targeted loans in Russia and non-existent in the Belarusian market is state subsidization of car loans and mortgages.

Decor

To receive a loan, a citizen must submit a loan application in one of three ways:

• at the MTBank office;
• on the official site;
• by phone.

The online application does not contain any information other than contact information and consent to their processing. Therefore, a preliminary decision is essentially an invitation to the bank to fill out a full application.

When approving a loan, the client signs individual conditions, which are an accession to the general conditions for issuing a loan.

The bank can make changes by posting new general conditions on the official website.

Bank line

MTBank's retail credit line has been significantly reduced. It can be noted that the credit institution has switched to universal loans and card lending to private clients.

The main conditions for MTBank consumer loans are presented in the table:

The loan “Easy as shelling pears” is issued without collateral or guarantors. At the client's request, insurance can be included with the amount of the principal debt. The money is transferred to the client's card account.

The single debt repayment period is from the 1st to the 10th of the month following the settlement month.

A consumer loan with a guarantee is provided if there are guarantees from at least two citizens. Money can be received in cash at the bank's cash desk or by transfer to a card account.

At the request of the client, the insurance premium is included in the loan. For granting a loan, the borrower pays a commission, which can be included in the total loan amount and is paid to the bank at the time the money is received. Cancellation from 1 to the date specified in the contract.

Consumer loan from MTBank without certificates and guarantors

Mtbank does not provide loans without proof of income. The issuance of express loans for the purchase of goods at retail outlets is currently suspended.

The absence of collateral and guarantors is provided for the “Simply Simple” product.

Cash

Both MTBank consumer loans are issued by transferring money to the borrower’s card account to be opened.

If desired, money can be obtained from the bank's cash desk. You can withdraw money from your card account without additional fees at ATMs and terminals.

Without paying for additional services, payments for goods and services are also carried out using a card.

Documentation

Applying for a loan “Simply as simple as that” is carried out using a passport and salary certificate.

The bank may request other documents. Guarantors provide the same documents. A guarantee agreement is previously concluded with them.

Interest rates

The bank has uniform rates for all clients. For the “Simply Simple” loan, the cost of the loan is 32.2% per annum, for a consumer loan with a guarantee - 31%.

From time to time, MTBank holds promotions when loans can be issued at reduced interest rates.

It is worth noting that there are no preferential categories of borrowers. During the crisis, the bank abandoned them.

Requirements for borrowers

Currently, the bank issues loans to citizens of Belarus who have a regular income. The maximum age of borrowers is limited: men up to 64 years old, women up to 70 years old.

During the entire term of the contract, MTBank requires the provision of information:

• about the appearance of overdue debts to banks lasting more than a month;
• on the conviction of the borrower for criminal offenses resulting in imprisonment and (or) confiscation of property;
• on suspension of operations on the borrower's accounts;

• on the client’s participation as a defendant in legal proceedings if the amount of the claim against the borrower exceeds 50% of the amount of debts to the Bank;

• loss of sources of income;
• about the occurrence of debts extended more than once and (or) overdue debts to other banks and other counterparties, the budget, if the amount of debt exceeds 50% of the amount of debts to the bank;
• about the arrest of the borrower.

Deadlines

Mtbank provides loans for a period of up to 7 years under the “Simply Simple” product, and up to 5 years for a consumer loan with a guarantee.

The specific period is established in the terms of the loan agreement.

The borrower can obtain a loan for a shorter period or by reducing the loan period through early repayment.

Early repayment

Debt repayment is carried out in accordance with the payment schedule attached to the agreement.

Early repayment of the entire loan or part of it is possible without restrictions.

The bank may present the entire amount of the debt for early repayment if the debt is overdue for more than 265 days.

Advantages and disadvantages

The positive aspects of MTBank loans are:

• simple conditions for obtaining loans;
• uniform requirements for borrowers and terms of issuance;
• long loan terms.

