For most borrowers, it becomes the only option when debt arises. Many financial institutions are willing to carry out this procedure for their clients who find themselves. From the publication you will learn about the main parameters and requirements of restructuring and refinancing programs for loan products of Russian Standard Bank (*).
Solving the debt problem in Russian Standard
The press service of Russian Standard announced the bank’s basic policy regarding existing overdue debt on loan products. According to repeated statements by the lender, the financial institution does not plan to conduct large-scale sales of loan debt in 2016. Also not included in the bank's plans. The management of the institution adopted the position of independently working with problem borrowers. And it actively offers such consumers the opportunity to restructure and refinance received loans.
According to the annual report for 2015, problem loans accounted for more than 52% of the financial institution’s total loan portfolio. Most of them are consumer loans, which borrowers have not serviced for more than six months. The debt on them amounted to more than 51 million rubles. The loan debt balance on plastic credit products exceeded 119 million rubles.
Taking into account these circumstances, the lender has chosen a policy aimed at providing clients with the opportunity to restructure a problem loan. Most Russian Standard borrowers took advantage of this offer. At the end of the reporting year, the share of loans to individuals restructured by the bank reached 17.5% (for comparison: in 2014 – 3.6%).
And this year, 2016, the financial institution is actively offering borrowers with debt obligations on loans to take advantage of the restructuring program. Due to this, loan debt decreased in the first quarter of 2016:
- for consumer loans - up to 49.5 million rubles. (from 51.7 million rubles at the beginning of the year);
- for credit “plastic” - up to 106.5 million rubles. (from 119.6 million rubles at the beginning of the year).
As of the end of the first quarter of 2016, the total volume of loans to individuals restructured by the Russian Standard exceeded 31.9 million rubles. Their share in the institution’s portfolio of credit products is 20.41%. In 2015, the amount of such loans was within the range of 29.9 million rubles.
What is loan restructuring in Russian Standard
A loan is considered restructured if the following has occurred:
- increasing the loan term;
- reduction in interest rates;
- changing the order of calculations.
As a rule, when working with problem borrowers, the bank itself acts as the initiator. This option of “reanimating” the client’s solvency is offered by the lender after the consumer has repeatedly missed mandatory payments. A mandatory condition preceding the restructuring procedure in the Russian standard is the presentation by the bank to the borrower of a final demand invoice.
Credit card restructuring
Restructuring of the institution’s “plastic” products occurs using the following parameters:
- The debt on the card is fixed at a certain amount.
- The holder pays any outstanding interest and fees. If there are circumstances that do not allow such a one-time payment to be made before restructuring, their amount is added to the total loan amount.
- A debt repayment schedule is established in equal payments.
Loan restructuring
The special program “Restructured loans” provides for:
- A one-time partial payment by the client of a certain part of the total debt. The amount is set individually, depending on the amount of debt, and starts from 10 thousand rubles.
- The remaining debt is covered by a new loan for a longer period using an annuity payment schedule.
The official Internet resource of the institution does not contain any information about the conditions and parameters for restructuring/refinancing loans. Consumers can obtain all the necessary information about such special programs either by visiting the lender’s branch in person, or by contacting the bank’s call center by calling 8-800-200-65-43.
The borrower should understand that this is the right of the financial institution, and not its obligation. Therefore, when considering a client’s request, the bank makes a decision on an individual basis in each specific case.
Accordingly, if the response to the consumer’s application for restructuring is positive, the creditor will offer to carry out the procedure on its own terms. The applicant will only have to choose: agree to the proposed parameters of the transaction or not.
Application for restructuring
There is no specific approved application form. , however, must contain the following mandatory details:
- addressee – name of the creditor;
- full identification and contact details of the applicant;
- details of the problem loan: number, date of agreement, term and amount of loan, etc.;
- the current state of the applicant’s fulfillment of his obligations under the loan: arrears, debt, last payment, etc.;
- the reasons that gave rise to the debt;
- the pleading part is a request for debt restructuring indicating specific conditions: providing “vacations”, reducing the rate, extending the term, etc.
Sample application
Consumers who have no current loan debt are entitled to take advantage. Russian Standard has provided for the possibility of carrying out such a procedure for those clients who have late payments. However, its period should not exceed one month.
In order to refinance a loan, the client must independently contact the lender with a corresponding application. The main condition for applying the program is that the applicant has experienced temporary financial difficulties. For example, a certificate from the hospital about a long-term illness (resulting in temporary partial or complete disability). Documents about salary reduction or layoff, etc., etc. will be suitable.
The special program “Refinancing” provides for:
- providing the applicant with a new loan without a one-time mandatory contribution when applying for it;
- the possibility of skipping the first two payments according to the schedule - “payment holidays”.
