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Raiffeisenbank and Volvo Car Russia develop a special programme: Volvo Car Credit

Raiffeisenbank is launching a special loan offer jointly with producer Volvo Car Russia for the purchase of all Volvo brand models. The programme allows clients to borrow for the purchase of new and used cars at special interest rates, allowing clients to borrow for 12-60 months, with an annual interest rate of 14% in roubles. The programme includes a unique offer of one-year loans at 9.5% annual in roubles, with a downpayment of 40%, and offers loans for new Volvos in USD, with a three-year payback period and interest rates from 11.5%.

The purchase offer for used Volvos is no less attractive; these include lower interest rates (from 16% for rouble loans) and a five-year loan period. Another advantage of the programme is that the Bank does not require KASKO for second and subsequent loans. The downpayment for these loans is 40% of the car’s cost, with a loan period of one year and an interest rate of 11.5% annual in roubles.

Any of these programmes can be used by clients who provide their Employment Record Book, certification of their Form 2 Personal Income Tax declaration, and additional documents confirming the borrower’s employment and income; all of these are clear advantages of the programme.

Clients wishing to may include the cost of health and life insurance, thereby lowering the interest rate on any of the programme’s loans by two percentage points.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on H1 2010 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 6th in Russia in terms of private deposits and 9th in consumer lending in Russia based on H1 2010 results.

Raiffeisen International operates one of the largest banking networks in CEE, covering 17 markets across the region through subsidiary banks, leasing companies and a range of other financial service providers. The group’s nearly 56,000 employees service around 15 million customers via more than 3,000 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB), which owns 72.8 per cent of the common stock. The remainder is in free float, with the shares listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.


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