The disadvantages include:

• insecurity of clients from changes in contract terms;
• high interest rates;
• lack of benefits;

• additional borrower expenses for insurance and commissions.

In general, one can note the shifting of financial risks onto conscientious borrowers, which leads to a significant increase in the cost of retail loans.

MTBank is an Android application designed to provide clients of the Belarusian bank of the same name with the opportunity to conveniently manage finances in their accounts. This is a fairly simple mobile banking in terms of functionality, which, however, has one important advantage. It is as simple as possible to learn and use, and the application interface is not “overloaded” with unnecessary elements.

Financial management

In the main window of MTBank banking, also known as My Bank, you can view the current balance on all active cards. In addition to standard debit accounts, information about the status of Halva and PayOkay cards is displayed there. By going to the account screen you will receive a detailed statement of your latest transactions.

Payment for services through ERIP

Another important function of the MTBank application is to provide the ability to pay for the services of Belarusian mobile operators and Internet providers. Recently, you can even pay for utilities using mobile banking.

To gain access to all functions of the application, you will have to register by entering your mobile phone number. If you are already a client of MTBank, you will immediately gain access to account management, and if you are just planning to become one, you will be able to fill out an application for a card. The latter will be delivered by courier to the address you specified.

Key Features

• serves to manage cards, deposits and loans in the Belarusian bank of the same name;
• makes it possible to pay for services (communications, Internet, utilities) through ERIP;
• provides a detailed statement for each account;
• requires registration with a mobile phone number;
• allows you to track and pay off debts on the Halva card;
• has a concise interface;
• Compatible with all current versions of the Android operating system.

The “Easy as Easy” credit card is a universal banking product with which you can withdraw cash and pay for purchases in any retail chain. This card has an international standard and will allow you to additionally make payments online and abroad.

The principle of operation of the card is that it has a cash limit. The maximum size of this limit depends on the average monthly income of the borrower. Interest on the loan is calculated only on the amount of money spent. In the first 40 days after the start of spending funds, there is a grace period, during which an interest rate of 15% per annum is applied.

To obtain a card, you must submit an electronic application on the website portal. Then, at the appointed time, you should go to the bank, where you will be given a bank card with a loan credited to it.

The “Simply Simple” credit card will help make your wishes come true at minimal cost.

Applying for a loan “Simply as Simplicity” is actually very simple, because to receive it you only need to submit an application from the portal page of the website. An MTBank specialist will contact you in a matter of minutes. This employee will provide the following information:

• passport details;
• place of work and average monthly income;
• the presence and amount of mandatory payments (utility payments, debt on other loans and installment plans);
• the presence of minors (under 16 years of age) in the family.

After processing the information received within one minute, an MTBank specialist will name the maximum loan amount that can be obtained. The loan is issued up to 15,000 Belarusian rubles. To obtain the maximum amount, it is advisable to include the income of the husband and wife in the total income. You will also be immediately informed of the amount of monthly payments. If you agree and are approved by the MTBank credit department without an income certificate you receive free bank card to which the entire loan amount is credited.

This bank card can be used to pay in any store without hidden fees. Additionally, cash withdrawals without commission are provided at ATMs of MTBank OJSC, Belinvestbank OJSC and Belgazprombank OJSC.

If you need a loan from MTBank for a period of more than 12 months, then a banking specialist may offer another loan product for up to 7 years.

Every month an SMS message will be sent to your mobile phone number indicating your credit debt, which will need to be repaid by the 15th. You can pay for the loan at MTBank branches, using the Settlement system (ERIP) and Internet banking, as well as at the branches of RUE Belposhta.

If necessary, early repayment is allowed without penalties.

Items 1-10 of 461.

Artyom Indigo

22:47 10.01.2020

MTBank THROWS money away! For the second time they refused to pay cashback on the payokay card. The first time they didn’t pay cashback in the amount of 130 rubles. And now for the month of December they refused to pay more than 60 rubles. I noticed that when the cashback amounts are decent - it is not paid. Tomorrow I’m going to close the cards of this underbanked bank.

