OREANDA-NEWS. February 11, 2010. In developing its credit programmes, the Bank of Moscow orientates itself on market trends, in many ways forming and outstripping them. The new stage in the modernisation of retail credits in the Bank of Moscow has affected the most popular and traditional in the Bank’s line of credit products -- BYSTROcredit.

If the borrower has been abroad during the last 6 months or has a car, it is much easier to obtain credit for the desired purpose.

The Bank of Moscow has reduced to a minimum the list of documents required for obtaining a loan. Previously, official confirmation of the client’s income was a mandatory condition (presentation of a 2-NDFL (personal Income Tax) form and a copy of the work record book), but now all that is needed to obtain a loan under the BYSTROcredit programme is a driving licence and car log book. The second possible document is a foreign travel passport bearing a stamp that the holder has crossed the frontier during the previous 6 months.

In addition, the interest rate on BYSTROcredit has been cut 5 percentage points to 25% per annum in roubles and the monthly commission for maintaining the loan account has been abolished completely.

The credit term has also been extended: previously, BYSTROcredit was extended for 12 months, but the maximum credit term is now 24 months.

“The substantially simplifying the conditions for obtaining BYSTROcredit, we are meeting our clients’ wishes”, comments Andrey Lapko, Vive-president of the Bank of Moscow. “Practice has shown that this form of credit is the most in demand. For the first time recently, we are entering the market with a credit proposal for individuals providing an opportunity for indirect confirmation of incomes. Our borrowers no loner need to obtain the requisite documents from the HR Department or Finance Department. At the same time, if the borrower has no car documents or foreign travel passport, a statement from the Finance Department is still required.”

BYSTROcredit is also available to individual entrepreneurs on conditions analogous to those for individual borrowers.