UBRD: Consumer Loan Interest Rates Down 1%-7.9%

16 October 2017 (15:03)

UrBC, Yekaterinburg, October 16, 2017. The Ural Bank for Reconstruction & Development (UBRD) reduced its consumer loan interest rates in October: depending on the loan type, the decrease amounts to anything between 1% and 7.9%, the bank’s press service reports.

According to UBRD Lending Services Director Svetlana Davydova, loans are generally growing more affordable on the national market.

‘Russian banks have to adjust their consumer loan interest rates in compliance with the Central Bank’s requirements and so as to keep up with the current market trends. Better lending terms naturally promote customer demand,’ Davydova said.

She added that Russians gradually go back to their pre-recession spending patterns.

‘Even though people’s actual incomes keep stagnating, our customer have adjusted to the current state of affairs and their customer demand has been recovering. People are once again willing to borrow, and, given their needs, we made our loans more affordable,’ Davydova said.

The bank adjusts its interest rates on a quarterly basis. The last change was effected in September, when customers who have their salary accounts with the UBRD were offered loans at 12% a year.

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