How do employees turn a potential loyal customer into a very negative one? Do you want to know?
Come to this RS branch. Due to the nature of my work, I often come into contact with banks, I have not seen such an attitude towards clients for a long time... I decided to refinance the loan, the key rate is falling, the banks are promising lower and lower interest rates. I sent applications to several banks.
It’s very bad that the rate is not announced over the phone, you have to travel, well, everywhere.
Over the phone I immediately clarified that I needed a lower percentage to refinance a loan from another bank and I would not take out insurance.
Ok, everything is no problem, approved in advance, come, we work until 9. Beautiful office, Saturday, day off, after shopping I go to the bank at 8 pm, miracle, there are no people, 2 managers are completely free, the mood is great. The young man says that now is the stage of confirming documents, scans the passport, we wait about 15 minutes.
Then the magic ended. He writes something from the monitor screen and announces the amount. ... plus insurance.
I ask what the percentage is (the loan that I decided to refinance at 18), it says 24, but it’s for 5 years, for a year it’s less percentage))) seriously?))) What’s with the arithmetic, with an annuity payment and a simple interest, what is the different payment .
I ask that I don’t need insurance, I wrote it so nicely, 39 rubles a day... I know how to use a calculator, for a minute that’s 71 thousand! Total, including insurance, this is 31 percent, my credit card percentage is less... and at the same time the manager says that he has already sent the application and the repetition may not be approved, but asked before sending?
Everything would be fine. I would turn around and leave. If it weren’t for the nice lady at the next table... First of all, it’s very unethical to not just interfere, but actually get into someone else’s conversation. Secondly, remarks from the spot...and you will generally be able to confirm your income and other phrases that are inadequate for a bank employee Customer focus....an empty phrase for this manager.
Outcome:
Offer of a loan at 31%, instead of the existing 18% now (In my opinion, this is not only not profitable, but actually an option for crazy people to refinance like this) One could pass by this option, since some other banks also had a higher interest rate, the manager said , sorry, but now we cannot offer a lower percentage, contact us another time, perhaps we can help you.
Worthy? Yes! Will I go to those banks again? Yes! But here they tried to impose unnecessary services at a huge percentage, while they behaved very incorrectly and unacceptable towards the client.
Will I go to Russian Standard again? No. And I don't recommend it to anyone.
User7415532 10.28.2019 18:28
Yes, today the head of the office, Tatyana, contacted me. It's nice to talk with a professional employee.
Thank her for the call, the conflict is over.
Russian standard 28.10.2019 17:18
Hello, Natalia!
I regret that the described situation became the reason for the review. According to available information, the head of the office contacted you today to provide clarification. It is important for us that the situation is completely resolved, so we ask you to confirm this fact as part of your review.
For my part, I would like to additionally note that the insurance service is voluntary, while it provides clients with financial protection. Clients, of course, can submit an application for a loan without taking into account this service, but please note that when submitting a new application, the Bank will need time to consider it, including other loan parameters may be offered. The loan rate is set individually for each Client based on the results of consideration of the application.
Let me assure you that information regarding the quality of service in the office has not been left without due attention.
I hope that in the future you will be able to reconsider your decision regarding the use of our products and will acquire a reliable partner in the person of the Bank.
Sincerely,
Evgenia
JSC Russian Standard Bank
The loan refinancing service is very popular. Some banks include it in the list of official programs, some do not.
For example, Russian Standard Bank does not have such a service, but refinancing is possible by using standard lending and closing it at the expense of its previous one.
Under what conditions can I get a service from Russian Standard?
Advantages and disadvantages
Although the refinancing service is not officially presented in Russian Standard, the bank offers loan products through which you can pay off old debt.
At the same time, the conditions are loyal– acceptable interest rates, large amounts, which will make the loan more profitable than the original one.
A good credit history is a mandatory requirement.. It is better not to wait until arrears arise, but to immediately resort to on-lending.
- Passport of a citizen of the Russian Federation indicating the permanent place of registration.
- Statement.
- A statement of the debt, which indicates the balance, interest rate, and date of issue.
- Wishes regarding a new loan: terms, amount, rate.
- Confirmation of salary and other sources of income, if any.
- Contact Information.
The application is filled out randomly, but you can find approximate contents and other information on the site.
The completed application form and package of documents can be provided to bank employees when visiting a branch or sent by email.
Applications are usually processed quickly. After its approval, you enter into an agreement and receive the agreed amount.
It is used to pay off old debt (and the bank does not require any confirmation of this), and you begin to pay the debt to a new financial institution, on new terms.
