OTP Group is one of the largest financial enterprises operating in Central and Eastern Europe. This is confirmed by data received from specialists from the Budapest Stock Exchange.
Employees of the OTP Group company provide services to 13 million customers in the form of individuals and legal entities. About 1.4 thousand branches and 3.9 thousand ATMs were opened in the Old World. The company has more than 41 thousand employees.
The representative office of OTP Bank in Russia is part of the Hungarian OTP Group. This financial institution works in several areas at once:
- Banking business.
- Investment deposits.
- Financial operations.
- Insurance.
- Asset Management.
- Leasing.
- Pension financing.
The history of the development of a financial institution
The abbreviation OTP (Orszagos Takarekpenztar) is translated into Russian as the state bank of Hungary, which gave the name of the company under the name “OTP Group”, was formed in early March 1949.
In 1990, the financial institution underwent a reorganization, turning into a public company.
In 1995, OTP Bank was privatized and became a private institution. After this event, the financial institution began to expand in the Central and Eastern market, increasing its economic growth.
Bank executives
In the second half of the 90s of the last century, an organization called OTP Bank underwent a major transformation, turning into a retail bank. At the same time, about 9% of the company’s shares are owned by MOL, and the rest is in free float. They can be purchased on the London Stock Exchange.
Since the beginning of 1990, the bank has been managed by a board of directors, its head is Sandor Chani.
Occupation of a financial organization
OTP Bank has subsidiary banks not only in our country, but also in the neighboring countries. This financial institution is the largest in the EU countries. She successfully passed special tests for resistance to various fluctuations in the stock market.
In 2014, the board of directors of OTP Group invested about 10 million euros in Touch Bank. The total investment amounted to more than 40 million euros.
Achievements of the OTP Group
During its existence, the OTP Group financial institution has earned a number of awards and bonuses, which are listed below:
- Recognized as the national winner in the contest "The Best Bank of Central and Eastern Europe" (2015), which works online.
- Recognized as the best Hungarian foreign exchange bank in 2015.
- Deserved the title of the most reliable bank in Hungary in 2014.
- Recognized as the best global bank in 2015 among emerging markets in Western Europe according to the Global Finance rating.
- Took 952nd in 2018 among the largest organizations on the Forbes Global 2000 list.
- She won third place in the nomination “Best company in terms of management in Central and Eastern Europe” in the category of finance and banking.
In addition to the above merits, OTP Bank received many prizes and awards, in addition, this financial institution represented Hungary in the ranking of the most expensive brands in the banking sector, which was prepared by Brand Finance (Great Britain).
Consumer loans at OTP Bank
OTP Bank provides loans to Russian citizens for various purposes with very democratic conditions, in comparison with competitors in the financial market. Another advantage of this financial institution is the following factors:
- Minimum requirements for individuals.
- Quick response of a bank specialist after the application.
- In order to receive money, it is not necessary for an individual (but preferably) to provide a pledge, which serves as a guarantee of payment of borrowed funds.
- To receive a large amount of money from OTP Bank, it is not necessary to look for a surety. Most likely, loan officers will approve the issuance of finance without a guarantee.
OTP Bank offers cash loans to individuals under conditions (reviews confirm this), which will appeal to many residents of Russia. Also, various bonuses were introduced in the organization to attract new customers and maintain a stable interest in old ones who had already applied to this credit organization.
OTP Bank provides universal packages of financial services in almost all European countries to both individuals and large organizations.
Why is OTP Bank trusted?
A European organization called OTP Bank has an impressive capital of tens of billions of rubles. It is included in the list of the largest banks in Russia, and is also a leader in the financial market according to data received from Interfax.
The policy of the management of OTP Bank JSC consists in mutual trust between this organization and the client, regardless of what service is provided.
Borrower Requirements
Those clients of OTP Bank who took a loan write in their reviews that if an individual needs to get a loan here, you should know that this credit institution trusts its regular and reliable partners. In order to receive a small amount of money, it is enough for a Russian citizen to collect a minimum package of documents:
- Passport of a citizen of our country.
- INN
- A certificate that confirms the financial viability of the borrower.
Judging by the reviews, a person over 21 years old can take a loan from OTP Bank. In addition, he must not be older than 65 years, and must also have a permanent residence permit in our country.
All of the above requirements help the bank make sure that its client is able to pay debts in the future. Due to this trust between the client and the financial institution, the interest rate is reduced to a minimum.
Each person who applies can count on an individual attractive offer, while the rate is calculated individually for each person who applies to the bank. The result will be known only after a thorough check of solvency by specialists of a financial organization. In the process of calculating the interest rate, the monthly income of the potential borrower, the term for the provision of borrowed funds, the category of client, size, reliability, and the number of employees in the enterprise where the borrower works are taken into account.
