State car loan program for the purchase of domestic cars

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

To support the demand for the purchase of domestically produced cars, in 2009 the legislature developed a state car loan program. Over three billion rubles were allocated for the implementation of this project in 2012. This state program had a positive impact on the restoration of purchasing activity in the Russian car market, but at the same time, all banks and those wishing to purchase a car under this program must meet the established criteria.

Terms of the state subsidy program

The program of state support for car loans provides for the mandatory fulfillment of a number of the following conditions:

1. The subsidy applies only to domestic cars.
2. The bank must take part in the state program.
3. The maximum amount an owner can count on is 600 thousand rubles.
4. When receiving a soft loan, you must make a contribution of 15%.
5. Loan term - 36 months.
6. The interest rate on the loan is 6%.

Bank requirements

The state car loan program provides credit institutions with the opportunity to issue subsidies only if 50% of the bank's authorized capital belonged to the "Central Bank" or the Russian Federation. This requirement must also be met in relation to subsidiaries of a credit institution. In addition, the bank must have a wide network of branches covering all districts of the Russian Federation.

If the bank meets all the above conditions, then every month it receives the required funds from the budget in the amount of 2/3 of the Central Bank's refinancing rate. Due to these receipts, a general reduction in the rate to 8% is achieved. Thanks to this fact, the state car loan program provoked a great demand for cars of domestic brands. Another advantage of the state program is the optional CASCO insurance.

For whom is the state car loan program for 2013-2014 developed?

In order to get a soft loan, for example, in Sberbank of Russia, and in other commercial banks too, you must meet the following requirements:

1. Age 21 to 65.
2. Having a passport of a Russian citizen with registration (permanent or temporary) in the region in which the purchase is planned.
3. The length of service of the borrower mustbe at least a year.
4. Having proof of income for the last three months.
5. Employment book must contain a record of the employment contract and be certified by the employer.
6. The borrower's monthly income must be at least ten thousand rubles.
7. After paying off the monthly payment, at least 8 thousand rubles should remain for each family member.

The state car loan program cannot be provided if there is a questionable credit history. If you have a desire to take advantage of a subsidy, then you need to know that the list certified by the ministry includes foreign and domestic cars assembled in Russia. This list contains exactly 50 models. It is impossible to purchase a vehicle assembled in the territory of the countries of the former USSR under this program.