UBRD Reduces Loan Interest for SMEs

12 September 2017 (17:47)

UrBC, Yekaterinburg, September 12, 2017. The Ural Bank for Reconstruction & Development (UBRD) reduced interest rates on loans and improved lending terms offered to small businesses, the bank’s press service reports.

The interest rate on Business Privilege Loan (with any liquid assets such as real estate, automobiles, and goods as security) currently comes to 12.5% a year.

In addition to this, express loans issued with real estate as security were extended to 5m RUR rather than 3m RUR, while the loan period was extended to five years rather than three. Both the property you currently own and the property you are buying can be used as the loan collateral.

Next, an unsecured Business Growth Express Loan is now offered in all parts of the country where the bank runs its branches. The loan applications get processed in only two days.

Finally, overdrafts are now much more affordable: URBD offers its customers additional funds in current account with any liquid assets as security; the overdraft amount is extended to 10m RUR, at 10.5% a year.

This is actually the third time interest rates on loans have gone down this year. The first reductions were introduced in February and May 2017.

According to UBRD Corporates Development Director Elena Sorvina, this downward trend is likely to continue, which means the overall loans-to-businesses market situation might possibly improve.

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