OREANDA-NEWS. July 23, 2010. Sviaz-Bank has launched its specialized Program of nonpurpose lending to employees of public service institutions, reported the press-centre of Sviaz-Bank.

Loans are made under the Program to meet the urgent needs of individuals employed in social, medical, military, and educational services and other public service institutions at the federal and municipal level. The borrowers under the Program are given a choice of loan terms best suited to them – no collateral is required, or with an individual acting as surety, or with a co-borrower.

A loan is given in an amount of up to 1 million rubles at an interest rate of 15% to 17% per annum under a surety program, or up to 800,000 rubles at an interest rate of 16% to 18% under a program that is not backed up by collateral, or up to 100,000 rubles at an interest rate of 17% to 19% under a co-borrower program. The interest rate varies with a loan term preferred by the borrower (five years maximum, in rubles of the Russian Federation).

The Bank does not charge commissions, such as commission for consideration, maintenance, and issue of a loan. Nor does it impose a moratorium on early loan repayment.

“Our new program is targeted to public service employees and is intended to make banking loan products accessible to doctors, teachers, and servicemen whose salaries do not entitle them to a bank loan on ordinary terms,” said Maria Zenina, Director of the Bank’s Retail Banking Products Department.

Loans are made in money and can be used in the borrower’s own discretion. The lending terms are available in the section Credits.