With new government subsidies taking effect, Gazprombank has launched an automobile loan program, the bank announced on Thursday.
The program will allow clients to purchase a vehicle in 2015 that costs less than approximately $17,600. The vehicle must also be under 3.5 tons in weight. With each new loan, the bank is offering flexibility in payment schedule and negotiable monthly payments.
Interest rates on the loans are not to exceed 11 percent. The loans will have a maximum amount of approximately $14,000 and a span of three years.
The bank states that applications for this program will open shortly.
The bank celebrated 25 years of operation in March. Around the same time, the Dagong Global Credit Rating Co. awarded the bank an "A-" rating, which indicates strong overall performance and outlook. The event coincided with the Beijing conference that welcomed Chinese investors at the Russian embassy in Beijing.