OREANDA-NEWS. December 22, 2010. Rates on the Bank’s new line of affordable automobile financing options “U-Auto” begin at 12.9% and 11.9% APR for retail and corporate clients, respectively, reported the press-centre of Uniastrum.

The new range of auto credit initiatives includes U-Auto Basic, a program designed for retail customers and available at any Uniastrum branch, U-Auto Corporate, a special loan option for businesses, and U-Auto Leader, which borrowers can apply for at car showrooms. Minimum down payment on U-Auto Basic and U-Auto Corporate loans is 15% of the automobile price. There is a one-time setup fee of Rb 5,000. For U-Auto Leader credits, minimum upfront payment starts at 25% and the setup fee is Rb 8,000. More details can be found by clicking on http://www.uniastrum.ru/personal/crediting/auto/.

Uniastrum’s new auto finance programs enable borrowers to save time and money when shopping for a car, which may be brand new or secondhand – provided that the vehicle is no older than 9 years at the time the loan is paid off. Credits are issued in rubles, range from Rb 50,000 – Rb 4 mn, depending on the size of the down payment, and are repayable over a period of 5 years. Notable benefits of Uniastrum’s new auto schemes include lower interest rates, partial or full early settlement options at no extra charge, as well as no need for guarantors.

Uniastrum’s auto loans are available to anyone with a Russian passport and aged 21 – 60 as of the time the credit agreement is signed. Borrowers must be permanently resident in one of the regions where the Bank operates. Other eligibility criteria include a permanent income, at least 12 months total work experience, a minimum of 3 months and 5 days spent in present employment, as well the absence of a negative credit history. Once an application has been made, the loan decision is taken within two business days.

“Uniastrum’s new auto finance products have been put together by our team of specialists to take account of current market trends and diverse borrower needs,” says Eugene Tutkevich, Chairman of Uniastrum’s Management Board. “Expanding and improving our auto loan segment continues to form an important part of the Bank’s overall retail strategy. In 2011 we plan to upsize our auto credit portfolio at least 25%.”