OREANDA-NEWS. September 2, 2010. The Bank of Moscow has announced a modernisation of its car loan programmes. In particular, the maximum credit term has been extended to 7 years and commission has been abolished on organisation and early redemption of the credit.

The interest rates under all car loan programmes have been cut: from 12% per annum in rubles and from 9% per annum in US dollars and Euros. A vehicle may be purchased under the state-subsidized car loan programme at a rate of 6.83%.

Apart from the possibility of taking out a car loan at branches of the Bank, the borrower will now be able to do so through the agency network and at auto-dealers that are partners of the Bank.

Bank clients who receive their salaries onto Bank of Moscow cards, as well as clients with a positive credit history with the Bank, are offered special credit terms.

"We have cut the car loan rates and reduce the period for considering car loan application documents to 2 days, thus making our proposal one of the most attractive in the market", commented Managing Director of the Bank of Moscow Dmitriy Breitenbikher. "We are continuing our retail credit programme modernisation launched last autumn. The strategy for developing the retail business is designed to create maximally accessible and convenient credit terms for clients."

Last week, the Bank of Moscow announced a softening of the requirements on borrowers, allowing them to confirm their incomes by means of statements drawn up in the format designed by the Bank.