31.05.2008 /Auto loans
 MBRD Launches Federal Wide Car Lending Program
MBRD initiates “From hands to hands” car lending program in 56 Russian regions with the participation of 16 Bank’s branches.
According to the program the Bank originates car loans for used foreign-made vehicles (“B” driving category – passenger cars). Deals provided between individuals without participation of any car dealers.
As a part of its client-oriented business policy MBRD provides additional options to its customers:
- choice of optimal terms and conditions among the range of insurance partner companies
- prepayment option
- free bank card issue
“At the first stage the program was available only for foreign-made vehicles sold through official dealers. However after the completion of the pilot project the Bank has changed the lending terms and now originates loans for vehicles imported either by individual or by a nonofficial dealer”, explained Dmitry Ischenko, First Deputy Chairman of the Management Board. “In order to provide maximum customer protection the Bank requires obligatory car and ownership documents’ inspection. We expect this innovational product on the retail banking market will soon reach 30% in the Bank’s car loan sales. We expect to attract even those customers who purchased their cars about 3-5 years ago and now are eager to trade them in”.
About the program:
Loan amount - 4,000 USD - 80,000 USD,
Down payment - 10% of total car value,
Maximum tenor – 5 years
Interest rate – from 13,5% p.a. in RUB and USD.
Vehicles must be sold by owners only
Vehicle’s age < 8 years.
Bank takes the vehicle over as security during the whole life of the loan.
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