OREANDA-NEWS. At the beginning of April 2009 Russian Agricultural Bank will launch automotive lending program for individuals purchasing cars manufactured in the Russian Federation, reported the press-centre of Russian Agricultural Bank.

The program is based on the Government of the Russian Federation Decree dated March 19, 2009 №244 “On adoption of Regulations on granting subsidies from the federal budget in 2009 to the credit organizations of the Russian Federation for compensation of loans extended in 2009 to individuals for purchase of cars”.

The maximum amount of loan will not exceed 70% of the purchased car price. The loans will be extended in Russian rubles. The purchased car will be used as collateral.

The loan interest rate will be set at 18%. The effective interest rate for a borrower will amount to 9.33%.

The new program was developed in line with the anti-crisis measures of the Government of the Russian Federation to support national automobile manufacturers.