OREANDA-NEWS. October 22, 2009. Within the scope of modernization of line of credit retail products the Bank of Moscow has launched car secured loans. Loans are extended for the period of time from six months to three years. The maximum size of the loan is RUR 1 mln, the upper limit of loan is 50% of the value of collateral (a car).

Age of a Russia produced car at the moment of putting it in pledge has to be not more than one year, and it has not to exceed four years at the moment of credit repayment. Age of a foreign car cannot exceed three years at the moment of taking collateral, and at the moment of loan repayment it has not to be more than six years. Also a client has to execute a comprehensive and collision car insurance.

Loan Interest rates are 23.3% per annum for ruble loans and 18.3% per annum for USD loans and EUR loans. Special interest rates are provided for the clients having the Bank’s payroll cards — 20% per annum for ruble loans and 17% per annum for loans in USD and EUR.

"Car is a liquid pledge. It allows refusing to take a guarantee. It significantly simplifies loan formalization. At the same time the Bank does not regulate proper use of the credit funds", Andrey Lapko, Vice-President of the Bank of Moscow said.