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Corporate Loan Refinancing: Product Standard

The subject of the research is the refinancing of loans from third-party banks.The relevance of this problem comes from the fact that the May (2018) Presidential Decree sets the national development targets for the Russian Government to bring Russia into the five largest world’s economies by 2024, which requires the accelerated GDP growth impossible without increasing the performance efficiency of the banking system, a matter of great importance for the implementation of the monetary policy, and hence for the entire economy. The purpose of the paper was to develop methodological approaches to the development of standards for refinancing corporate loans through a matrix of requirements for the components of the process of refinancing loans from thirdparty banks based on an analysis of the terms of Russian commercial banks providing this service and best refinancing practices of credit organizations. The paper describes the purpose and basic conditions for refinancing corporate loans, borrower requirements as well as conditions, form and currency of loans, methods for loan repayment, types of collateral, a list of documents to be provided, procedures for refinancing in its various scenarios. It is concluded that the matrix of requirements for the refinancing process components is the core of the refinancing standard that prevents significant risks associated with the service and errors in making decisions to grant it. The proposed introduction of this standard into the banking practice fits into the work carried out by the Association of Russian Banks on the standardization of banking processes and products aiming to form open and transparent rules for interaction between a bank and a borrower in providing a refinanced loan.