OREANDA-NEWS. March 29, 2012. Sviaz-Bank launched a new program of non purpose loans for employees of public institutions and the Bank’s partner companies at a starting interest rate of 12.9% per annum in rubles for a period of up to 12months. Loans are issued in amounts of up to 1.5 million rubles, reported the press-centre of Sviaz-Bank.

Loans are offered under this program to meet the urgent needs of individuals employed in organizations in social services, health care, military service, and education, and in other federal and municipal public institutions. A loan can also be taken out under the program by an employee of a company that is a partner of the Bank.

Both products give the borrower a choice of optimal loan terms – without a security, with an individual acting as surety, or jointly with a co-borrower – that do not affect the loan price.

For example, a borrower will have to pay back just 10,600 rubles a month on a loan of 100,000rubles taken out for 12 months, except for the first and last months, when he will have to pay 529 rubles and 6 rubles, respectively. The extra payment over the full term of the loan will not exceed 6,542rubles.

“We have rolled out a new product at a reduced interest rate for this category of borrowers, truly a unique offer in the market compared to what the biggest banks have on offer,” said Maria Zenina, Director of Sviaz-Bank’s Retail Banking Products Department. “In this way, we give easier access to bank loans for population segments in need of cut-rate funding.”