UrBC, Yekaterinburg, August 26, 2019. The Ural Bank for Reconstruction & Development (UBRD) brought the interest rates on consumer loans down for the second time this summer, the bank’s press service reports.

The changes involved the bank’s entire consumer loan product range and now apply to both existing customers and new applicants. The interest rates declined by over 4% overall.

‘There are many factors we take into account when shaping our product range; the market situation and the customers’ needs are two such factors. The Central Bank’s policy to reduce the key rate in the last few months has affected the interest rate we charge on loans as well. Quite a few market players have reduced their rates this summer, and we’ve done it twice in the course of the last three months,’ says UBRD Marketing Director Alexei Merzlyakov.

The interest rate on the bank-issued consumer loans starts from 11.99% a year. Applicants may get between RUB 50,000 and RUB 3m and apply in person or online, using the bank’s website, their e-banking account, or their mobile banking app. The loan itself, however, can only get issued in person after you produce your ID. For more information, please visit the UBRD website.