New data released by RosBusinessConsulting show that, based on H109 results, Uniastrum Bank ranks among the country’s Top-10 auto finance lenders, jumping from 17th to 7th position
In 2008 Uniastrum Bank issued over Rb 3.8 bn in auto loans. As of year-start 2009, its auto finance portfolio topped Rb 5.8 bn, with the lender going on to chalk up more than Rb 760 mn in this segment during Q109, giving out another 1, 500 loans. In H109 Uniastrum issued some 3,000 auto credits totaling over Rb 1.58 bn. As of June 1, 2009, Uniastrum’s auto portfolio tipped the scales at over Rb 6.2 bn.
Uniastrum offers its clients a wide choice of auto loan schemes that have been carefully crafted to suit borrowers’ different budgets and needs. Particularly popular is the “U-Auto Inter” program, which gives customers resident in the Bank’s catchment areas an opportunity to buy automobiles in Moscow on credit. Also, a customized loan option offering preferential terms called “U-Auto Corp” has been specially designed for the employees of Uniastrum Bank’s corporate clientele. Customers in the Moscow region are able to borrow up to Rb 4 mn, repayable within 5 years, with a down payment of 25%. Lending rates vary, depending on the loan option in question, its duration, and the size of the initial installment, from 14-23% in rubles. Loans can be dollar-denominated, in which case the rate is 3-4% lower.
On August 1, 2009 Uniastrum launched its new “U-Auto” lending programs in Russia’s regions, an initiative that enables borrowers to buy themselves the vehicle of their choice without placing a strain on their budget. Specifically, the programs cover all Russian and foreign-made brands and models in the B segment, new and second-hand. Once an application has been approved, customers have 91 days to access the loan, which is repayable within 5 years. Ruble interest rates start at 12% APR, while the down payment required is upward of 15%. The programs allow the client to opt for full or partial early settlement at no extra charge. The same terms apply to loans for second-hand cars whose service life does not exceed 7 years by the time the loan period expires.
“A core component of Uniastrum avowed strategy has always been to capture leadership positions on the auto finance market,” says Oleg Meshchaninov, Head of the Bank’s Auto Loan Department. “We’ve now adjusted our sights and are now eyeing a slot in the Top-5. And crucially, we have what it takes: new, innovative lending schemes, easy credit terms, a team of seasoned professionals, a multitude of sales outlets, and, needless to say, the full confidence of our clients.”
24 Aug 2009