OREANDA-NEWS. April 30, 2010. A Uni Nezavisimost loan can be used to purchase vehicles costing up to Rb 600,000. Interest rates on ruble-denominated credits begin at 16.5% APR, and the loan can be accessed with a minimum initial installment of 15% and the payment of a Rb 8,000 arrangement fee, the press-centre of Uniastrum reported.

Uni Nezavisimost 1, on the other hand, is designed for customers looking to treat themselves to a vehicle selling for over Rb 600,000. Ruble lending rates start at 16.5% APR, while the minimum down payment is 25% of the principal. The arrangement fee is Rb 10,000. The launch of the new program will enable Nezavisimost’s customers to take out a loan quickly and at affordable, competitive interest rates.

Once submitted, an application for a Uni Nezavisimost or Uni Nezavisimost 1 loan is processed in just one day and customers have 91 days to access the money. While the loans are repayable over a period of 5 years, borrowers may opt for early or partial settlement at no extra charge. Also, the credited facilities can be used to buy new or secondhand vehicles with no change in the interest rate. Uniastrum is flexible when it comes to applicants providing proof of earnings: an official individual income tax statement or a Uniastrum Bank form signed by an employer or him/herself. Whatever proofs an applicant opts for, the loan conditions remain the same.

In 2009 Uniastrum issued more than Rb 3.5 bn in auto credits. As of year-start 2010 the Bank’s auto lending portfolio weighed in at Rb 6.8 bn, an increase of over 16% on the prior-year result. Figures released by RosBusinessConsulting show Uniastrum gaining a leadership among the country’s biggest disbursers of auto loans in 2009, jumping 9 places from 17th to 8th position.

“Uniastrum Bank and its partners offer a number of special loan deals to people wishing to buy new or secondhand vehicles,” says Maxim Matonov, Head of Uniastrum’s Auto Lending Division. “What makes them different from more standard credit facilities are their low interest rates and cut-price arrangement fees. Overall, some 25% of the Bank’s auto loans are issued under dealer partnership programs”.