UBRD Enters Refinancing Market

6 July 2017 (10:31)

UrBC, Moscow, July 6, 2017. The Ural Bank for Reconstruction & Development (UBRD) is expanding its private customer product range, the bank’s press service reports.

The bank is launching a consumer loan/credit card refinancing program for customers with loans taken out from other banks. The service is aimed at customers with a good credit history who pay out their current debts in time.

The upper money limit has been set at 1m RUR, while the number of loans you can apply to have refinanced isn’t limited. The interest rates start from 13.9% a year, with the repayment period of up to seven years.

‘These refinancing options allow a borrower to reduce their debt burden considerably as they can benefit from a lower interest rate; as a result, their monthly payment goes down. Besides, after several loans have been merged into one, customers find it easier to meet their repayment obligations, since they only have to remember to make one payment at one bank on a certain day of every month,’ says UBRD Lending Services Director Svetlana Davydova.

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