OREANDA-NEWS. The Russian government has allocated 1.5 billion Rubles in 2015 for preferential car loans that will permit to produce 200 thousand cars. It was announced by Prime Minister, Dmitry Medvedev, noting that demand for cars in Russia has fallen markedly, and the new government's decision will allow it to expand.

"The launch of the updated program of preferential car loan will help, hopefully, to stabilize the demand for cars, to load capacity of car plants additionally for 200 thousand cars. This is a big figure. Thus, we will be able to help people with the purchase of private vehicles and save thousands of jobs", - the agency" Tass” cited Mr. Medvedev.

Recall that Ministry of Industry and Trade announced the launch of a program of preferential car loans on April 1st. Since the first day of the program work, the issuing of preferential car loans was implemented by banks that are drawing traditionally about 80% of all credit car sales in Russia (including VTB 24, "Setelem Bank" (a subsidiary of the Sberbank), "UniCredit Bank", "Rusfinance", "Volkswagen Bank RUS", Metallurgical Commercial Bank). Less than two weeks of the program – from April 1 to 12 – it was received 26.4 thousand applications from individuals for the purchase of cars on credit at a reduced rate, among which 14.3 thousand applications were approved, it was signed 3165 of preferential loan agreements. The average rate with taking into account the discount was 12.04%, by showing a downward trend (12.32% as of April 5th).

As of April 16th, statements of intention to participate in the program were sent by 78 Russian credit organizations. The program involves cars, the price of which is limited to 1 million Rubles - this is the most popular segment of the car market.

The program of preferential car loan applies to passenger cars and light commercial vehicles of 2015 release, the total weight not exceeding 3.5 tonnes. When you make an advance payment of not less than 20% of the price of the car, the loan rate will be reduced by state-subsidized interest rate of 2/3 of the key rate of the Bank of Russia on the date of the loan agreement. Thus, the final bid for the car buyer does not exceed 15% per annum. Loans will be issued before the end of 2015 for a period up to 36 months.