OREANDA-NEWS. July 04, 2014. Sviaz-Bank has launched a new Your Car (Svoy avtomobil’) loan program for the purchase of new or used foreign and Russian-made cars against the security of the cars to be purchased. Interest rates are charged under the program starting with 11.9% per annum in rubles; lower interest rates apply to employees of the Bank’s partner companies.

The new program is attractive because of its competitive interest rates in its loan market segment, a maximum loan period of up to seven years, and possibilities of co-borrowers being involved to increase the loan amount and title to the car issued to spouses or co-borrowers.

Depending on the package of documents produced, the loan amount may range from 100,000 to 5million rubles, and the loan period from six to 84 months for new cars and from six to 60 months for used vehicles. Applications for loans can be filed on down payment of 15% of the vehicle price for individuals and 25% for self-employed entrepreneurs.

A customer who wants to avail himself of the program may use the Bank’s loan to purchase a new or used category B vehicle having a carrying capacity of up to 3.5 tons, and will also have to pay mandatory or additional insurance and the price of extra features or appliances for the car being purchased.

No moratorium or commissions on early loan repayment of the loan make the program more affordable and advantageous of customers.

A automobile buyer will have to buy a driver’s comprehensive insurance (less liability) policy and take out extra insurance policies – life and health, loss of employment, driver’s voluntary civil liability, GAP, and so on.