Transparent Rates and Clear and Honest APRs Promoted by maib
Along with the maib strategy update, its mission, vision, as well as the values which represent us, which we are guided by, and which are included in each product and service available to approximately 1 million maib customers, have been reconsidered.
Therefore, we are always customer-oriented, professional, agile, innovative, transparent and trustworthy, and demonstrate our team spirit in everything we do.
Transparency is at the heart of the bank products and service concepts, whenever we speak of the retail, SMB, or the corporate segment.
Aliona Stratan, maib First Vice President, in Charge of the Retail Division:
“The next level for maib is more than just a rebranding and image approach. It is a complex structured approach to the processes and operational model based on our philosophy. We suggest communicating with each customer clearly and transparently and building a trust-based relationship. We would like our customers to be sure that maib will always offer an annual percentage rate (ARP) calculated and displayed openly, because the bank calls the things by their right names, without concealed commission or camouflaged fees. We believe it is right to act and to practice our activity in this way. The fact that every third loan in the banking sector is granted by maib is another argument for displaying transparent and honest costs, always offering quality services and creating awesome experiences and emotions”.
The annual percentage rate (APR) is the percentage of the cost of the loan contracted or to be contracted. The APR includes all the costs of a loan (such as rate, commission, etc.). When considering a loan from a bank or a microfinance institution, each customer has to pay particular attention to the APR and be assured they are well informed of such details.
As to business loans contracted by customers, maib applies the basic principle of transparency.
Andrii Glevatskyi, maib Vice President, in Charge of the Business Banking Division:
“Our vision is to offer customers much more than merely banking products and services. This is the reason why we have changed the procedure of applying a loan interest rate, making it simple and clear. Until now, it was rather difficult for a customer to understand how a rate was calculated and what factors influenced it. Currently, these issues are transparent and predictable. If a customer has a loan in lei, following the fluctuation of the reference index established by the National Bank of Moldova is enough. If it is declining, the credit costs will also decrease, and vice versa.”
The mechanism for applying the interest rate on credit is clearer and more transparent for each company. Thus, the interest rate for a business loan is floating, consisting of the flexible part (the benchmark) and the fixed part. The fixed part of the interest rate will be set by maib and cannot be changed during the contract. The flexible part (Reference Index) will be:
- for loans granted in MDL - weighted average interest rate on new deposits attracted by the banking system in the national currency, with a term of 6 to 12 months, according to the quotation published by the NBM on the website www.bnm.md;
- for loans in EUR- EURIBOR 3M percentage rate, published on the website www.bnm.md;
- for USD loans - LIBOR 3M percentage rate, published on the website www.global-rates.com and on the website www.bnm.md.
Dumitru Baxan, maib Vice President, in Charge of the Corporate and Investments Division:
“We have been business environment active supporters, and we are convinced that if our customers are successful, the country’s economy is also growing. We have always had a personalized approach to the corporate segment: we understand our customers, we inform them of all the aspects of our cooperation clearly and transparently, especially the issues related to contracting a financing. We believe this is a correct way of creating relations with each customer.”
Maib is committed to staying a transparent, honest, open, and flexible bank eager to adapt to its customers’ needs and lifestyle wherever they are and whatever they do, maintaining integrity and transparency as the basis of its decisions.
Together to the next level!
