Sberbank: car loans for Russian citizens

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

Today Sberbank is one of the largest state-owned banks in the Russian Federation. However, it should be noted that the share of issuance of highly specialized credit programs in it is very small and amounts to about 5% of the total mass. At the same time, in recent years, there has been an increase in the issuance of loans. Among the population, the level of trust in the state begins to grow, and people again began to go to Sberbank. Car loans are becoming popular again, and their share has increased every post-crisis year.

Car loan programs

Today, Sberbank provides its customers with four different program options:

• basic car loan with a rate of 11.5 to 17% per annum;
• special partnership program with a vehicle manufacturer with a rate of 10.5 to 17%;
• consumer loan without additional security - from 17 to 22.5% per annum;
• consumer loan with a guarantee and additional guarantees - from 16 to 24.5%.

Amount of interest,paid for the use of bank money depends on some conditions offered by Sberbank. Car loans are completely dependent on some items chosen by the borrower:

• view of the selected program;
• term for which the contract is concluded;
• currency in which the amount of money is issued and in which it will be returned;
• borrower belongs to the list of partners;
• car category and salon where it is purchased.

In some cases, you can count on preferential car loans. Sberbank provides a minimum interest rate of 10.5% in case of buying a new Lada car from a manufacturer in the Russian Federation. In addition, the borrower must have a social or salary card of this financial institution.

Sberbank of Russia - car loans and its features

It should be remembered that a loan to purchase a vehicle is included in the concept of consumer lending. That is why it is so important to understand the differences between the programs provided by Sberbank. Car loans according to the first two options are a targeted loan (basic car loan and an affiliate program), and according to the last two - non-targeted (a consumer loan without additional security and a consumer loan with additional security and a guarantor). Although the basic and affiliate programs provide very favorable conditions, you can buy a car using them only in certain car dealerships - partners of the bank. It should be clarified that Sberbank works with only twelve manufacturers, amongwhich there are no such popular brands as "Toyota" or "BMW".

Maximum amount you can count on

According to all loan programs provided by Sberbank, car loans are the most limited. First of all, the borrower is obliged to spend 15% of the received funds on insurance of the purchased property. Depending on the chosen program, the maximum amount is:

• basic car loans – up to 5 million rubles;
• affiliate program - up to 5 million rubles;
• consumer loan without collateral - up to 1.5 million rubles;
• consumer loan with a guarantee and guarantees in the form of a collateral object - up to 3 million rubles.

Amounts indicated in rubles can be issued both in euros and in US dollars. In this case, the loan rate will be a few percent less, but it will also have to be repaid in the selected currency.