Russia’s largest bank, Sberbank, has raised the maximum age limit at which people can qualify for a consumer loan to 70 years. A person must be 70 at the moment of the loan repayment, the bank’s official site reported.
As regards mortgage loans, the maximum age remains at 75 years at the moment of the loan repayment. The maximum age of a credit card user is 65 years, the same as the retirement age, meaning that male pensioners will not be able to receive a credit card at Sberbank. According to the bank information, currently 13% of pensioners are credit card holders.
The minimum consumer loan period is still 3 months, while the maximum period is 7 years. The maximum sum is RUR 5 mio ($75,000), with a minimum interest rate of 12%.
“We see a greater number of Russian pensioners willing to expand their opportunities, and through consumer loans as well”, Sberbank Deputy Chairperson Svetlana Kirsanova said.