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02.11.10

Russia’s Raiffeisenbank and Volvo Car Russia have further developed the special Volvo Car Credit programme

Raiffeisenbank in partnership with Volvo Cars has added to its joint credit proposal for the purchase of Volvo cars. In a bid to offer the best lending conditions for borrowers, which are fast and convenient in financial terms, Raiffeisenbank has continued to lower its interest rates on loans as part of the special programme Volvo Car Credit. The programme is already much loved and very popular with borrowers, and it has been developed further. It involves a down payment of 40% and a minimum interest rate of 9.5% per annum.

Now, the borrower who takes out a loan for a period of 13 months to 2 years, with a 40% down payment for the car, will pay an interest rate on this loan of 11.9% per annum. If the client includes life and health insurance cover in the payment, the interest rate is two percentage points lower, at 9.9%.

A new flexible credit proposal involves smaller loan payments than if a loan is taken for 1 year, and is designed for clients who do not wish to burden themselves with a long term debt.

The special Volvo Car Credit programme for the purchase of new and second-hand Volvo cars enables borrowers to take a loan out for a period of 12 to 60 months and presents many unique advantages. These include, in addition to the special rates on loans with a term of one to two years, lower standard interest rates, no requirements from the Bank to extend the comprehensive insurance in the second and subsequent years of the loan when a loan is taken out for a used car, and simplified documentation requirements. Thus, in order to apply for a loan, no additional documents are required confirming the employment status and income level of the borrower. The joint credit proposal Volvo Car Credit has been active for more than 2 months.


ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on Q3 2010 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 6th in Russia in terms of private deposits and 8th in consumer lending in Russia based on Q3 2010 results.

Raiffeisen Bank International AG regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. 56,000 employees service about 15 million customers through around 3,000 business outlets in the region. RBI is the only Austrian bank with a presence in both the worlds financial centres and in Asia, the groups further geographical area of focus. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, which is listed on the Vienna Stock Exchange; the remainder is in free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the countrys largest banking group, and serves as the group head office of the entire RZB Group, including RBI.

 

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