OREANDA-NEWS. August 22, 2013. LOCKO-Bank started to grant car credits within the government Car Crediting Subsidy Program. Under the Program one may purchase a new car of any brand and any country of manufacture valued within RUR 750,000.

Minimum initial installment is 15% of the car value, maximum credit tenor is 36 months. Credit may be granted subject to two documents and without CASCO policy.

"LOCKO-Bank is successfully increasing the rate of issuing credits for acquisition of new and used cars. Admission to the government car crediting subsidy program is a logical step offerring still more opportunities to our clients, — notes Denis Ponomarenko, Director of Retail Business Department of LOCKO-Bank. – We hope that the credits granted within this program will let us consolidate our standing in the car crediting market".

The interest rate under the credits issued subject to the terms and conditions of the Program is calculated as the difference between the standard terms and conditions of the Bank and 2/3 of the CB RF refinancing rate on the date of the credit granting. Presently, the car credits rate under the government program is by 5.5% lower than that under the standard programs of LOCKO-Bank.