OREANDA-NEWS. February 16, 2011. Sviaz-Bank has expanded its existing line of loan products for retail customers to programs to finance purchases of new and used cars, both foreign and Russian-made, reported the press-centre of Sviaz-Bank.

The Bank offers loans at low interest rates of 12.5% to 14.5% per annum in rubles, a small down payment of 15%, and no moratorium or commission charged for early loan repayment. The maximum amount of loans may reach 5 million rubles and loans are repayable within up to five years. A borrower can join up with another borrower under the same loan contract to increase the total loan amount.

“The program is particularly attractive to customers taking out car purchase loans for terms over three years. In this case, the interest rate on a loan with a down payment over 30% will be 13% only,” said Maria Zenina, Director of Sviaz-Bank’s Retail Banking Products Department.

A significant advantage of the program is that a customer can purchase a car of any model, foreign or Russian-made, from any official dealer in any region of the Russian Federation.