OREANDA-NEWS. November 26, 2014. Sviaz-Bank’s portfolio of auto loans climbed above 1.3 billion rubles. The Bank had issued 1,345 loans totaling more than 1.1 billion rubles to individuals among its customers since the start of the year.

The highest portfolio building growth rates have been registered by the Bank’s branches in Moscow, St.Petersburg, Orenburg, Chelyabinsk, Ufa, Nizhniy Novgorod, Kazan, Astrakhan, and Kirov. Sviaz-Bank plans to build up its portfolio of auto loans to 1.6 billion rubles till the end of this year.

The Bank is presently running a joint Your Car multipurpose program for the purchase of new or used foreign and domestically manufactured cars for funds borrowed from the Bank on the security of cars to be purchased. Loans are made under the program at an interest rate of 14% per annum in rubles or higher for a period of up to seven years, and special-purpose programs are operated together with the car dealers. The Bank initiated its auto loan program in 2011, and in 2015 it plans to more than double the amount of auto loans.

“We expect to see the Bank’s portfolio of retail loans go on growing by, among other measures, vigorous expansion of auto loan making. We cooperate with some of the biggest showrooms in Moscow and regions and offer advantageous borrowing terms to their customers, and also develop joint special-purpose programs,” says Alexei Bakhayev, Director of Sviaz-Bank’s Retail Business Development Department.