Dmitry Mitskevich

13:54 10.01.2020

They lure you in with a good % cash-back, and then they cut it off without proper notification (I don’t consider posting information about a change on their website as adequate notification; via SMS is another matter). At the same time, the cost of servicing the card increases, and does not decrease in addition to this. as well as queues. It’s the same with deposits, they reduce the interest as they wish.

Stanislav

13:13 05.01.2020

The most greedy bank I have ever encountered. I work with 3 banks, but I have never seen a client being ripped off like that. On November 15, they wrote news on their website that they were introducing a commission for transferring funds to cards of other banks and that’s it, they started charging 1.5% each, as a result, they lost a large amount of money, and technical support said that you need to read the website . Are you seriously? Do I need to go to your website every day to know what’s going on? MTBank does not know about SMS notifications in the 21st century, I sympathize. They ripped off a client and lost him forever.

16:56 24.12.2019

A current account was opened at MTBank, December 24, 2019. turned to a customer service specialist to purchase cash currency for non-cash Belarusian rubles. The disadvantages begin from the moment you are in this bank branch: long queues, few service specialists (despite the fact that it was two o’clock in the afternoon), when you get to a specialist and spend more than half an hour, it turns out that this specialist cannot competently complete this operation, the rushing around and consulting with colleagues, then they suggested moving to another specialist, they turned to the head of this branch of MTBank, who assured that everything would be formalized right away... As a result, after spending more than an hour in this bank branch and watching enough of the specialists’ “game of ping pong” , I had to pick up my passport and leave without getting what I came for. Unfortunately, this is not the only case; we had to apply based on location. We were extremely disappointed with the professional competence of the specialists and lack of respect for the clients’ time. If you have a lot of free time and don’t know how to spend your leisure time, we recommend stocking up on popcorn and contacting this branch of MTBank!

Svetlana

15:31 24.12.2019

Outraged by the incompetence of the employee. I recently took out insurance for medical services at the Independence branch. When I asked how I could get the same insurance for my daughter, I was told that only my presence and my daughter’s passport were enough. The next day I came to the department with all the documents, but alas. It turns out that I can’t get insurance without my daughter, and I didn’t find out this right away, but only after the employee entered all my data, filled out the contract, and only then, apparently, the system sent her away))). And she already sent me. Wasted so much time.

Artem Kostyuchenko

11:28 24.12.2019

I tried to take halva plus and while they were there deciding, they were doing something, they tried to bring the card 2 times, the second time they simply could not enter the correct passport information. I waited for about 20 minutes and eventually refused the card.

18:21 19.12.2019

I was driving along the highway, running out of fuel, and made it to the gas station. Lo and behold, there is only an MTBank card in the wallet. Well, I think it’s no problem, I’ll transfer the money to her and move on.... Yeah now))) This is squalor (the bank), I was going to use the money for 3 days, but I sent an SMS saying that the money had been transferred but it will be in the account in 3 days. If earlier I was too lazy to refuse the services of this “miracle”, now I will definitely refuse.

Training Center Technician

10:51 19.12.2019

Do you want to live happily ever after? Do not contact MTbank under any circumstances. Legal entity: problematic account, application and key that always fall off. Even when you pay them money, the attitude, to put it mildly, is not very good. Individual: God forbid you have a bank card, or even more a credit line, like halva. There won't be any problems. Any conversation with an employee and already at the 20th second you want to send to +++ and hang up. All conversations are only in raised voices. Transfers from card to card are a separate topic - for 3 days your money marinates in snuffbox accounts. Bottom line: the bank is aimed at those who are not particularly friendly with their heads. There are excellent banks with first-class service and applications for individuals and legal entities, where everything works instantly and you can do everything with just a finger, but I won’t advertise it, just look for... another bank that doesn’t start with MT