OREANDA-NEWS. August 20, 2010. Sviaz-Bank has begun issuing consumer credit to individuals within the framework of its current Nonpurpose Lending Program, reported the press-centre of Sviaz-Bank.

Under the updated program, loans are issued to meet Russian citizens’ simple needs, and the borrower can choose optimal lending terms – without collateral or with an individual acting as surety for the loan.

Loans are made in amounts of up to 800,000 rubles under a surety-backed program and up to 300,000 rubles under an uncollateralized program. Loans are issued at an interest rate of 19% per annum and can be made for a period of up to five years. Loans are issued in rubles, and no moratorium is applied to early repayment.

Under the Program terms, commission is charged for loans at a rate of 2% of the loan amount, or from 1,000 to 2,000 rubles. The Bank does not charge any other commissions (such as application review, loan monitoring, and so on).

“Sviaz-Bank is gradually expanding its customer segment by using it bank credit products. The Bank’s line of products, however, still has specialized nonpurpose lending programs for employees of public sector institutions and the Bank’s partner companies enjoying high limits and low interest rates,” said Maria Zenina, Director of Sviaz-Bank’s Retail Banking Products Department.