Sberbank has reduced rates across the range of consumer loans

Sberbank has reduced rates across the range of consumer loans

Moscow. 3 Oct. Sberbank of Russia 1 October cut interest rates for the entire range of consumer loans, the Bank said.

The minimum rate for consumer credit under the guarantee of physical persons now is 13.9% APR for the consumer loan without collateral – 14.9% per annum in rubles. On consumer credit to military members NIS interest rates is 15.5% per annum in rubles, with the security and 16,5% per annum in rubles without collateral.

For loans to individuals, leading private farming, the interest rate is reduced to 20.0% per annum in rubles. For the consumer loan for refinancing loans offered fixed interest rates with a minimum rate of 14.9% per annum in rubles. The product allows you to refinance up to 5 credits of Sberbank or other banks.

“Today we have brought the rates on the entire range of consumer loans to a level below the pre-crisis – this will allow to consolidate the achievements of Sberbank in the emerging trend of recovery in consumer lending” – are the words of the Director of Department of retail non-transactional products Sberbank Natalia Alymova in the message.

The previous decline in interest rates on the consumer credits of Sberbank in may 2016 led to an increase in the average monthly issuance of these loans to 70 billion rubles a month, compared to 52 billion of issuance seen in the past two years, said alymova. Interest rates are set individually depending on the reliability, solvency and the client’s category, the report says.

Last week it became known that Sberbank has reduced rates on deposits – 0,30-0,55 percentage points (PP), 0,04-0,60 p. p. $ 0.04-0.39 in euros. Maximum rates on deposits are at levels of 6.85% in roubles (for a period of 6 months – 1 year) 1,25% in USD and 0.25% in the Euro-term (1-2 years).

The credit institution then said that the reason for the change in rates was the decrease of the Central Bank of Russia key rate and the General market trend to reduce the price to attract funds. CBR 19 September lowered its key interest rate to 10%.