Can a foreigner get a loan from a Russian bank?

Practically in any Russian bank, a foreigner can issue savings accounts, deposits, payment cards. Money transfers and currency exchange are also easy. But loans to foreign citizens in the Russian Federation are extremely reluctant, because such operations are very risky for banks. Nevertheless, it is possible to get a loan, especially if a foreigner has a certain status in the Russian Federation; moreover, the loan should not be consumer, but for the purchase of a car, apartment or other property. Officially, banks have the right to provide loans to foreign citizens who have residence permits, temporary residence permits, registration and even newcomers. But in fact, only holders of temporary residence permit and residence permit in the Russian Federation, have a real opportunity to get loans.



There are some banks that often issue loans to foreign citizens and even have special programs for them. Unfortunately, not all financial institutions are ready to take such a risk.

It is not difficult for a foreigner with a temporary residence permit in Russia to apply for a loan, if the bank provids provides such a service. Before getting a loan, a foreign citizen in Russia should choose a suitable bank. Banks that often provide loans to foreigners: Rosbank, Solidarity, Asian-Pacific Bank, RFI Bank, Bank St. Petersburg, Bank Otkritie. Each of the banks specializes in specific categories of foreigners. For example, Solidarity Bank willingly lends money to foreigners from Central Asian countries: Tajikistan, Uzbekistan, Kyrgyzstan. A foreign citizen receives money by transfer to an account or, in rare cases, in cash.

List of documents that are required to get a loan by a foreign citizen with a temporary residence permit, residence permit or other status:

• Passport
• The document on the basis of which the applicant reside in the territory of the Russian Federation (for example, a temporary residence permit, refugee certificate, residence permit, temporary asylum, etc.)
• Papers confirming the financial viability
• Registration in the Russian Federation;
• Migration card or visa.

In addition to these, the bank has the right to request other documents depending on the desired type of loan. For example, if this is a loan secured by real estate, then a registration certificate and an extract from the state register of legal entities will be required.

Foreign citizens with a temporary residence permit or residence permit cannot always use credit cards, since it's really hard to find a borrower outside the country. But getting a mortgage is much easier, because the collateral remains in Russia, and in case of delay in payments, the property can be sold at an auction. One of the main features of mortages is that registration is usually not required. On the other hand, additional requirements are imposed on the borrower's financial viability.

It is much more difficult for a foreign guest to get a loan. In most cases, a mandatory requirement is the availability of Russian citizenship. There are several requirements, the satisfaction of which increases the chances of getting a loan: employment in a position that provides high income; long job experience in Russia; official income; citizenship of certain countries (the CIS and neighboring countries), the tax resident status, a temporary residence permit and a residence permit.

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If you still have questions or need advice on getting a loan in the Russian Federation, you can leave a request in the feedback form or contact our specialists at the contacts below:

Maxim Kuznetsov - vice-president of the RAUIE
investment@raspp.ru
WeChat: maximkuznetsov