OREANDA-NEWS. August 17, 2009. Uniastrum launches its new “U-Auto” lending programs in Russia’s regions. By taking out a cheap auto loan, Uniastrum clients can treat themselves to a new or second-hand car. The Bank’s wide choice of lending schemes cover all Russian and foreign-made brands and models in the B segment. Once a request has been approved, customers have 91 days to access the loan, reported the press-centre of Uniastrum.

Loans are issued for a period of up to 5 years. Ruble interest rates start at 12% APR, while the down payment required is upward of 15%. The programs allow the client to opt for full or partial early settlement at no extra charge. The same terms apply to loans for second-hand cars whose service life does not exceed 7 years by the time the loan term expires.

In 2008 Uniastrum Bank issued more than Rb 3.8 bn in auto loans. As of year-start 2009, its auto loan portfolio topped Rb 5.8 bn. According to RosBusinsessConsulting news agency, based on its FY08 performance, Uniastrum Bank is now one of Russia’s Top-20 leading auto finance lenders. In Q109, Uniastrum issued around 1,500 car loans totaling over Rb 760 mn in value. As of June 1, 2009, its auto loan portfolio amounted to more than Rb 6.2 bn. Today Uniastrum Bank’s retail branch network is one of the biggest in the country and totals over 220 outlets, including 43 branch offices in 45 Russian regions. The Bank also has a sizeable network of outlets in the Moscow region.

“Uniastrum Bank’s new programs provide clients with quick and easy auto credit at minimum interest,” says Oleg Meshchaninov, Head of the Auto Loan Department. “We understand people’s needs and are one of a small handful of banks on the market offering affordable credit notwithstanding the current state of the economy.”