RUSSIAN STANDARD bank (Moscow) has extended to five years the term of auto loans and introduced a new auto loan program, LIGHT. The new program involves credits for terms of 12, 24, 36, 48 and 60 months. With the help of the LIGHT program, a car costing from R50,000 to R450,000 may be bought. The interest rate is 11.99%; there is no early repayment fee. The new product possesses several significant advantages, as it applies to both used and pre-owned cars of Russian and foreign make. The bank does not require motor own damage insurance. In 1H2006, the RUSSIAN STANDARD bank more than tripled the auto loan portfolio, which on July 1, 2006, stood at $300m. The number of auto loans issued by the bank in 1H2006 exceeded 50,000.
Source: RUSSIAN STANDARD PRESS SERVICE, August 21, 2006
