OJSC Nordea Bank lowers its down payment requirement under car loan programme

06.07.2011

OJSC Nordea Bank lowers its down payment requirement under car loan programme

OJSC Nordea Bank changes the terms and conditions of its car loan programme, with effect from 06 July 2011.

Under the offer of the Bank, the down payment requirement for the purchase of inexpensive cars is lowered to 0%. Thus, a new Russian-made or imported car as well as imported used car which costs less than EUR 20,000* may be bought without any down payment.

For a new car which costs more than EUR 20,000 but less than EUR 40,000 the down payment is equal to 10% while for imported used cars of such price the down payment requirement is set at 15%. For a new car which costs more than EUR 40,000 but less than EUR 60,000 the down payment is equal to 15% while for imported used cars of such price the down payment requirement is set at 20%.

«Car lending is one of the priorities of retail business of Nordea Bank’, said Andrei Maltsev, Deputy Chairman of the Management Board of the Bank. ‘From now on our customers will be able to buy a car without any down payment if it costs less than EUR 20,000. I have no doubt, that our new offer will be of interest to and will be popular with our customers because its terms are among the most advantageous in the market of car loans.»

Car loans offered by Nordea Bank may be used by the borrowers for the purchase of a car or a bike of any make.

Other important advantages of the car lending programme of Nordea Bank include: absence of any drawdown fees or monthly fees; the right of a potential borrower to submit proof of his income in any generally acceptable form; decisions on the loan applications are taken swiftly; absence of any limitation on repayment of a car loan and absence of any penalties.

* or an US Dollar or Russian Rouble equivalent calculated at the official FX rates set out by the Bank of Russia and effective as of the drawdown date.

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