In the event that the future borrower receives a pension, be it labor or military stock, it is necessary to inform the bank about it. To do this, you should contact the FIU to order an extract there.
In order to receive a larger amount of money in excess of 200 thousand rubles, but not more than 400 thousand rubles, in addition to the above documents, you must provide the loan specialist with a certificate in the form 2-NDFL, which contains a statement of payments for the last six months. It is also necessary to make and bring to the bank a copy of your work book.
If an application for a loan of more than 400 thousand rubles is submitted to OTP Bank, a certificate confirming income must be issued in the form of a bank.
Loan rates
For trusted customers who have already collaborated with OTP Bank, the management provides loan funds under the Promo program. The interest rate in this case will be from 11.9 percent per year, which is confirmed in customer reviews of cash loans at OTP Bank. This is the lowest interest rate that a given bank can issue to an individual in Russia. However, there is a negative point in this action, namely, the borrower needs to find a guarantor who can repay the loan in case of insolvency of the person taking the loan.
Using another program from a European bank called Online, a client can count on a loan for a period of six years. The base rate is 31.9 percent. The maximum annual percentage can reach 40 percent. A client can count on cheaper loan overpayments only if they submit to the bank all the documents that a loan specialist will require.
OTP Bank is also ready to provide credit funds in 15 minutes. This program is called Express Credit. For such a short time, it is extremely difficult for bankers to check all the information about their client, so the credit institution is forced to reduce its risks, making the interest rate high. Using the Express Credit program, a person can count on an interest rate from 38 to 67 percent per year. Approximately the same conditions exist in OTP Bank for cards and loans (customer reviews on the Internet confirm this) in other, less popular products.
For people with an impeccable credit history who have already taken loans at this or other banks, as well as for depositors, the base rate will be 28 percent per annum. For customers whose credit history is slightly spoiled, the interest rate will be above 35 percent. This is confirmed by feedback on loans at OTP Bank.
For entrepreneurs and notaries, the interest rate starts at 30 percent per annum. You should be aware that the lender can extend the time for consideration of the application without explanation.
Standard loans are approved 1-2 days after the application is submitted, according to reviews of cash loans from OTP Bank customers. Rates for them are much lower than for “quick” loans.
Where to get a loan?
OTP Bank (loan reviews confirm this) is ready to issue credit funds in several places at once:
- at the office of a credit institution;
- through the Internet;
- in stores that cooperate with this bank.
It is desirable for the bank that customers personally visit the bank office to submit an application and receive cash. Obtaining borrowed funds through an online transfer is also very convenient for both the lender and his client.
People go to the store to get a loan in order to immediately buy the goods, so the borrower has no business with cash. After the loan is approved by the bank, the customer immediately makes a purchase.
Customer reviews about OTP Bank
On the Internet, there are much more negative reviews about the European OTP bank than positive reviews, so let's start with them. So many Russians who applied there for money tell stories about how they tried to pay off their debts ahead of schedule. It turned out to be not so simple. First of all, the bank employees require that the client personally visit the office to carry out such an operation. They explain this by the fact that by telephone they can convey false information about the debt to the client.
Another drawback of OTP Bank, which is often discussed in reviews, is the fact that it is very difficult to get through to the hotline of this financial organization. In the best case, an answering machine responds to customers, who are not able to answer all customer questions or solve pressing problems. This situation does not suit people, especially residents of those cities where there is no OTP Bank representative office yet.
According to reviews received in the Internet space, quite often European bank customers are faced with a problem when an early repayment is made, but interest is still accrued on the loan. This is due to the fact that the loan is still not closed, the debt remained with the individual, which is confirmed by the information received in the database of the Credit Information Bureau (credit bureau). Sometimes only a monthly payment is automatically debited, although the amount in the account is sufficient to fully repay the loan. Such a problem can be solved by installing the OTP Mobile Bank application on the phone, or go to the bank’s official website and register there in your personal account.
Some people in their reviews scolded the bank for frequent failures of the official website, which greatly interferes with important financial transactions.
The mobile application has also been criticized in the feedback about the loan in OTP Bank. So he is criticized for the outdated design and frequent failures in the process. Because of this, even the old customers of this financial institution are no longer willing to turn to her services.
On the Internet there are many reviews of loans from OTP Bank from customers. According to them, this credit institution poses as a bank issuing loans without collateral and without guarantee. In fact, it turns out that the refusal of collateral entails a too large increase in the interest rate. As a result, it is unprofitable to take a loan from OTP Bank; it is better to turn to competitors for this service.
