Bank of Moscow, one of the leaders and innovators on the local retail credits market, has substantially modernized its retail credits program, as it introduced new changes to its loan terms, conditions, credit periods and interest rates that will make loans cheaper and more accessible for individuals for the first time since the autumn of 2008.
Specifically, these changes include improved terms of consumer credits for urgent needs and car purchases, new consumer credits, such as the so-called ‘Family Credit,’ consumer credit collateralized with a vehicle and real estate properties.
Practically, the bank has increased the period for loans for urgent needs from two to five years, while the maximum loan has been raised to 3mln rubles (or their dollar/euro equivalents). “By extending the maximum time period on granted loans and reducing the interest rates, we are making consumer credits more accessible for our clients,” Bank of Moscow Vice President Andrei Lapko said. “The extended credit term will affect the sum of the loan and the amount payable per month.”
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