Despite the fact that Russian Standard does not officially offer a refinancing program, it is still possible to improve loan conditions with its help.
To do this, you can consider all options for consumer loans and choose the one that will help you get the maximum benefit.
In contact with
Delays are the enemy of borrowers. Moreover, borrowers often worry about late payments much more than the situation requires. It’s another matter if delays become systematic, and the bank is not going to make concessions (for example, introducing so-called credit holidays). In this case, you can take radical measures and simply change the bank, refinancing in another. For example, consider the question refinancing at Russian Standard Bank. Customer reviews are the best way to understand whether it is worth contacting a particular financial institution.
What does Russian Standard Bank offer to those wishing to refinance a loan?
After a surge in the bank’s activity in the field of issuing plastic cards, observed from 2006 to 2013, many Russians now have Russian standard credit cards. The rates on loans issued under them cannot be called profitable, however, at the same time, the bank has a huge number of clients to whom the bank can offer a refinancing service.The conditions offered by the company boil down to:
1. Increasing the loan term. Yes, by renewing the loan at the same interest rate for a smaller amount, but with an increase in the term (for example, from 1 year to 3 years), you can be sure that the monthly payment will be reduced.
2. Attracting guarantors. Reducing its risks by offering the most favorable conditions (lower rate or refinancing for a new term without taking into account bad credit history), the bank will require you to confirm your solvency. Here you may need guarantors, perhaps from among your relatives,
3. Lending under the "credit holiday" system. The bank takes this step if you are a valued client or you have had several good examples of working with the bank, and also if the amount of your loan is large and the term is significant. The essence of the program is that you pay only the “body” of the loan during a certain period, and you will pay interest later.
Reviews from clients and refinancing program participants
The Russian Standard rating, updated weekly and based on customer reviews and the number of complaints filed, is currently (and over the past year) in 32nd place out of approximately 1,000 credit institutions. For comparison, in Sberbank this rating did not rise above 38th place for more than 2 years.Over time, many things change in our lives. This can be said about current everyday goods, high technologies, popular car models and much more.
The financial situation in our country also does not stand still. Unfortunately, the severe economic crisis does not allow us to live in grand style today. A large part of the population lacks their own funds, which forces them to regularly turn to the bank for a loan.
Sometimes you even have to turn a blind eye to a high interest rate, just so that the bank approves your application and issues the required loan for urgent needs. At first, this solves your money problems, but only for a while. When interest rates begin to accumulate noticeably, the situation may become even more critical.
This is a standard and very common case for Russian borrowers. However, all this can be avoided if you refinance your loan in time. We can say that refinancing is a fairly new service for the population of our country.
Therefore, we will devote our article to it, namely refinancing at Russian Standard Bank. This bank is a reliable financial institution with a large number of clients. In it you will find favorable loan offers that will allow you to achieve savings when refinancing.
Features of refinancing at Russian Standard Bank
Russian Standard Bank has many different lending options that are best suited for refinancing problem consumer loans. Therefore, if your interest is in changing the terms of servicing a mortgage or car loan, it is better to take a closer look at the services of other credit organizations.
If previously cash loans were in great demand, now borrowers are increasingly turning to credit cards. Moreover, Russian Standard Bank offers a huge range of them. Each borrower will find a suitable option for obtaining financial support and profitable refinancing. The client will be able to independently choose a credit limit, additional services for the card, and its payment system. Some items can be custom designed.
Refinancing with credit cards is almost no different from a standard refinancing. The client also receives funds in hand, which can be used to pay off all existing debt with a third-party bank. The contract clearly describes all parameters. Each card has its own credit limit and validity period, equivalent to the repayment period of a classic consumer loan.
Domestic on-lending using a plastic card is much more complicated and not always possible. Check with bank employees about the possibility of refinancing a Russian Standard loan in Russian Standard.
Popular credit cards of Russian Standard Bank
As we said above, the Russian Standard plastic card will be an excellent tool for refinancing other consumer loans. The most popular cards currently are the following:
1) Russian Standard Classic. The borrower is issued a classic card with an individual design. The interest rate for using credit funds will be at least 36% per annum. Graceful interest-free period - 55 days from the date of issue. The cost of maintenance is 600 rubles per year. Credit limit - 450 thousand rubles.
2) Russian Standard Gold. The borrower is issued a “golden” card with an individual design, protected by a special chip. It includes more financial options than other instances. The credit limit is 750 thousand rubles. The card is valid for 5 years. Interest rate - from 29% per annum.
3) Russian Standard Classic Online. The validity period of such a card is 5 years, the credit limit is 450 thousand rubles, and the interest rate is set by the bank after analyzing your credit history and some other data.
