UrBC, Yekaterinburg, October 24, 2019. The Ural Bank for Reconstruction & Development (UBRD) is offering its customers refinancing options at a reduced rate of 8.5% a year starting October 21.

According to the bank’s website, you can apply for any amount between RUB 100,000 and RUB 1.5m, with the repayment period ranging from two to seven years. You can apply for as many loan refinancing programs as you like. Applicants who have their paycheck account with the UBRD can also apply for the options without any proof of income.

The UBRD started refinancing loans issued by other banks as early as 2017. Every year, the demand for the service goes up: the number of refinancing-related loans issued to private customers in January-August 2019 rose by 36% against January-August 2018.

‘Consolidating all your loans into one can help reduce your family’s debt burden through a longer repayment period or a smaller monthly payment; this also makes banking easier,’ the bank says.

‘Loan refinancing schemes are not based on the actual debt burden on the loans the customer intends to pay back: this is the key reason loan refinancing works better than a regular consumer loan,’ says Head of Retail Lending Department at the bank Lyubov Toropitsyna.