OREANDA-NEWS.  September 15, 2014. Sviaz-Bank (Vnesheconombank Group) has developed, under its current Nonpurpose Lending Program, a new Cash Loan product.

Cash Loan is uncollateralized consumer credit issued to individuals who can use it for any purposes in rubles for periods of six to sixty months. The loan amount ranges from 30,000 to 750,000 rubles for retail customers and up to 3 million rubles for employees of the Bank’s partner companies, wage card holders, and employees of public service organizations.

The total interest rate charged on loans is fixed depending on customer category. It will be between 12.9% and 18.9% for employees of the Bank’s partner companies, holders of the Bank’s wage cards, and employees of public service organizations, and from 22.4% to 24.9% for all other customer categories.

The new loan facility is distinguished by its competitive interest rates, no limitations it puts on the uses of loan funds, and its large amounts. Besides, the borrower can be joined by a co-borrower to increase the total amount of the loan.

This loan type can be taken out by Russian nationals aged 21 to 65 (on repayment date) registered permanently at their residential address or job in a region of Sviaz-Bank’s presence. A wage card issued by the Bank is an important advantage making the borrower eligible for a significant reduction in the interest rate charged on the loan and a shorter timeframe for consideration of his/her application. For a loan application to be considered, the would-be borrower has to produce a small package of documents (passport of a Russian national and another relevant document).

A customer may certify his/her earnings on Form 2-NDFL (personal income tax) or on the Bank’s own form.

No security is required for taking out a loan.