OREANDA-NEWS. March 15, 2011. Sviaz-Bank has added a program of loans to be made for any purposes against commercial real property as security to its existing line of loan products for retail customers. Loans have a maximum amount of 30million rubles and may be drawn down over a period of up to 15 years. The new loan product has an interest rate fixed at 14% per annum in Russian rubles, reported the press-centre of Sviaz-Bank.

“Our new program will be particularly attractive to individual entrepreneurs because loan purposes may include business development, and the security we want for a loan may include an apartment, house or townhouse with a land plot, and also commercial real property such as nonresidential premises in apartment houses,” said Maria Zenina, Director of Sviaz-Bank’s Retail Banking Products Department.

Generally, the program offers borrowers broad opportunities for using borrowed funds, such as purchase of garages, country houses, land plots, tuition payment, repairs, and other major purchases against the security of residential and commercial real property.

No moratorium on, or commissions charged for, early repayment of the loan is a significant advantage of the program. Loan applications will be considered and current accounts serviced free of charge.