OREANDA-NEWS. August 26, 2011. The Bank’s cut-price auto finance initiative for borrowers shopping for new or secondhand cars is now available throughout all 48 regions where the lender maintains a presence

Since year-start 2011 Uniastrum Bank has issued more than Rb 1.5 bn in auto credits. Meantime, its pilot U-Drive lending program has yielded impressive results. As well as offering competitive interest rates starting at just 9.5% and 11.9% APR on loans for new and used vehicles, respectively, the scheme provides borrowers with a card with a credit limit equal to 10% of the principal amount. Crucially, use of the card carries no administration fee.

By taking advantage of Uniastrum’s new auto deal, customers can take out loans ranging from Rb 50,000 to Rb 3 mn, repayable over 5 years. Interest rates depend on the size of the down payment and the loan period. The minimum down payment is 15% of the automobile price. Secondhand vehicles must be no older than 9 years by the time the loan is paid off.

Notable benefits of the program include a no-fuss application and administration process, no need for guarantors, minimal supporting documentation, and a no-fee early settlement option. Once the Bank receives all the necessary documents, the loan decision is taken in a single business day. For more details of Uniastrum’s auto initiative and to apply online, visit http://www.uniastrum.ru/personal/crediting/auto/.

“The pilot launch of our new car finance program has yielded highly encouraging results,” notes Vasily Kuznetsov, Deputy Chairman of the Uniastrum Management Board. “We see no reason why, in view of its conspicuous benefits and easy terms, this new product should not prove equally popular network-wide.”