Sberbank rolls out foreign loan refinancing program
Sberbank, the largest bank in Russia and Eastern Europe and the third largest in Europe, recently launched a program to refinance foreign loans.
The bank provides loans of up to $31,000 for a period of five years with an interest rate of 17 percent per annum. The program is designed for consumers with strong credit and does not allow for third party guarantees.
Retail customers can simultaneously repay up to five loans received from other banks.
"We hope that the program of refinancing loans from other banks will be of interest to our borrowers," Natalia Alymova, the director of retail lending at Sberbank, said. "First of all, it will enable customers to reduce the amount of monthly payments on their existing loans. An additional benefit of the program is the ability to receive cash in excess of the refinanced loans."