Bank providing student loans at 30%: it is cheap!

Newsfeed features an ad -"School" loan from VTB Bank. Nothing wrong about it, but neither the website nor the advert have information on the interest rate. The consultant tells me it's 39.9% APR! Regular consumer loan in the bank is 29.9% per annum for five years

"The loan is given for two years, the interest rate being 39.9%. Plus recurring fee: for cash withdrawal, account opening, account service," said the bank consultant.  

Family of three people and a salary of 2 mln BYR (of one of the family members) can get a 12 million BYR loan. But according to my most conservative estimates, 3.5 mln BYR should be enough to get ready for school. A suit -- pants and jacket-- cost around a million. You should add here a few shirts, shoes, a backpack, sports clothes and sports shoes, as well as stationery and textbooks. The bank can give me this amount, but I'll have to give back almost twice as much. 

"You'll be paying about 274 thousand rubles a month, and for two years the overpayment together with the loan sum will amount to 6.5 million BYR," calculated the bank. But the bank person said this loan is popular! 

Belarusbank provides loans for medical services and beautification of cemeteries. The loans are at 26.5% per annum, with the difference being that the medical services loan must be paid off in two years, and the one for cemetery beautification -- in one. 

I wondered what amount can, for example, pensioners count on, if the pension is only 2.2 million BYR. 

It turned out they can get about 8 million rubles. They will have to monthly give away almost half of the pension! 

"The amount of payments per month is 940 thousand rubles. The total payment amount is about 9.7 million rubles," said the bank worker. 

The cheapest monument in Minsk costs about $250. You have to pay the same amount for the installation, lettering, trim. But you'll get a vase from the manufacturers for free. 

You can get a subsidized loan for in vitro fertilization at 10.25%. Belarusbank employees said that 342 women have used it since it was launched more than six months ago! 

Belinvestbank offers 30% loans for students studying at universities and colleges. But they noted sadly that this kind of loan is rarely taken. Maybe because it's easy to get into free programs?

You can get the same loan at Belarusbank. But there is a subsidized option.  Those who have for each minor member of a family three minimum living wages - about 4.7 million rubles -- may qualify for benefits.

"If you are entitled to the privilege, the bank will pay 70% of the cost of studies. But there are more papers to be collected," immediately warned the bank. 

If income is higher, the rate will be standard - 30.5%. Every year, the borrower will need to take the next loan. Amount of the loan does not depend on tuition fees, but on the salary.

"If you get 22 million (that is how much one year study costs at the Faculty of Dentistry at BSMU), you give 3.8 million rubles as interest. It goes as follows: while the child is studying - the interest is paid, and then the bank gives 5 ​​years for installment payments. The contract is for one year, the next year it is necessary to sign an additional agreement, and interest will calculated for 42 million, not 22," said the bank. It is inot expensive, they added. 

"We calculated the loan at the rate of 30%, and what if you wanted a mobile loan where the interest is 50%? You would pay seven million, not three. It is considered a cheap loan."

Thirty six subscribers to Euroradio in Vkontakte wrote that they would try to never get a loan. Eighteen subscribers would get one.

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