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Russia's Sberbank cuts interest rates on loans for small businesses

April 05, 14:59 UTC+3 MOSCOW

On March 26, the Bank of Russia reduced the key rate to 25 basis points to 7.25% per annum

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MOSCOW, April 5. /TASS/. Sberbank of Russia has cut interest rates on loans for small businesses with annual revenues of up to 60 mln rubles ($1 mln) on applications made after April 3, the bank’s press service reported.

The lowest rate is 13.9% per annum can be obtained if a company takes a loan to purchase real estate for commercial purposes.

Loans backed by real estate or means of transport will be granted at a rate of 16.5% instead of 17-18%.

Unsecured loans for business development will be granted at 17% per annum (a 1.5% cut), and a loan for covering cash gaps can be obtained at a rate of 14.5% per annum.

Earlier on Thursday, VTB Bank reported about cutting the loan rate for small businesses to 10% per annum.

On March 26, the Bank of Russia reduced the key rate to 25 basis points to 7.25% per annum.

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