Also, people in reviews of loans at OTP Bank complain that the bank in advertising declares the following: “additional documents, except for a passport and TIN, are not required for new customers to bring to the office.” However, when a person visits the office, managers are already voicing other conditions, without which there is no question of approving a loan.
There is criticism regarding the provision of a service such as installment plan in reviews of loans at OTP Bank. So many customers said that when buying large and expensive equipment they often lack money, which is why they decided to seek help from a financial institution. I liked the conditions at OTP Bank. The manager quickly prints the contract, but then problems arise. It turns out that the system does not work, and credit funds have not been credited to the store’s account. According to numerous buyers, two days later, the situation has not changed.
Another negative feedback comes from dissatisfied customers who wanted to transfer money without a commission in Euroset stores. When contacting an employee of a store selling phones and other electronics, it turns out that they cannot transfer cash through the cash register, only through company terminals. By the way, they are often faulty, so payments have to be transferred in advance, otherwise the client will receive penalties from the creditor bank.
In negative reviews, people write that despite the comments received from customers, bank managers are in no hurry to correct or admit their mistakes. On the contrary, they continue to do them, and even try to impose additional loans and services to dissatisfied citizens.
Many residents of Russia are unhappy with the annoying calls from this bank, which they certainly declare in their reviews on various thematic forums. So many clients are called with questions by managers from this credit institution after a loan is delayed for several days. A lot of time is wasted during a meaningless conversation. After a promise to pay the resulting debt, the calls do not stop, in addition, the bank sends an SMS with a reminder of the delay.
After full repayment of the monthly payment, SMS with a reminder of the need to pay the loan is still received on the phone of the former debtors. When a client calls the OTP Bank hotline or visits the office in person, they are assured that the payment has not yet arrived, but they will do everything possible to not distract the person from their affairs with their annoying information messages.
People often ask the question: "What happens if I do not pay a loan at OTP Bank?" In the reviews, the bank's customers say that even with the slightest delay in the loan (from 100 rubles) for several weeks, bank managers persistently call the debtor and his relatives. Often collectors find the debtor's work phones and call them. They want to know about the reasons for the delay in consumer loans at OTP Bank (online reviews confirm this). Often, to knock out debts, employees rudely and impolitely communicate with their customers, are rude and threaten them. Bank managers can obsessively call those people who are not customers of the bank, but are only familiar with the debtor.
Many residents of our country, after approving a loan at OTP Bank (reviews confirm this information), are often dissatisfied with the incompetence of employees of this institution. When visiting the office, they are forced to defend quite a lot of time in lines. Clients cannot reach a solution to their issue, especially for those who are interested in early repayment of a loan at OTP Bank (online reviews confirm this information). As a result, he has to visit the institution again the next day or call the hotline to get advice from more competent employees.
It is worth noting that, judging by the reviews, the bank management appreciates its old and established ones as responsible customers. Organization managers offer them very attractive conditions.
Most people quickly approve a cash loan at OTP Bank, reviews confirm this. If you believe the reviews, even those people who never took credit and did not use installment plans for goods, first contacted OTP Bank and were satisfied with its service. The staff was polite, the office was located in a convenient and accessible place, there were no problems with parking. While waiting in line, you can drink water from the cooler. In addition, the bank approves the issuance of finances even to those people who were denied other institutions.
In Novosibirsk, OTP Bank (credit reviews in this financial institution are confirmation of this) are chosen most often thanks to colorful and promising advertising on the streets and in the media. Among other things, this European bank cooperates with many Russian stores that sell household appliances and furniture.
Some Russians liked the OTP Bank loan services (Ufa). In the reviews, they say that they have been given more than once a very profitable cash loan for short periods (3-4 days), with a low interest rate and convenient repayment methods. They also noted that bankers opened a rather convenient personal account on the Internet, where you can quickly see the history of transactions on cards and deposits. In addition, on the Internet you can download a mobile version of the application in which you can manage your finances, arrange a cash loan, reviews about OTP Bank confirm this.
Employee Reviews
Some employees in their reviews about OTP Bank say that they are completely satisfied with their employer. The salary is transferred to the plastic card monthly without delay. The working conditions in the office are decent. Before getting a job, it is necessary to provide the personnel service with documents confirming the presence of higher education, preferably economic.
Many employees of this financial institution declare in their posts that the employer sometimes forces employees to process excesses. This fact negatively affects the quality of services provided to people, as well as the state of health of workers. Salaries are low for employees, so the company always has a turnover. People come to work, and then after working for several weeks, they quit because there is a lot of work to be done at OTP Bank. In addition, visitors, having stood in line for a long time, can be rude to the office staff, expressing their dissatisfaction.