Bank of Moscow Offered New Credit Product
OREANDA-NEWS. June 20, 2012. The Bank of Moscow has offered its clients, electronic trade participants, a new credit product: a revolving credit line for the purposes of supporting participation in electronic auctions.
Loans extended for a long term and having a 35 million RUR debt limit will allow the Bank’s clients, both legal entities and individual entrepreneurs, to have a repeated opportunity to take part in a few auctions at a time.
The advantages of the credit programme of the Bank of Moscow is that electronic trade participants can have a decision on extending a loan made quickly (within 1 to 3 days), an opportunity not to withdraw funds from turnover in order to make an advance payment for participating in electronic auctions, a low interest rate, no need to provide surety, a minimum list of documents and additional benefits pertaining to the settlement and cash services.
In addition applications for loans are filed electronically from the page of a specific electronic auction on the website roseltorg.ru (ОАО United Electronic Trading Facility), and a decision on extending a loan is also made remotely on the basis of the questionnaire filled in by an electronic trade participant on the website of OAO UETF.
"Both financing of a government order and cooperation with the United Electronic Trading Facility are in line with one of the priorities of the Bank of Moscow, i.e. rendering support to small and medium size business", said Vladimir Voyeikov, Senior Vice President, member of the Management Board oif the Bank of Moscow. "Holding auctions at the UETF has allowed state authorities to considerably save the budgetary funds. In the course of trading the average saving amounted to 7-8%. Besides the Bank’s expertise in extending loans for the performance under a government order significantly reduces risks for state customers."
Today the Bank of Moscow develops new products for electronic trade participants; in particular a new credit product based on electronic invoices a range of bank guarantees, and crediting with the aim of supporting performance under a contract.