Loans in Ukraine - myths and reality
LOANS IN UKRAINE – MYTHS AND REALITY
Many depositors ask us why we do not take out loans. We will try to answer everyone in detail at once.
As soon as in January 2020, the government loudly announced the "5-7-9 Program of affordable loans", we immediately approached "Ukrgasbank" with the project.
In response, we received a list of seven pages, which "references to references that we have a reference" should be prepared.
Thank you, the honest manager said directly - your deposit will not work for us - because that's why. Otherwise, they would have been scrambling for six months to get - no, not a fabulous loan, but a polite refusal.
In private conversations with bankers, only one thing can be heard - this program does not work, and if someone did get it, the kickback there is huge. And the government is filling the tanks even further - up to one percent per annum for those who produce medicines.
Ahaha, this is how we produce medicinal herbs - where is our credit? Maybe one of the contributors will help us? Or will he take such a loan for our land and we will grow together on our land? - We are ready for cooperation!
Okay, so what's the reality? An interesting example came across the other day. The online store sells a MacBook laptop - 24.899 hryvnias. Here we also offer installments for a year with a final price of UAH 33.200. Plus probably at least 1% commission.
Total - 33.532. We get 34,6% per annum - that's the rate.
See for yourself "AVIC" online store
Now about our business.
To receive, let's say, 1 million hryvnias, we need:
1. Prepare standard documents, for example, the company "A-Project" asks for 75.000 hryvnias
2. to have the collateral appraised by an appraiser accredited by the bank - at least 20.000 hryvnias.
3. to insure the deposit - about 20.000 hryvnias
4. Notary services - about 10.000 hryvnias
But that is far from all. As you can see, the effective rate on consumer loans is 36%, therefore, it is reasonable to expect at least 25% of reality on secured commercial loans.
The period from sowing to the first sales (we are talking about spring, spring, winter, winter is even sadder) - 4 months. So, taking into account that the monthly interest will amount to UAH 21.000, we will need to set aside UAH 84.000 from the body of the loan.
Together, instead of a million, we will receive 1000-000-75.000-20.000-20.000-84.000=10.000 UAH.
And we will return UAH 1250. Thus, the effective interest rate will be 000% per annum. Is it worth the crazy fuss with ridiculous loan papers at this rate and with collateral? But bankers through intermediaries, the so-called "consultants" often take kickbacks - 58-5 percent. And the rate becomes (10-1250):000= 80 %yearly
What needed to be proven
NO! We will consider it better to take money from like-minded people and earn together, without enriching various lazy people and scumbags, whose function in the production process is zero.
Do you have other numbers? Another opinion? Comment!
"The global goal of the project is the monetization and capitalization of the plot to the level Holland"