OREANDA-NEWS. May 19, 2010. Interest charged on personal loans has been cut 3%, with retail side rates now standing at 21.9% APR and credits taken out by individuals under the Bank’s corporate programs available at 19.9% APR, reported the press-centre of Uniastrum.

Uniastrum’s U-Money option allows customers to obtain a general purpose loan of up to Rb 900,000 for 5 years without the need for security or guarantors. The arrangement fee for retail side and corporate side credits is 2.9% and 1.9%, respectively. Loans of up to Rb 150,000 require no documentary proof of earnings or of employment. The money is transferred free of charge to a Visa bank card, while the borrowed funds are paid back in regular monthly installments. Once submitted, a loan application is processed in 5 business days or even less.

U-Money’s main features and benefits include:

cash for any purpose

no need for insurance

no account administration fee

choice of repayment date

option of no-fee early settlement

using the bank card issued under the program, customers can take out cash or pay for goods and services anywhere in the world.

As an added bonus for corporate clients, Uniastrum payroll cardholders enjoy preferential loan conditions.

Based on FY09 figures released by RosBusinessConsulting new agency, Uniastrum ranks 15th Russia-wide in terms of total unsecured loan issues and 21st by portfolio size. Last year the Bank more than doubled the amount of unsecured credit it gave out to almost Rb 4 bn. According to RBC, as of January 1, 2010, Uniastrum’s unsecured loan portfolio topped Rb 3.5 bn, up more than 120% in the reporting year.

“Uniastrum has consistently offered borrowers competitive personal lending terms,” notes Oleg Shvetsov, the Bank’s Acting Chairman of the Management Board. “In 2010 we are committed to dramatically increasing our amount of consumer credit issues wherever Uniastrum has a presence, and we have all the resources required to meet our objectives.”