Sberbank to cut interest rates on all consumer loans by up to 4 pp

MOSCOW, Apr 28 (PRIME) -- Russia’s top bank Sberbank will cut rates on all ruble-denominated consumer loans by up to 4 percentage points from May 1, below the pre-crisis level, the bank said in a statement on Friday.

The minimum rate on a consumer loan guaranteed by individuals will amount to 12.9% annually, while the rate of an unsecured loan will stand at 13.9% annually, the bank said.

“The market situation is changing, the market of consumer lending is recovering gradually, the key rate is contracting, and Sberbank is reacting reasonably to these changes. In April, Sberbank almost doubled the maximum sum of consumer loans, and now it cuts the interest rates to the level that is significantly below the crisis levels,” the statement read.

The interest rates of consumer loans to military people that partake in the savings and mortgage system will amount to 13.5% annually if the loan is secured and 14.5% annually if the loan is not secured. The interest rate on loans granted to individuals that have private subsidiary farms will amount to 17% annually, the bank said.

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