Interest rate amount, type (fixed or floating), the order of interest payments and alterations in the amount of the interest rate are fixed in the loan agreement, which is conducted between borrower and JSC “OTP Bank” (Hereinafter referred to as a loan agreement).
By signing the loan agreement, the parties agreed that the floating interest rate consists of floating (FIDR – Floating Interest Deposit Rate) and a fixed percentage. FIDR is an interest rate on the individual term deposit of the identical currency, which were placed in the Bank on the term of 336 days with the percentile payment at the end of the term of the deposit agreement. Depending on the alterations of the credit resources price on the Ukrainian financial market, the FIDR rate may change (increase or decrease) in order, which was prescribed by the parties of the Loan Agreement.
According to the Loan Agreement, the floating interest rate is determined with regard to the Loan Agreement on the first banking day of the month, following by the expiration month of the aforementioned which followed by the already mentioned 11/12-month period of validity of the previous floating interest rate.
Started from the mentioned dates, the interest is calculated relying on the FIDR rates (valid on the date of change) + a fixed percentage based on 360/365 calendar days per year. The parties hereby express their compliance regarding the listed alterations of the floating interest rate, concerning the entire amount of non-repaid loan, without concluding any additional treaties to the Loan Agreement.
For the determination of the current FIDR amount for your loan, please select a credit currency per month, which was voiced in your Loan Agreement:
In order to get the information concerning the amount of FIDR in recent years, it is necessary to contact the bank department.
Since 1. September 2011 a new base is applied to form a floating interest rate. From now on, a floating interest rate consists of a floating UIRD (Ukrainian Index of Retail Deposit Rates) and a fixed marge, which is determined by the Bank on the date of the Loan Agreement conclusion.
The amount of the interest, the order of the interest calculations and size alterations is established by the Loan Agreement, which is conducted between the borrower and the JSC OTP Bank. During the duration of the Loan Agreement, the UIRD is needed to be adjusted after each 12th calendar month, since the beginning of the Loan Agreement conclusion. It is worth mentioning that during the first month of the Credit Agreement conclusion, the UIRD may be altered after the 11th calendar day of the Loan Agreement.
UIRD (Ukrainian Index of Retail Deposit Rates) – is a Ukrainian index in the deposit rates of individuals – induction rate, which is calculated at 15:00 Kiev time on each Banking day in the Thomson Reuters system, based on the normative urgent individual rates in UAH on the term of 12 months with the interest payment on the date of the deposit agreement expiration valid in 20 largest Ukrainian Banks measured by the deposit portfolio of individuals.
On the official NBU website.
The National Bank of Ukraine discloses data on the daily basis concerning the UIRD rate and alterations in the compositions on the NBU Internet pages and media on its discretion.
The list of the banks, which announce the rates are formulated based on the individual deposit portfolio and announced on the National Ukrainian Bank’s website. The list of the banks that participate in the UIRD establishment is viewed at least two times per week, without any limitations on the repeated inclusion of the bank to the mentioned list. You can familiarize yourself with the list of the bank-participants by visiting the NBU website.
Thomson Reuters* company calculates an indicative Ukrainian Index of Retail Deposit Rates, or UIRD on the method, established together with the National Bank of Ukraine, grounded on the nominal market rates of the individual deposits, which are announced by the twenty leading participants of the Ukrainian individual markets on banking deposit.
* Since 1986, Thomson Reuters has been calculating and publishing London LIBOR interbank rates. Since 1995, Thomson Reuters has launched its activities focused on the development of the Ukrainian financial market. For today, Thomson Reuters calculates or publishes more than 250 related fixings such as EONIA, EURIBOR, MOWIBOR, KIEVPRIME, MOSPRIME, EMTA UAH FIX, etc.
The UIRD rate is established by the bank on the monthly basis on the level, which is valid within the Thomson Reuters system on the pre-last working calendar day, which is followed by the date of the alteration of the interest date. Established amount of the UIRD rate is used for the new credits with the goal of establishment of a flexible interest rate for the valid credits aiming to establish the credit agreements of the 11/12 monthly period expiration of the previous measurement of UIRD.
The rate will be formed as the FIDR rate with a fixed margin for the clients who have received their loan before 01.09.2011.
By the granted loan rates, UIRD is viewed (altered) every 12 months of the agreement term. It is worth mentioning that during the first year of the UIRD treaty, the rate is reviewed (altered) after the expiration of 11 calendar months.
You need to contact a manager of the bank and to fill in the application on the Credit Committee