Russians are reducing their debt burden through refinancing loans.

      June 24, 2026 15:54 Economy The trend of refinancing personal loans is strengthening in the Russian market. According to the Bank of Russia and estimates from Frank RG analysts, in the first half of 2026, the share of refinancing in the structure of cash loan issuances reached 14-17%, becoming one of the fastest-growing subsegments. The volume of such operations grew by 35-40% year-on-year, reflecting borrowers' desire to optimize their debt burden against the backdrop of a gradual decrease in loan costs. Demand for refinancing is also increasing due to the development of remote channels: more and more banks are offering online processing without certificates and visits to the office. VTB is recording a similar dynamic: in May, the volume of cash loans issued for refinancing purposes increased by 45% and reached 2.7 billion rubles, while the average monthly growth since the beginning of the year was 68%. Over five months, the bank's clients issued consumer loans totaling 215 billion rubles—almost double compared to a year ago. As noted by Alexey Okhorzin, Senior Vice President and Head of the Retail Business Products Department at VTB, the growth in demand for refinancing is a sustainable trend supported by a phased adjustment of lending conditions: since the beginning of the year, the effective interest rate has decreased by 6.3 percentage points. According to VTB specialists' forecasts, cash loan issuances by the end of 2026 will grow by 76% and exceed 6 trillion rubles. Overall, according to estimates from Frank RG analysts and "Expert RA," if current conditions persist, the growth of the retail loan portfolio may reach 15-20% by the end of the year. NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and timely information. Copyright © 1999-2025 NIA "Nizhny Novgorod." When republishing, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+