OREANDA-NEWS. March 05, 2010. The Bank of Moscow has announced the next stage of modernization of its retail lending programmes. Requirements for both debtors and interest rates of a range of lending programmes have suffered change.
ЎМ Retail credits for youth

The Bank of Moscow has reduced the age requirement for potential borrowers according to its strategy of liberalization of retail credits terms.

A minimum age has been reduced from 25 to 21 years. Thus, clients of the Bank not younger than 21 and being in a position to confirm stability of their incomes might borrow in the Bank of Moscow.

Ў°We try to be open to the utmost and offer simple and effective financial solutions for a wide range of our clients. Young people having a stable income who remain out of view of financial institutions now might take credits in the Bank of Moscow, Andrei Lapko, Vice-President of the Bank of Moscow said.
ЎМ More money with the same salary

Also the Bank of Moscow has changed its approach to underwriting and increased a possible share of instalment in the total income of a client. Thus, a BankЎЇs client now might raise more money having the same income.

Example: earlier if a borrower had an income of 50 thousand roubles a month, the maximum loan sum for 60 months at the interest rate of 18.5% per annum was 585 thousand roubles. Now with the same income the maximum sum of credit amounts 780 thousand roubles.
ЎМ Mortgage for everyone

Putting into life a client-oriented policy in the field of lending the Bank of Moscow has reduced interest rates and the amount of a minimum initial mortgage instalment.

The size of the initial instalment has been reduced from 30% to 15%. Thus, it is sufficient to save 400-600 thousand roubles of own funds to buy a one-roomed flat in the Moscow Region. The Bank will extend the insufficient money as a loan on mortgage.

Reduction of interest rates for mortgage products has amounted 2-3 percent points depending on the loan currency. Rouble interest rates have been reduced by more than 2 percent point ЁC from 16.5% to 14.2% per annum. Rates in USD and EUR have been declined from 12.5% to 9.75% per annum.

Ў°We are again ready to offer our clients the best conditions for the initial instalment and interest rates. Mortgage lending of the Bank allows to realize dreams about oneЎЇs own dwellingЎ±, Andrei Lapko, Vice President of the Bank of Moscow said.
ЎМ Convenient package Convenient

According to the strategy of comprehensive services the Bank of Moscow has modernized the Convenient package of services offering clients who are individuals to receive a credit card together with opening of deposit in the Bank of Moscow.

The package is convenient for the clients having a need in short-term lending. Now they do not need to close their deposits ahead of schedule to make an urgent purchase because they always have a credit card with approved credit limit up to 80% of the original amount of the deposit at hand.