UBRD Brings Down Interest Rate On Consumer Loans

17 September 2019 (09:19)

UrBC, Yekaterinburg, September 17, 2019. The Ural Bank for Reconstruction & Development (UBRD) has reduced the interest rates on its consumer loans for the third time this quarter: starting September 13, loan applicants can borrow money from the bank at 9.5% a year, the bank’s press service reports.

‘Most banks are charging at least 9.9% a year at the moment, so the 9.5% we offer look quite appealing by contrast. Another advantage is that it only takes a couple of hours and very little paperwork to take out a loan at the bank,’ says the UBRD Retail Product Director Alexander Pateshman.

The bank says the loan repayment period could come to three, five, or seven years, with the upper limit of the loan amount at RUB 3 million.

Pateshman also says Russians returned to the pro-spending customer behavior as early as last year (which the lowered interest rates on consumer loans only promoted), so the lending market keeps growing.

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