monobank from August 1, 2022 returns the interest rate on loan products to the standard conditions that were in force in the pre-war period. Clients were informed about the abolition of preferential rates for loans by a separate notice in the application.
Recall that from April 1, 2022, monobank canceled the accrual of interest on the balance of its own funds, but lowered the rate on all loan products to 1.6%, and in May fully resumed lending , including “Purchase in parts”. From August 1, neobank cancels preferential conditions and returns the interest rate according to the standard conditions. Monobank explained this decision by a recent increase in the discount rate (a month ago, the NBU raised the discount rate to a record high – from 10% to 25%).
What will be the tariffs for monobank loan products from August 1:
- 3.1% per month on the card (accrued on the maximum debt per day, provided that the debt is not paid in full during the grace period, for each day from the moment the debt arises);
- 1.9% per month for Installment and Cash Loans (for loans opened before August 1, the preferential rate will remain until the end of the agreement);
- The terms of the grace period (up to 62 days) remain unchanged.
At the same time, monobank is canceling restrictions on cash withdrawals and transfers against credit funds – these changes came into force as early as July 1. Monobank customers can withdraw cash at any ATMs, cash desks of partner banks (A-bank and Universal Bank), as well as in a supermarket.
Let’s hope that with the return of interest on the balance of personal funds and the increase in rates on deposits in hryvnia in monobank, too, will not be delayed.
